Posted by: chris
on Mar 08, 2009
Silverton Bank was the only bidder that showed up to the
Shores of Panama Auction on March 5th. Silverton submitted the highest and best offer for the property in the total amount of $68.7 million. The following day the Bankruptcy Court for the Northern District of Florida approved the sale. Now Silverton Bank holds ownership to the outstanding units in Shores of Panama phase II free and clear of all liens, claims, interests and encumbrances. They are one step closer to moving Shores of Panama phase II forward and out of Bankruptcy.
Many banks are not offering financing for Shores of Panama phase I or II because of the bankruptcy. This could effect the individual owners of phase I who are currently trying to sell there condominiums. This should change once phase II emerges from bankruptcy.
Posted by: chris
on Feb 11, 2009
The United States Bankruptcy Court for the Northern District of Florida Panama City Division ordered the scheduling of an auction and a follow up hearing to approve the sale for Shores of Panama. This will be a bulk purchase auction held on March 5, 2009 at 10 AM EST. Initial bids must be received from Qualified Bidders by 4:00 PM CST on March 4, 2009.
Qualified Bidders must deliver $100,000 certified funds in escrow; provide evidence of financial wherewithal, experience, and other relevant considerations before the Initial Bid Deadline. Bids must be at least $80 million for the property.
Shores of Panama has 680 (estimated) feet of gulf frontage. It sits on 6.5 acres. There are roughly 1000 striped spaces in the attached 12-level parking garage. The property will include 370 units with an average of 1,089 square feet per unit. There is also commercial space of 27,412 square feet, the beach club, and two separate parcels of vacant land.
ASSET STATISTICS
Unit Type # of Units Square Feet
A 1BR / 2BA + BK 8 864
B 2BR / 3BA + BK 6 1,131
C 1BR / 2BA + BK 32 907
E 2BR / 2.5BA + BK 1 1,131
F 1BR / 1.5BA + BK 11 911
G Efficiency 20 473
H 2BR / 3BA + BK 22 1,453
I 1BR / 2BA + BK 3 980
J 2BR / 2.5BA + BK 4 1,070
K 2BR / 3BA + BK 66 1,184
L 2BR / 2.5BA + BK 38 1,102
N 1BR / 2BA + BK 69 936
R 3BR / 3BA + BK 23 1,523
S 2BR / 2.5BA + BK 22 1,279
T 1BR / 2BA + BK 23 951
U 3BR / 3BA 22 1,400
Total / Avg 370 1,089
Additional Details
Commercial Space 27,412 SF
Parcel #1-Vacant Land 0.5 acres
Parcel #2-Vacant Land 2.0 acres
Beach Club 1.4 acres
Posted by: chris
on Feb 09, 2009
It has now been roughly 6 weeks since the Origin at Seahaven absolute auction. According to my review of Bay County Records, Origin at Seahaven sold twenty developer owned units as a direct result of the Auction. Hours after the end of the auction the sales boards showed twenty-seven units under contract. All contract holders had fifteen calendar days to walk away from there contracts without penalty. Developer units are still available and listed for sale.
For those of you who missed the Origin at Seahaven Auction Results article, here were the results: Please keep in mind that a 10% commission was added to everyone's purchase price. So, if you bought a:
"three bedroom lockout" (gulf view) for 270k, you paid $297,000 which is $166 a square foot
Posted by: chris
on Jan 03, 2009
It has now been roughly 6 weeks since the Ocean Reef Absolute Auction. According to my review of Bay County Records, Ocean Reef sold forty-seven developer owned units as a direct result of the Auction. At the end of the auction the sales boards showed thirty-five units under contract. Offers continued to come in weeks after the auction ended. I believe it is fair to say that the buyers were happy with there contract prices. All contract holders had fifteen calendar days to walk away from there contracts without penalty.
Condos at Ocean Reef continue to sell and go under contract. For those of you who missed the Ocean Reef Auction Results article, here were the results:
Please keep in mind that a 10% commission was added to everyone's purchase price. So, if you bought a:
Posted by: chris
on Dec 14, 2008
The Origin Condominium Auction results were interesting. The same auction group hosting the Ocean Reef, Palazzo and Marina Landing auctions presided over the Origin auction. While the auction format surprises many people, once again they delivered a strong number of contracts in a matter of hours.
