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.
Posted by: chris
on Feb 11, 2009
The United States Bankruptcy Court for the Northern District of Florida Panama City Division ordered the scheduling of an auction and a follow up hearing to approve the sale for Shores of Panama. This will be a bulk purchase auction held on March 5, 2009 at 10 AM EST. Initial bids must be received from Qualified Bidders by 4:00 PM CST on March 4, 2009.
Qualified Bidders must deliver $100,000 certified funds in escrow; provide evidence of financial wherewithal, experience, and other relevant considerations before the Initial Bid Deadline. Bids must be at least $80 million for the property.
Shores of Panama has 680 (estimated) feet of gulf frontage. It sits on 6.5 acres. There are roughly 1000 striped spaces in the attached 12-level parking garage. The property will include 370 units with an average of 1,089 square feet per unit. There is also commercial space of 27,412 square feet, the beach club, and two separate parcels of vacant land.
ASSET STATISTICS
Unit Type # of Units Square Feet
A 1BR / 2BA + BK 8 864
B 2BR / 3BA + BK 6 1,131
C 1BR / 2BA + BK 32 907
E 2BR / 2.5BA + BK 1 1,131
F 1BR / 1.5BA + BK 11 911
G Efficiency 20 473
H 2BR / 3BA + BK 22 1,453
I 1BR / 2BA + BK 3 980
J 2BR / 2.5BA + BK 4 1,070
K 2BR / 3BA + BK 66 1,184
L 2BR / 2.5BA + BK 38 1,102
N 1BR / 2BA + BK 69 936
R 3BR / 3BA + BK 23 1,523
S 2BR / 2.5BA + BK 22 1,279
T 1BR / 2BA + BK 23 951
U 3BR / 3BA 22 1,400
Total / Avg 370 1,089
Additional Details
Commercial Space 27,412 SF
Parcel #1-Vacant Land 0.5 acres
Parcel #2-Vacant Land 2.0 acres
Beach Club 1.4 acres
Posted by: chris
on Feb 09, 2009
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
Posted by: chris
on Jan 28, 2009
Real estate condominium re-sales in Panama City Beach were slightly higher in December when compared to December of 2007. Thirty-four condos sold in 2008, compared to the twenty-seven (non preconstruction) sales the prior year. Thirty additional condos sold in 2007 that were sold as a result of preconstruction closings at Tidewater. Origin at Seahaven put roughly 27 condos under contract during their auction in December. We can expect those contracts to close thru the month of January. It is notable that I do not count preconstruction sales in my monthly sales comparisons. I do this to show a normal absorption rate in the market.
Sterling Breeze sold its remaining developer inventory in December. Marina Landing followed suit with its remaining developer units in January. Foreclosures and short sales are now controlling the market. Condominiums where developers tried to hold pricing at preconstruction levels are starting to see short sales and foreclosures by the original preconstruction contract holders who did close. We continue to see prices at specific condominiums decline because of this. Even with the lower prices, the absorption rate does not increase. After all, there are only so many people looking to purchase condos in a given month.
