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April 2007
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Saturday April 28, 2007
Economy Sluggish, Mexico Beach Development Sues City, Contractors bid on new Panama City Airport
"The worst economic growth in four years is raising concern that troubles in the U.S. housing market will spread and throw the country into a recession before the year is out. The economy practically crawled at a 1.3 percent pace in the opening quarter of 2007, the Commerce Department reported Friday. That was even weaker than the sluggish 2.5 percent rate in the closing quarter of last year. . ." (more)
"A development company that sued the city to get out of paying impact fees established mid-construction has won a small battle. Surfside Mexico Beach LLC, developer of Surfside condominium that fronts the Gulf of Mexico on 38th Street, sued Mexico Beach on Sept. 20. The company believes it should not have to pay municipal impact fees because they were adopted by the city during construction of Surfside on March 8, 2005. . ." (more)
The Panama City-Bay County International Airport Authority will allow eight construction companies to place "bids for the first phase of construction of the new airport in West Bay. The authority examined the qualifications, experience and safety record of 13 companies before deciding who could bid on the process, said John Zebroski, project director for the new airport. The eight companies left are “the most technically qualified to do the work,” Zebroski said. . ." (more)
posted by Jason at 6:46 AM
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Friday April 27, 2007
Mayor Lauren DeGeorge
I was asked that I post Mayor DeGeorge's side of the argument with the whole multiple homesteaded properties shenanigans that is going on right now.
"In 1993, I bought a home in St. Andrews at 2913 West 11th Street. I closed on this home on January 29, 1993, and, since I didn’t live in the home on January 1 of that that year, I would not have qualified for a homestead exemption in 1993. Also, my mortgage deed (see below) clearly states that THIS IS NOT THE HOMESTEAD OF THE MORTGAGOR, SHE RESIDES AT 832 GRACE AVENUE. I made no request for homestead exemption on this home, or signed any documents requesting it. . ." (more)
I did have one question, however: Every year when your tax bills came in for all your properties, did you not see that you had the homestead exemption (HX $25,000) marked on the bottom of the bill for more than one property?
Forum post here.
posted by Jason at 10:36 AM
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Friday April 27, 2007
Foreclosures Increasing, Housing Market Slow, Summerwood Rant, More Foreclosures
"Bubbles, like bull markets, end ugly. For proof, look no further than the battalions of homeowners and real estate investors being marched off into foreclosure in Florida. Florida's foreclosure rate in February trailed only small states Nevada and Colorado nationally, with one foreclosure filing for every 382 households, according to RealtyTrac, an Irvine, Calif., foreclosure market firm. In total filings, Florida, with 19,144, led the nation. That number nearly doubled February 2006's count and was up 63.5% from January, RealtyTrac says. . ." (more)
"In line with the rest of Florida, Panama City’s home sales declined in March as the state saw significant drops in most metropolitan-area housing markets. But the number of area existing condominium sales here rose from 32 in March 2006 to 68 last month. The median sales price, however, dipped from $400,000 to $322,500. . ." (more)
Yesterday a zoning change request went before the Panama City Beach Council for Jimmy Williams Reid's Court trailer park. When asked for a motion, all four council members stayed silent. Mayor Oberst explained that with no motion, the application will die. Also in attendance were many Summerwood owners in protest of any new development that may happen there. I gotta say, this ticks me off.
Let me play out a hypothetical scenario: I'm a resident in Summerwood and my family comes into town:
Family: "Jason, your house is sweet and in a great neighborhood, I love Summerwood. Plus you are close to the beaches and the Towne of Seahaven, where we could shop. What's just to the south of you before you get to the beach?"
Jason: "Oh, Seahaven is there, and then next to it is a trailer park, I love trailer parks, they just create so much value for our great neighborhood here in Summerwood. I love that the trailer park residents have a closer walk to the beach than we do in our nice neighborhood.
Family: "Oh, that's nice, dear" said in a despairing tone.
Jason: "Recently they tried to rezone it to develop some new commercial, and maybe some new residential, but we didn't want 60 foot buildings within 150 feet of our homes even though we have no view anyway and it wouldn't block the sun.
