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 comparison to the two previous years, condominium sales are clearly up. The graph below compares sales volumes for the past three years, and in 2011 we see significant improvement. This improvement in sales volume does not mean that market recovery is occurring. That being said, we are seeing signs of price stabilization in some areas. The sales volumes for March, April and May of 2011 are much higher than they were in 2010. In March 2010, 71 condos sold but in March 2011, 93 sold. April is even better, with 107 condos sold this year compared to 77 the year before. The 118

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Due to the economic downturn, lending criteria for condominium financing had become more stringent. However, loans have been readily available to qualified buyers who have built strong credit histories and demonstrated the ability to provide down payments of 20 to 30 percent. These opportunities include five-year ARMs and 15-year or 30-year fixed loans.

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Each month we hear stories about how the real estate market in Panama City Beach is bottoming. We are continually told that it is ready to bounce back at any time. How much longer are we going to listen to this while watching prices drop quarter after quarter? Potential buyers should not be focusing on the overall market. They should instead be looking at the specific condominiums they are interested in. On the whole, the real estate condominium market in Panama City Beach continues to fall. The average price per square foot of a 700 square foot

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This article answers the second part question asked in the article " What expenses come with a condo?".

Second part of the question:

What about association assessments for renovation, etc.  What exposure does an owner have to their "whims".  I would like a good handle on these type of dynamics.   Thanks,   ............just a brief overview would be great"

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Someone asked a very common question yesterday and I thought it would be best answered in an article. Yesterday I was asked:

"Chris, What are the average on going expenses such as taxes, insurances, association dues. What about association assessments for renovation, etc. What exposure does an owner have to their "whims". I would like a good handle on these type of dynamics. Thanks, ............just a brief overview would be great"

There are several expenses involved with owning a condo.

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Initially, the 2010 Panama City Beach real estate market was stronger than in 2009. However, potential buyers became worried about the possibility of the Deep Horizon Oil spill, so sales declined in April and remained depressed until September. When purchasers realized that the spill would not affect the area, September 2010 sales volume increased. This still was not enough to return to 2009 levels.

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When you look at the Panama City Beach condominium sales for the past two months, results are mixed, but encouraging. Although the year-over-year numbers for August were down, they were up for the month of September, 2010. Most analysts agree that this trend could be attributed to the resolution of the Deep Water Horizon oil spill disaster and the lessening of fears

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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

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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

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