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.

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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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 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).

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Tidewater announces developer sale of remaining units.  In the Panama City Beach September Market Update, I mentioned Tidewater began offering prices at a similar price per square foot as the Palazzo Absolute Auction sales.   Tidewater condominium has since made a more public announcement.  The developer price offering ranges from $226 - $229 a square foot.  There is also a special closing cost discount for units closed by October 31, 2008.  The closing cost discount includes the developer paying Owners Title, Doc Stamps on the Deed, and HOA Capital Contributions.  I have included a list of the condos offered by floor plan. 

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