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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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

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 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. 

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 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.

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