Posted by: chris
on Jun 11, 2011
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.
Posted by: chris
on Mar 30, 2011
Let's start out by answering the question most people will be asking. No, the Shores of Panama auction is not for individual units. It is a bulk sale offering.
CB Richard Ellis is handling a sealed bid auction for the remaining unsold developer inventory at the Shores of Panama condominium. These remaining developer units have changed hands through the first auction ordered during
Posted by: chris
on Jan 14, 2011
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"
Posted by: chris
on Jan 12, 2011
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.
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 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 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 Mar 08, 2009
Silverton Bank was the only bidder that showed up to the
Shores of Panama Auction on March 5th. Silverton submitted the highest and best offer for the property in the total amount of $68.7 million. The following day the Bankruptcy Court for the Northern District of Florida approved the sale. Now Silverton Bank holds ownership to the outstanding units in Shores of Panama phase II free and clear of all liens, claims, interests and encumbrances. They are one step closer to moving Shores of Panama phase II forward and out of Bankruptcy.
Many banks are not offering financing for Shores of Panama phase I or II because of the bankruptcy. This could effect the individual owners of phase I who are currently trying to sell there condominiums. This should change once phase II emerges from bankruptcy.
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.
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