Panama City Beach Condo Market Analysis
After The Palazzo Auction
From www.Condosaletrends.com
August 2008
The Palazzo condo building in Panama City Beach, Florida had a successful auction Saturday, August 2, 2008, with around 50 units selling. The Plazzo opened in early 2008 with 129 beach front condo units. As of August 1, 2008 61 preconstruction contracts had closed with 68 units remaining unsold. Some have heralded the event as an indication that the bottom of the condo real estate market is finally here. However, a closer analysis may have a much more sinister conclusion.