Posted by: chris
on Aug 15, 2010
Condominium sales in Panama City Beach were down this year in May when compared to May of 2009. Sixty-four condos sold in 2010, compared to the Seventy-two sales the prior year. June seamed to pick up the slack with a year over year increase. Seventy-two condos sold in 2010, compared to the Fifty-nine sales the prior year.
Sales fell off a cliff in July when compared to July of 2009. Fifty-six condos sold in 2010 compared to the Seventy-eight (non preconstruction) condo sales the prior year.
This summer can be summed up in one word . . . OIL. Everyone was waiting to see what happened. Everyone was waiting for the oil that would never come. I am very thankful that oil has not shown up on our beaches, but the sales volume definitely felt the impact. That isn't to say nothing sold this summer. Plenty of foreclosures went under contract in less than a week. If condos were priced aggressively, they sold. That is still the case as we continue to move through this market.
Posted by: chris
on May 21, 2010
Real estate condominium re-sales in Panama City Beach were up year over year in March when compared to March of 2009. Seventy-one condos sold in 2010, compared to the Fifty-two sales the prior year. April also saw a year over year increase with seventy-four condos selling in 2010, compared to the Fifty-nine sales the prior year.
We are seeing strong sales in developer owned units. Tropic Winds sold eight units in the past two months while Grand Panama Beach Resort sold fourteen. The interesting thing about these sales is the prices that these units are selling at. Tropic Winds is selling at prices 20% higher than identical floor plans across the beach. Grand Panama Beach Resort is selling at prices 20% higher than Short Sale asking prices in the same building. Buyers clearly see value in purchasing an new condo.
The Panama City Beach real estate market is clearly trying to recover. Monthly sales volumes
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 Dec 02, 2009
As prices come down, sales are increasing in the Panama City Beach condo market. We have seen three consecutive months of increases sales compared to the prior year. We are starting to see signs of a clear bottom in many condominium buildings and floor plans.
Real estate condominium re-sales in Panama City Beach were up in September when compared to September of 2008. Fifty-one (non preconstruction) condos sold in 2009, compared to the thirty seven (non preconstruction) sales the prior year. Seventy-one additional condos sold in 2009 at the Island Reserve auction, and eleven additional sales in 2008 were a result of the original preconstruction closings at Island Reserve.
Real estate condominium re-sales in Panama City Beach were up in October when compared to October of 2008. Seventy-eight (non preconstruction) condos sold in 2009, compared to the Fifty-five (non preconstruction) sales the prior year. Three additional condos sold in 2009 at the Island Reserve auction.
Posted by: chris
on Nov 12, 2009
Several sources across the internet are posting articles about new FHA underwriting guidelines. The specifics of this new guidance can be found here (FHA Temporary Guidance for Condominium Policy). Different sources are posting articles with different opinions on these changes. The Miami Herald is claiming it could boost the condo market:
FHA Moves to Boost Condo Market
The Federal Housing Administration is giving the condo market something it hasn't had for a while -- a little breathing room. Last week, the FHA, the federal agency that insures low-down-payment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. The move could help boost sales in condos by making more FHA mortgages available to borrowers. (Source: Miami Herald)
Posted by: chris
on Sep 24, 2009
Real estate condominium re-sales in Panama City Beach were up in July when compared to July of 2008. Seventy-eight (non preconstruction) condos sold in 2009, compared to the sixty-five (non preconstruction) sales the prior year. Eighteen additional condos sold in 2009 at the Island Reserve auction, and eleven additional sales in 2008 were a result of preconstruction closings at Tidewater.
Real estate condominium re-sales in Panama City Beach were up in August when compared to August of 2008. Sixty-four (non preconstruction) condos sold in 2009, compared to the fifty-five (non preconstruction) sales the prior year. Thirty-two additional condos sold in 2009 at the Island Reserve auction.
We are entering a new phase in this real estate condominium market. I have yet to hear anyone talk about the health of a given condominium association. This is going to be a more popular topic in the months to come. You can read some articles on condominium associations here.
Tidewater Condominium's developer units were assigned a receiver as the bank proceeds with the foreclosure of these units. This is actually a good thing for Tidewater because it assures the association dues for these units will be kept current.
Posted by: chris
on Jul 08, 2009
Real estate condominium re-sales in Panama City Beach were flat in April when compared to April of 2008. Fifty-nine condos sold in 2009, compared to the fifty-eight (non preconstruction) sales the prior year. Thirty-one additional condos sold in 2008 were a result of preconstruction closings at Tidewater.
Real estate condominium re-sales in Panama City Beach were slightly higher in May when compared to May of 2008. Seventy-two condos sold in 2009, compared to the sixty-seven (non preconstruction) sales the prior year. Sixteen additional condos sold in 2008 were a result of preconstruction closings at Tidewater.
Real estate condominium re-sales in Panama City Beach were slightly higher in June when compared to June of 2008. Fifty-nine condos sold in 2009, compared to the sixty-three (non preconstruction) sales the prior year. Fourteen additional condos sold in 2008 were a result of preconstruction closings at Tidewater.
Posted by: chris
on Apr 19, 2009
Shores of Panama in Panama City Beach offer reduces prices again. You can see a complete list of the Shores of Panama Phase I and II price list here. Shores of Panama has completed Phase I, Phase II, and the amenities. The resort amenities include 2 full service spas, 2 Tiki bars, a 14,000 square foot lagoon style pool, an additional indoor pool, gym, and reception desk. Click here for a full list of floor plans, amenities, pictures and more.
New Shores of Panama Phase I pricing *
New Shores of Panama Phase II pricing *
*
Posted by: chris
on Apr 12, 2009
Real estate condominium re-sales in Panama City Beach were flat in January when compared to January of 2008. Eight of these sales were a direct result of the Origin at Seahaven auction. Twenty-six condos sold in 2009, compared to the eighteen (non preconstruction) sales the prior year. Sixty-six additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Marina Landing also had three preconstruction closings.
Real estate condominium re-sales in Panama City Beach were flat in February when compared to February of 2008. Five of these sales were a direct result of the Origin at Seahaven auction. Forty-nine condos sold in 2009, compared to the thirty-seven (non preconstruction) sales the prior year. Fifty-three additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Sterling Breeze also had eleven preconstruction closings.
Real estate condominium re-sales in Panama City Beach were flat in March when compared to March of 2008. Fifty-two condos sold in 2009, compared to the fifty-six (non preconstruction) sales the prior year. Forty-nine additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Sterling Breeze also had twenty four preconstruction closings.
Posted by: chris
on Feb 20, 2009
And then there were none.
Tropic Winds marks the end of preconstruction condominium projects in Panama City Beach for some time to come. With Tropic Winds' CO (certificate of occupancy) being issued this week, we now have no more resort style condominiums under construction. Some could argue that Island Reserve and Cabana Cay are still building out and will be the last two official condominiums in Panama City Beach under construction. I believe we can all agree that neither of these projects can claim any type of gulf frontage or view.
We still have a significant amount of developer held inventory. Some of this inventory is selling at a normal pace. We are also starting to see new signs of the market bottoming in certain buildings and floor plans. This should not be confused with a bottom in the overall market. We have buildings that are selling units every quarter at a price people are willing to pay. We also have buildings that have not seen buyers in well over a year.