Origin at Seahaven is not the easiest property to accurately report auction pricing on. This condominium contains many unique qualities that set it apart from some other condominiums on the beach. Having said that, Origin at Seahaven is a gulf view and not a gulf front condominium. It sits on the north side of Front Beach Road. The four separate floor plan orientations (north, south, east, and west) add to the complexity when comparing this condominiums to others on the beach.
Part of the condominiums appeal is that it is part of the Town of Seahaven. From day one it was marketed as the first phase in this development. The first 30 minutes of the auction was spent explaining the concept, management, and history behind Origin and the Town of Seahaven. They also noted how we should look at the new condominium tower under construction (referring to Emerald Beach Resort tower II) as a clear indication that Panama City Beach is moving ahead with new preconstruction projects. What they failed to mention is that Emerald Beach Resort Tower II is being constructed for Wyndham as a Fractional Ownership Tower. Because of the land, construction cost, and market conditions, it will be very challenging for any new preconstruction projects to break ground in the years to come. It could be quite some time before pricing can recover to a level that will allow developers to start new preconstruction projects in Panama City Beach. The last time I checked, you would have to charge between 400-450 a square foot to move forward with a profitable resort style preconstruction project in this area.
Posted by: chris
on Nov 10, 2008
The developer of
Origin at Seahaven Condominium has scheduled an absolute auction for 29 condominiums on December 13, 2008 at 1:00 PM CST. The developer will provide over sixty condos to choose from. 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
Origin at Seahaven. Pre-sale inspections dates will be posted at a later date. This condo is part of the future preconstruction development known as the
Towne of Seahaven in Panama City Beach Florida. Ocean Reef contains studio, one, two, three 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
Ocean Reef, 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.
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 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.
Posted by: chris
on Aug 03, 2008
Developer Ron Durham held his absolute auction of 28 units at Palazzo Condominium. Hundreds turned out for the first absolute auction of a gulf front condominium in Panama City Beach. Palazzo is known for its great interior finishing, spacious floor plans and oversized balconies. The end units well thought out floor plans make great use of a view that seems to go on for ever.
It started out looking like a repeat of the Marina Landing Auction. They started bidding on 3 bedroom end units. The first one finally sold at 475k after what seemed like hours because the auctioneer didn't seem to want to end at 475k. The second 3 bedroom sold at 425k. At that point we heard a familiar phrase from the last auction. "The next one is the last 3 bedroom we are going to auction". This is what we all heard at Marina Landing before announcing they would auction 2 more units and end the 
auction. So, the third and final 3 bedroom brought 475k. Then we heard something we had not heard before. The auctioneer asked if anyone else would like to buy a 3 bedroom end unit at 475k. He found one person who took the offer.
With that they moved on to the 3 bedroom interior units. They auctioned off 3 with bids of 325k, 325k, and 295k before ending the 3 bedroom interior units. Once again people were asked if anyone would like to buy any more of the 3 bedroom interior units at 295k. The bidders were quiet for a moment looking at each other when suddenly bidding paddles started finding there way into the air in a frenzy. Auction assistants started blowing whistles and screaming in frustration to get there bidder the next condo. Three sold in less than a minute, whistles and bidding paddles were everywhere. Durham ran to the stage and announced
"cut it off, we got to see where we are at". When they started up again they took bids on the 2 bedrooms. The 2 bedroom auctioned off at 270k when they announced the same thing. Once again units started selling one after another. A single one bedroom was auctioned at 220k when they announced they would sell one more at 225. At that point the auction was ended, but an announcement was made that all floor plans were being offered at the last biding price.
I am not sure who has the final count, but the auction boards showed:
Posted by: chris
on Jul 01, 2008
The developer of Palazzo Condominium has scheduled an absolute auction for 28 gulf front condos on August 2, 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 400k, you will owe 440k at closing). The auction will take place on site at Palazzo Condominium at 11:00 am. Pre-sale inspections will start from 10 am to 5 pm beginning July 18th. This condo is completely gulf front on the west side of Panama City Beach Florida. Palazzo contains one, two, and three bedroom floor plans. For more information on the property you can click here.
