Posted by: chris
on May 13, 2012
During April, 90 condominium units were sold in Panama City Beach. In April 2011, 107 units sold. This year's reduction was probably caused by a lack of inventory at attractive prices. For the first time in years, relatively few attractively priced condominium units remain available. This proves especially true for units with popular floor plans.
In recent months, sale prices for units in many buildings across the Panama City Beach area have actually risen. This suggests that the local condominium market is beginning to stabilize, although it's probably not the inception of a new real estate boom. Most condominium buyers remain cautious.
People are paying more for desirable floor plans than they did in 2011, but they show little interest in exorbitantly priced condos. Overpriced foreclosures also sit empty, attracting few potential buyers. The Panama City Beach condominium market is slowly finding a reasonable price balance.
Posted by: chris
on May 03, 2012
On May 30, 2012, the last remaining Shores of Panama developer units were sold by the Federal Deposit Insurance Corporation (FDIC). The sale included 307 residential condominium units, multiple commercial units and the Shores of Panama Club. The residential unit purchases were made in three distinct groups. Average price per square foot for these transactions came in at slightly under $101.
Posted by: chris
on Mar 12, 2012
In a virtual repeat of 2011, the first quarter of 2012 has seen strong sales in the Panama City Beach condominium market. Sales for February 2012 were an improvement over those for the previous year with 77 units sold as compared to 69 in February 2011. Despite this increase, it seems likely that overall sales for 2012 will approximate those for 2011 as condo prices and sales seek their natural level in the current Panama City Beach real estate market.
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 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 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 Mar 30, 2009
In January the loan programs for condos tightened standards again. If you are looking to purchase a condominium in Florida as a secondary residence, many programs have changed. If that wasn't enough, there are entire condominium buildings that banks are refusing to write loans for.
There are no more loan programs with 10 percent down. The 30 year fixed rate mortgage programs have also disappeared. The new loan programs require a fully documented loan with 25 percent down. These loans are only offered as 3 and 5 year Adjustable Rate Mortgages. These are the programs that most banks use to give buyers loans on new purchases.
Three Condominiums in Panama City Beach now have financing problems. Emerald Beach, Shores of Panama, and Tidewater are all on a list of condominiums that these programs will not finance. Emerald Beach is classified as a Condotel because of Wyndham's purchase of the entire tower III. Tidewater was classified for its beach not being big enough for the number of units in the building (I didn't understand that one either). Shores of Panama was classified due to its bankruptcy (This should change as they emerge from bankruptcy).
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 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 Nov 10, 2008
Shores of Panama is the next condominium in Panama City Beach to offer reduced prices from the original preconstruction offerings. You can see a complete list of the Shores of Panama Phase II price list here. You will find the pricing is roughly $253 per square foot. The current pricing includes 158 units. 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 II pricing
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