Posted by: chris
on Sep 29, 2008
Laketown Wharf in Panama City Beach Florida filed for chapter 11 bankruptcy today, September 29, 2008. This is only weeks after the developer signed over the remaining unsold units to Corus Bank on September 12, 2008 with less than 10% of the units closed. Corus Bank is the first mortgage holder on
Laketown Wharf.
Posted by: chris
on Sep 17, 2008
Tidewater announces developer sale of remaining units. In the Panama City Beach September Market Update, I mentioned Tidewater began offering prices at a similar price per square foot as the Palazzo Absolute Auction sales. Tidewater condominium has since made a more public announcement. The developer price offering ranges from $226 - $229 a square foot. There is also a special closing cost discount for units closed by October 31, 2008. The closing cost discount includes the developer paying Owners Title, Doc Stamps on the Deed, and HOA Capital Contributions. I have included a list of the condos offered by floor plan.
Posted by: chris
on Sep 15, 2008
Real Estate Condominium Sales in Panama City Beach were down in August when compared to August of 2007. Forty-five condos sold in comparison to the one hundred and one that sold the prior year. Forty-two of the condos sold in 2007 were preconstruction closings at Shores of Panama. So we should actually be comparing forty-five in August 2008 against fifty-nine non-preconstruction sales in August 2007. These numbers do not include the Palazzo Auction Sales. Palazzo closed thirty-one condos in August that have yet to be recorded in the MLS.
Many people seem to talk about the bottom of the real estate market like it is going to happen on some specific day in our nearest of futures. For much of our condominium market in Panama City Beach, this is not feasibly possible. It is in our best interest to realize that we have a supply and demand situation. Our first indication of this is the number of foreclosures and short sales that become more and more prevalent in many of the condominiums across the beach. Our second indication is the number of finished condominiums with a significant amount of developer inventory sitting on the sidelines. While there is a reasonable possibility that the majority of this inventory could sit in the sidelines for quite some time, at least some of it will have to make its way into the Panama City Beach real estate market.
There are two main developer situations. There are the developers who can stay ahead of their construction loans, and those who can not. Depending on the cost of construction and how many of the preconstruction units closed, many developers have reduced their loans to a manageable point or paid them of completely. This is the case with the majority of the outstanding inventory. Some of these condos completed construction more than twelve months ago and have showed no signs of reducing prices.
Posted by: chris
on Sep 05, 2008
The developer of Ocean Reef Condominium has scheduled an absolute auction for 31 two-bedroom and four-bedroom gulf front condominiums on October 18, 2008. There will be no minimums and No Reserves. The terms will be 10% down and closings will be within 30 days of the auction. There will be a 10% buyer's premium paid to the auction company at closing (if you bid 300k, you will owe 330k at closing). The auction will take place on site at Ocean Reef Condominium at 11:00 am. Pre-sale inspections dates will be posted at a later date. This condo is completely gulf front in Panama City Beach Florida. Ocean Reef contains two, and four bedroom floor plans. To see pictures, floor plans, and current listings you can click here. The auction is being performed by the same group that did the Marina Landing and Palazzo auction. The style of the auction is likely to be the same. If you have questions or would like to register, please feel free to contact us.
Ocean Reef Absolute Auction Questions And Answers
Q. Why is the property being auctioned?
A. The seller has determined that the project needed accelerated marketing and an opportunity to sell multiple units in one day.