Ok, end scenario. I don't have all the facts, but I do know that we can't try to block progression forever. We can't complain about this area being the redneck riviera and continue to let trailer parks stay on the beach. Article here.
"Foreclosure filings surged during the first quarter of 2007, as home price increases slowed or even reversed and borrowers fell behind on payments once their adjustable rates began resetting at much higher levels. The number of filings climbed 27 percent in the first quarter compared with the fourth quarter of 2006 and 35 percent from a year earlier, according to a report released Wednesday by RealtyTrac, an online marketer of foreclosure properties. . ." (more)
The foreclosure issue will be a bigger problem before it gets better. I don't think we've seen the worst yet. I've talked to many who agree that we will have to get through the foreclosure hump before we can expect any large turn around in the market conditions.
posted by Jason at 6:32 AM
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Thursday April 26, 2007
St. Joe Buys Bay Point Marina, Reid's Court Zone Change, 1630 Underage Drinking Arrests, Home Sales Down
"His name synonymous with the Bay Point Marina for more than two decades, Bill Spann said he is proud to be associated with the well-known Bay County landmark, which has a new owner. The St. Joe Co. announced Wednesday it had purchased the marina for $9.8 million from Bay Point Marina Company. 'However it works out, it feels good selling to a company capable of doing a good job,' Spann said, shortly after St. Joe announced the purchase. . ." (more)
"The owner of a 36-acre tract on Front Beach Road that includes Reid’s Trailer Court is seeking a development agreement with the city to construct a major mixed-use project. If approved by the City Council, the agreement sets the stage for the sale of the land by Jimmy Williams to a developer for implementing the land-use changes he is seeking. 'My plan is to sell the property,' Williams said last week. . ." (more)
"The Spring Break season in Bay County drew a watchful eye from alcohol enforcement agents this year. The area was targeted in a “beefed up” operation from the Division of Alcoholic Beverages and Tobacco, said spokeswoman Alexis Antonacci. During the two-month operation, the division office in Panama City was responsible for 1,630 arrests of drinkers who were underage. Additionally, more than 40 businesses were cited with selling alcohol to minors. . ." (more)
"Sales of new homes, helped by better weather, posted a modest increase in March, but the gain was less than expected and did not dispel concerns about continuing troubles in the housing industry. The Commerce Department reported Wednesday that new single-family home sales rose to a seasonally adjusted annual rate of 858,000 units in March, an increase of 2.6 percent from February, which had been the slowest sales pace in nearly seven years. . ." (more)
posted by Jason at 6:11 AM
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Wednesday April 25, 2007
Airport Seeks Grant, Illegal Immigrants
"In an effort to bolster local air service development, the Panama City-Bay County International Airport is applying for a federal U.S. Department of Transportation grant. To boost its chances, the airport also is looking for some substantial community help. . ." (more)
Either late last week or early this week, The Bay County Sheriff's office raided a construction site on the beach finding just under a dozen illegal immigrants. I get pretty fired up about the illegal immigration issues, but this really sets me off: the fine for employing an illegal immigrant is $500. I'm not sure, but I think that is $500 total, not per person. Do we even care that we are supporting illegal immigration? A $500 is laughable. It is a slap on the wrist. It says, shame on you, you shouldn't have gotten caught, don't get caught again. Is a $500 fine going to stop employers from hiring an illegal immigrant? No, it won't.
Lets talk about the "everyone should have a right to be a US citizen" argument. Does everyone have a right? I'm not saying one person is better than another, or one race is better than another, but we all have challenges in life. I wish I was born rich, or even better, in royalty. Why wasn't I born with a huge brain, or stunning good looks? I should have bigger feet, be better at sports, be three inches taller. I have a right to be three inches taller, don't I? No, I don't, and that's a fact of life and I'm ok with that. Yea, America is the land of opportunity, and I can see why many from other countries would want to come here. But shouldn't they have to do it the legal and right way? If it seems hard for them or even near impossible, maybe American citizenship isn't a good fit for them. Maybe they should figure out how to make it work in their own country.
