Posted by: chris
on Mar 30, 2009
In January the loan programs for condos tightened standards again. If you are looking to purchase a condominium in Florida as a secondary residence, many programs have changed. If that wasn't enough, there are entire condominium buildings that banks are refusing to write loans for.
There are no more loan programs with 10 percent down. The 30 year fixed rate mortgage programs have also disappeared. The new loan programs require a fully documented loan with 25 percent down. These loans are only offered as 3 and 5 year Adjustable Rate Mortgages. These are the programs that most banks use to give buyers loans on new purchases.
Three Condominiums in Panama City Beach now have financing problems. Emerald Beach, Shores of Panama, and Tidewater are all on a list of condominiums that these programs will not finance. Emerald Beach is classified as a Condotel because of Wyndham's purchase of the entire tower III. Tidewater was classified for its beach not being big enough for the number of units in the building (I didn't understand that one either). Shores of Panama was classified due to its bankruptcy (This should change as they emerge from bankruptcy).
Posted by: chris
on Jul 15, 2008
Emerald Beach Resort opened its Floridita pool this past weekend. These pools are located on the north side of front beach road behind the check in area. One pool is zero entry with a waterfall mushroom, a row of mini jets, and several other water features. The Floridita pool also features a bar and grill area. This will make a total of 3 pools for the resort in addition to the Sky Bar, onsite Starbucks, and Tiki Bar.
Posted by: chris
on Jul 07, 2008
The Sky Bar and Tiki Hut at Emerald Beach Resort finally opened July 4, 2008. Emerald Beach Resort completed the build out of these amenities, the gulf front pool, gulf front hot tub, and the first two condominium towers January of 2007. They started selling units to the preconstruction contract holders February of 2007. While they may have set a new world record for the amount of time taken to staff a finished amenity, this is a significant step in the right direction.
Emerald Beach Resort has the potential to become one of the nicest resorts in Panama City Beach. The Sky Bar is a shining example of this. Most condominiums with a sky bridge are very basic. Emerald Beach Resort took advantage of the space and created a bar the entire length of the bridge with wall to wall glass. This allows for ample space for guest to gather. It also provides a spectacular view of Front Beach Road at night with a view of lights as far as the eye can see. Other completed amenities currently include one gulf front pool, hot tub, and full service Starbucks. Location is also a potential advantage for Emerald Beach Resort as it is within walking distance of what should become the Towne of Seahaven. This condominium also contains great one and two bedroom floor plans. They made excellent use of the space with floor plans that feel more spacious than other condominiums of similar size.
There is a non-gulf front pool currently under construction. The lobby area has also been prepped for additional staff and retail space. Only time will tell if this condominium comes to realize its potential.