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. 

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The Panama City Beach condo market realized its first bulk condominium building purchase this month.  In our September 2008 Market Update we mentioned Sterling Breeze had eighty three remaining developer owned units.  Sterling Breeze quietly sold off developer units to individuals for roughly $260 per square foot. 

At the end of October 2008 Sterling Breeze had forty five remaining units.   Forty four of these were sold in a bulk purchase for roughly $199 per square foot.  This leaves one remaining developer owned unit.  For all intents and purposes, the development is closed out.  All future sales should be considered resales. 

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