Hey, I'm all about some immigration, but why should we bend the rules for them when so many others had the respect, courtesy and dignity to immigrate the right way?
I may never have to go through the equivalent of what it takes to become an American citizen. I may never have to endure such hard times, and for that I am very grateful. But for those that do, suck it up and do it the right way, if you don't have it in you, go home. We are all dealt different cards in this game called life, and it is up to us to play those card honestly and to the best of our ability.
posted by Jason at 7:11 AM
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Sunday April 22, 2007
Property Tax Swap
"Florida’s sales tax has helped keep the state’s checkbook balanced and credit rating so healthy over the years that it’s one place lawmakers like to turn when searching for dollars. Since its 1949 debut as a 3-cent levy, the sales tax was increased by a penny in 1968, 1982 and 1988 to its present 6 percent level. Some legislators want to go there again to find the money to meet Gov. Charlie Crist’s chief campaign goal of reducing property taxes. . ." (more)
posted by Jason at 6:11 AM
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Saturday April 21, 2007
No Vacation Time for Rick Barnett
"Former Bay County Property Appraiser Rick Barnett changed the rules for his own vacation time, which almost allowed him to walk away with $25,569 in unused vacation pay, his office said Friday. Dan Sowell, the assistant chief deputy at the property appraiser’s office, said Barnett made the change when he became property appraiser in April 2003. . ." (more)
posted by Jason at 8:48 AM
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Friday April 20, 2007
State Senate oks Tax Reform
"The Florida Senate unanimously passed its bipartisan property tax overhaul package without debate Thursday, setting up negotiations with a House split mainly along party lines on a key part of its very different plan. That element is a proposed state constitutional amendment (HJR 7089) that would trade property tax relief on primary homes, known as homesteads, for sales tax increases. The Senate plan has no such tax swap. . ." (more)
posted by Jason at 7:17 AM
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Thursday April 19, 2007
Panama City Mayoral Election, Bay County Property Appraiser, State Tax Reform
Apparently I am naive as to the way our local officials get voted into office, but it would seem to me, if you have the most votes, then that is what the public wants. To me, it is very apparent that Scott Clemens is the choice of the public; he had almost twice as many votes as the current Mayor. That is almost double, 100% more, her votes times two. 50 more, 100 more, or even several hundred more is one thing, but she had 1,354 votes and he had 2,546 votes. She was not only beaten, but crushed. But apparently this is how it works, and the final runoff is on the 15th of May. Set your calendars and be sure to show up!
This brings me to another point: only 5,936 voters showed up at the polls. This is only 26% of all registered voters in Panama City. What's wrong with that picture. Is that normal for other areas? I think it is very sad that only 26 out of every 100 registered voters in Panama City care enough about what is going on to show up for the mayoral election.
Click here for the article.
"The applications for Bay County Property Appraiser are starting to trickle in to Gov. Charlie Crist’s office. Dan Sowell, the assistant chief deputy at the Bay County Property Appraiser’s Office, Dale Hartzog, a former employee of the office, and Zane Spitzer III, of Lynn Haven, have applied for the job so far. Meanwhile, Rick Barnett, whose resignation was effective Monday, will walk away with $25,569 in unused vacation pay, according to Chief Deputy Russ Mathis. Barnett announced his resignation through his attorney Friday. The resignation was effective Monday. . ." (more)
"The Republican-controlled Florida House voted largely along party lines Wednesday for a measure that would swap homeowner property tax relief for higher sales taxes. The proposed state constitutional amendment, which would go on the November 2008 ballot if it gets Senate approval, could make Florida the only state in the nation without either a personal income tax or property taxes on primary homes, known as homesteads. . ." (more)
What is your opinion on this? Forum post
"They can’t get enough of real estate, whether it’s buying or selling homes, condominiums, land, commercial properties or just discussing the state of the current market. Panhandle Investors meets on the second Thursday of every month, and the growing Panama City-based club has given area real estate enthusiasts an opportunity to network, exchange investment ideas and talk about issues such as rising property taxes and homestead exemptions. . . (more)
posted by Jason at 6:49 AM
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Monday April 16, 2007
Rock the Vote - I want YOU to vote
Tomorrow is election day for many local officials including the Panama City Mayor. Be sure to do your research and vote.
