Condo sales in Panama City Beach in 2011 started out strong with steady increases in sales through May, culminating in a high of 118 units sold that month, making this the start of a solid year for condo sales in the area. This has not carried forward into the traditionally strong month of June, which may well prove to be a good thing. Normally, sales in June and September surpass the previous month but this has not materialized in 2011. While overall sales volume exceeds 2010 figures, June and July sales exhibited a downward trend with 94 units sold in June and only 67 selling in July.

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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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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:

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  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

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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. 

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