The February Market update explained how the market is showing strong signs of a bottom on several specific floor plans.  This is not the case for the entire market.  A number of buildings built at the tail end of the preconstruction boom are still seeing prices decline with little or no absorption rate.  Several of these buildings had remaining units after developers tried to close out preconstruction contracts.  Many had auctions or reduced price offerings.  We are now starting to see the short sales and foreclosures of the units that conveyed at the original preconstruction pricing. 

The short sales in this market are a very mixed bag.  Less than half of all short sales actually make it to a closing table.  There are several reasons for this.  Some of the individuals processing the short sale do not have the experience or expertise necessary to complete the transactions.  Other

Whether you are a buyer or a seller, there are things you can do to increase your chances of successfully completing a short sale.  Buyers can have their agents qualify the sellers agent and get a feel for what they are getting into.  Sellers can qualify their short sale negotiator and make sure they have someone with the experience and expertise to complete the task.

Real estate condominium re-sales in Panama City Beach were up in February when compared to February of 2009.  Fifty-nine condos sold in 2010, compared to the fifty one sales the prior year.