posted by Jason at 9:49 AM
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Saturday April 14, 2007
Rick Barnett Property Appraiser Resigns
"Rick Barnett, Bay County’s Property Appraiser, announced his resignation Friday afternoon through his attorney Jeff Whitton. During a news conference at his Harrison Avenue office, Whitton distributed Barnett’s resignation letter to Gov. Charlie Crist and an open letter written by Barnett to the people of Bay County. The letter to the governor states that Barnett’s resignation becomes effective Monday.
. ." (more)
posted by Jason at 8:32 AM
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Friday April 13, 2007
CRA Land Quandary, Global Warming
"It was supposed to be a routine housekeeping item on the City Council’s agenda: approving $2.2 million to purchase a vacant Front Beach Road lot for a drainage pond as part of the planned widening of North Thomas Drive. . . The specific issue was whether to formally offer the owners $2.2 million for a 2¼-acre tract at 10270 Front Beach Road, the issue that loomed in the background was whether the council’s ambitious six-year-old CRA project, which would create a new transportation and highway infrastructure, might find itself threatened by state mandated property tax reform. . ." (more)
There was an article in the paper on global warming, I had to post it. I know it has nothing to do with real estate, or growth, but it deals with the environment, which I'm concerned with. That being said, I think global warming is crap. I actually just ordered a book called The Politically Incorrect Guide to Global Warming (and Environmentalism). The author of this book was on Talk Radio 101 the other day and mentioned that less than 1% of all greenhouse gas was co2. Al Gore made a whole movie on how co2 emissions was changing our world. The author then went on to state that the majority of all greenhouse gasses (I believe he said 98%) was water vapor. That was my quick uneducated rant.
Article here.
"Faced with declining overall tonnage totals for general and bulk cargo, the Panama City Port Authority on Thursday unanimously approved revised operating and capital budgets for fiscal year 2006-07.
The amended operating budget includes a $600,000 decline in anticipated revenues and a $460,000 drop in operating income, said port executive director Wayne Stubbs.Stubbs said the changes to the port’s operating budget did not constitute a dramatic shift.
. ." (more)
posted by Jason at 7:44 AM
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Thursday April 12, 2007
County Funds from Diane Brown, Risky Loans Still Alive
"Bay County wants a west-end beaches resident and a nonprofit organization to pay for the defense of their failed lawsuit. The county’s complaint, filed in the 14th Judicial Circuit, is against community activist Diane Brown and her West Beaches Neighborhood Defense Fund Inc., who sued to stop the West Bay Detailed Specific Area Plan, or DSAP — development guidelines for about 78,000 acres near West Bay. The suit claimed the DSAP was not in compliance with the county’s comprehensive plan. . ." (more)
NEW YORK (Money) -- "Option ARMs remain an option. Despite problems in the mortgage market, brokers say lenders are still willing to make risky loans - including those that allow borrowers to make monthly payments that don't even cover the interest (so-called "option ARMs"). Also still widely available are "no-doc" loans, which require no income verification, and mortgages with no down payment. . ." (more)
posted by Jason at 7:02 AM
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Wednesday April 11, 2007
Panama City Elections
Posted on the forums calendar here.
The Super Tuesday Municipal Elections are coming up on the 17th. I haven't studied the candidates yet -I usually wait until the last minute - but I wanted to be sure that you knew where to find information on the candidates.
Information on all the candidates can be found at bayvotes.org.
I know many have been very disappointed in the performance of Mayor Lauren DeGeorge, and if that's you, you need to pay attention and vote. I personally have been very unimpressed with the way she carries and presents herself, but I'd be telling a fib if I said I actually knew her platform. I should be more informed about the goings-on of the city government.
