Posted by: chris
on Apr 01, 2010
Tagged in:
Tropic Winds ,
Tidewater ,
Sterling Breeze ,
Shores of Panama ,
Panama City Condos ,
Panama City Beach Real Estate ,
Palazzo ,
Origin at Seahaven ,
Ocean Reef ,
Marina Landing ,
Laketown Wharf ,
Aqua Condominium
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.
Posted by: chris
on Oct 26, 2008
It has now been almost been three months since the Palazzo Absolute Auction. According to my review of Bay County Records, Palazzo sold forty-six developer owned units as a direct result of the Auction. At the end of the auction the sales boards showed forty-eight units under contract. This is notable because all contract holders had fifteen calendar days to walk away from there contracts without penalty.
Since the end of the auction, I have seen three sales. The developer sold a three-bedroom interior unit for 354k, and there were two re-sales. One west end three-bedroom sold for 569k and an interior three-bedroom sold for 369k.
Here is a list of the lowest prices paid per floor plan at the Auction:
Please keep in mind that a 10% commission was added to everyone's purchase price. So, if you bought a:
3 Bedroom End Unit for 425k, you paid $467,500 which is $252 a square foot
3 Bedroom Interior for 295k, you paid $324, 500 which is $220 a square foot
2 Bedroom with bunk for 270k, you paid $297,000 which is $220 a square foot
1 Bedroom with bunk for 220k, you paid $242,000 which is $235 a square foot
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.
