The Panama City Beach condominium market is showing strong signs of a bottom on several specific floor plans in a number of buildings.  Some floor plans are 10-15% above a bottom set months prior.  Buyers should also look a bit deeper than the numbers.  I would be much more comfortable spend 200k on a nicely furnished two bedroom than purchasing that same floor plan unfurnished, having mold issues, and other damage at 160k.  The sold prices don't always tell the whole story.  Short Sales continue to be a gamble.  There are some impressive sales going thru.  But, for every success story there seem to be four more contracts that took six months simply to fall apart.  We are also starting to see many foreclosures and short sales selling at or above asking price. 

Our remaining developer inventory continues to decrease.  Shores of Panama continues to sell remaining inventory at a natural absorption rate.  Aqua has sold 31 of its

remaining developer inventory since September.  Grand Panama is also selling off some of its remaining developer inventory at attractive pricing.

Real estate condominium re-sales in Panama City Beach were up in December when compared to December of 2008.  Fifty-seven (non preconstruction) condos sold in 2009, compared to the Thirty-five (non preconstruction) sales the prior year.  Three additional condos sold in 2008 as a result of the Origin at Seahaven auction.  Two additional condos sold in 2009 resulting from the Island Reserve auction. 

Real estate condominium re-sales in Panama City Beach were up in January when compared to January of 2009.  Thirty Nine (non preconstruction) condos sold in 2010, compared to the Seventeen(non preconstruction) sales the prior year.  Nine additional condos sold in 2010 as a result of the Origin at Seahaven auction.