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Panama City Beach Condo Market August 2010
Your friends at www.condosaletrends.com have been searching for a little good news in the Panama City Beach Condo market. The beaches look great. Pier Park looks great. The new airport looks great. The condo market looks a little ragged.
Appraisers are not the Culprits
February 8, 2010
There have been a lot of anecdotal stories lately about how appraisals and appraisers contributed to the real estate melt down and currently preventing the market from recovering. Your friends at www.condosaletrends.com (25 year Certified General/Certified Residential appraiser in Colorado and Florida) would like to clear up some misconceptions.
Panama City Beach Condo Market 2009 in Review
An interesting thing about a prolonged down market, after three years everybody gets bored. Real estate agents have quit trying to convince the public that the bottom has been reached because every month they were proved wrong. Appraisers have been beaten up so bad for relaying the bad news; you can’t get one to admit he is an appraiser in public. Sellers have thrown in the towel. Buyers loiter about like hungry vultures. Welcome to the 2010 Panama City Beach condo market. For those who are still awake, the following is our summary of the local condo market as of the end of 2009. Unfortunately, it looks exactly like the end of 2008.
The sale statistics from the 70 buildings in the www.condosaletrends.com database indicate some encouraging news for the Panama City Beach condo market. The number of sales from July through October is up 62% over the same period in 2008. That number does not include developer sales that were not listed in the MLS; however neither did the 2008 number. The prices are low enough to encourage buyers to sign contracts and the banks are more responsive to short sale offers.
Panama City Beach Condo Market Update August 2009
September 14, 2009
During the last 12 months we have seen a meltdown of the financial markets, the stock market tanked, and the housing market continued a steep decline. The Feds invested a significant amount of money to stop the free fall. The question on everyone’s mind is “have we begun to crawl out of the hole”.
Panama City Beach Condo Market 2007
From
January 2008
Panama City Beach Condo Prices Decline in 2007
Panama City Beach condo sale prices declined 10-12 percent in 2007 after a 10-15 percent decline in 2006 (see chart below). New issues have entered the markets that will exert downward pressure on existing condo sale prices during 2008.
New FNMA Condo Guidelines May Have Chilling
Effect on Panama City Beach Condo Sales
From www.condosaletrends.com
January 11, 2009
FNMA released new condo eligibility guidelines for mortgages acceptable to be purchased by FNMA in Announcement 08-34 (www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0834.pdf). These new guidelines are directed specifically toward condominiums located in Florida. The guidelines specify particular situations that place additional restrictions on condominium mortgages that FNMA will purchase in the secondary market. The new guidelines have an effective date of January 15, 2009.
Panama City Beach Condo Market Update after the Ocean Reef Auction
From www.Condosaletrends.com
October 2008
The Ocean Reef auction on October 18, 2008 concluded with a reported 35 sales. Sounds good but they still have over 140 unsold units in their inventory. The 2BR/2Ba units sold for $225,500, including the auction fee, which is about 20% less than recent sales of very similar Emerald Isle 2BR/2Ba units. This tells us that there are a few buyers out there willing to buy at a 20% discount. The Palazzo auction in August told us there were a few buyers out there willing to buy at a 10% discount. The question is whether buyers will demand more than a 20% discount at the next auction.