Posted by: chris
on Oct 26, 2008
It has now been almost been three months since the Palazzo Absolute Auction. According to my review of Bay County Records, Palazzo sold forty-six developer owned units as a direct result of the Auction. At the end of the auction the sales boards showed forty-eight units under contract. This is notable because all contract holders had fifteen calendar days to walk away from there contracts without penalty.
Since the end of the auction, I have seen three sales. The developer sold a three-bedroom interior unit for 354k, and there were two re-sales. One west end three-bedroom sold for 569k and an interior three-bedroom sold for 369k.
Here is a list of the lowest prices paid per floor plan at the Auction:
Please keep in mind that a 10% commission was added to everyone's purchase price. So, if you bought a:
3 Bedroom End Unit for 425k, you paid $467,500 which is $252 a square foot
3 Bedroom Interior for 295k, you paid $324, 500 which is $220 a square foot
2 Bedroom with bunk for 270k, you paid $297,000 which is $220 a square foot
1 Bedroom with bunk for 220k, you paid $242,000 which is $235 a square foot
Posted by: chris
on Oct 18, 2008
The Ocean Reef Condominium Auction had a strong turn out with a turn out of 126 registered bidders and quite a few more in attendance. The same auction group hosting the Palazzo and Marina Landing auctions presided over Ocean Reef. After three of these you start to hear some familiar phrases.
We started out at 500,000 for the four-bedrooms and found our way to an opening bid of $300,000 in short order. The first unit sold for $340,000 after the bidding was complete. They then announced that they would auction off one more. The bidding started again at $300,000 and sold for $305,000. At that point we heard a familiar announcement. "Would anyone else like a four-bedroom at the last auction price?" This motivated seven more buyers.
On to the two-bedrooms. The first one opened at $200,000 and may have set the world record for longest time taken to get a second bid of $205,000. The first unit officially sold and the auctioneer announced that this was the last two-bedroom condo to be auctioned and the developer would not sell for less than the $205,000. We then heard "Would anyone else like a two-bedroom at the same price?" Just like the Palazzo auction, there was a frenzy of buyers who jumped up to get a two bedroom after this announcement. After nine more went under contract there did not appear to be any more buyers. They were searching for more and announced that they would "only sell two more". After this announcement, they had one more sell. The completion of the auction announced and a total of nineteen condominiums had been put under contract. The auction group made them selves available for more contracts after the auction and my last count was thirty five condominiums sold.
To see the auction board for the Ocean Reef two-bedroom condos click here
Posted by: chris
on Oct 15, 2008
Real estate condominium re-sales in Panama City Beach were down in September when compared to September of 2007. Forty-seven condos sold in 2008 comparison to the sixty-six that sold the prior year. Twenty-one of the condos sold in 2007 were preconstruction closings at
Shores of Panama and Marina Landing. Realistically, I prefer comparing forty-seven in August 2008 against fifty-five non-preconstruction sales in August 2007. Looking at the sales in this way would make the sales flat.
Sterling Breeze has contracted a strong number of developer units at reduced pricing.
Tidewater condominium also announced new developer pricing. We also have the
Ocean Reef Absolute Auction just around the corner. This third quarter is turning out to be much busier than prior years.
