Panama Beach Realty

In the September 2008 Market update I reported the outstanding developer inventory according to Bay County Records.  I thought I would take another snapshot of the market.  Many things have changed.  Some of the inventory has changed hands.  I am now simply going to refer to the units as "Remaining Units".  A number of the condominiums do not have the ability to sell the remaining inventory freely.  Some are tied up in litigation.  Others are held by institutions or entities that are choosing to hold the inventory.

Most of these condominiums have detailed stories behind the sales and pricing.  I am not going to get into any specifics here.  Aqua, Palazzo, Ocean Reef, Grand Panama, Tropic Winds, and Origin at Seahaven have been selling off inventory.  Aqua and Grand Panama just recently offered new pricing. 

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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

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 Aqua Condominium is now in the process of selling its remaining developer inventory.  * The developer still has fifty-nine remaining units in the building. Roughly thirty were put under contract in an offering that went out to the existing owners several weeks ago. *  The remaining units are being offered to the general public.  *  Click here for Aqua Condominium's full list of units for sale, floor plans, amenities, pictures and more.

*  Information on the listing of the remain developer units being put up for sale and the number of units put under contract taken from the Bay County MLS.

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