Information specific to the mayor candidates:
Bob Barnard
Scott Clemons
Lauren DeGeorge
Cliff Fleming
posted by Jason at 3:07 PM
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Tuesday April 10, 2007
Family Spring Break
I was talking to a couple of guys at the gym yesterday about spring break and what it does for our area. Spring break is an integral part of breathing life into our area. Every year comes and money is poured into our economy almost until summers end.
I would like to pose the same question I did to the two guys in the gym. From an economic standpoint, would our area benefit more from the college spring breaker or the family spring breaker.
The two men I speak of - one owns a local amusement attraction, and the other over sees a local restaurant chain - both agreed that their businesses would do significantly better than they are doing now, significantly.
One of them said that the spring breakers would come, maybe ride one ride, hang out and leave for a party, whereas a family would be more likely to stay all night. Another local business owner said that the extra money they bring in from the spring breakers hardly covers the cost and headache they bring with them. Blatant disregard for policy and destruction of property and equipment make it almost not worthwhile.
I would love to hear from other business owners in the area, and what their take is on the topic. I would also love to see if anyone has access to some statistics that may support our area doing better economically with family spring breakers. I've heard the south Florida references, but I want to see numbers.
I'm copying this to the forums, and opening a discussion there. Please take the second it takes to register and chime in with your opinions. This is a very hot topic, and the officials running our local governments need to know how we feel. And they're reading.
posted by Jason at 10:14 PM
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Friday April 6, 2007
US 98 Improvements, West Bay Connector Road Approved, West Bay Sector Plan Approved by DCA
"Two years of operating in relative obscurity came to an abrupt end Thursday for the Northwest Florida Transportation Corridor Authority. In front of a full house and several news organizations that had largely ignored its existence, the Corridor Authority approved a master plan for road development across eight counties. The plan, designed to ease congestion on U.S. 98 and provide hurricane evacuation routes, will be used as a blueprint for road construction in Northwest Florida for years. . ." (more)
"The state Department of Community Affairs issued a final order this week in the long-standing feud between Bay County and a citizens group over West Bay-area planning. In the order filed Tuesday, DCA chief Thomas G. Pelham stated the West Bay Detailed Specific Area Plan, development guidelines for about 78,000 acres near West Bay, is in compliance with the county’s comprehensive plan. . ." (more)
posted by Jason at 6:12 AM
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Thursday April 5, 2007
Panama City Airport Regional Marketing, Panama City Beach CRA Begun, Fowlers Animal Kingdom on Hold
"The new Panama City-Bay County International Airport won’t be completed and open until at least 2009, but it’s already being used in conjunction with Bay County marketing efforts to industries, tourists and potential airline carriers." (more)
"Jason Gibson and Matt Marshall watched intently as a construction worker lifted a heavy concrete power saw from the concrete bridge deck, turned and nodded his head. On cue, a heavy track hoe lumbered onto the Churchwell Drive bridge, clamped onto a large concrete panel and lifted the piece away, revealing the support beams underneath. Nearly six years after Panama City Beach officials inaugurated a community redevelopment area, or CRA, for Front Beach and connector roads, construction finally began this week on the first element of what ultimately could be a $500 million transformation of the city’s entire transportation infrastructure." (more)
"Plans to build a 7,000-acre animal safari theme park in Holmes County appear to have fallen through. Blue Dolphin II, the company developing Jim Fowler’s Life in the Wild theme park with the former “Wild Kingdom” host, announced Wednesday it has delayed plans for the park and might have to move it out of Holmes County." (more)
posted by Jason at 6:58 AM
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Wednesday April 4, 2007
Newsletter Archive
It has been brought to my attention that many of you would like to have a printable version of the weekly newsletters to send to your clients who want to keep up with this area.
On the side under "join our newsletter" is the archive section. Under Newsletter Archive will be links labeled by date that will take you to a pdf version of each weekly newsletter. Since all of the information in here, I'm not going to go back and convert old newsletters, but rather begin having them available from now on. If you like, I can personalize a newsletter for you with your own logo, etc. Just let me know.
Also, if you need help emailing the newsletter out to your database, I can help with that as well.
Click here for this week's newsletter.
posted by Jason at 6:58 AM
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Wednesday April 4, 2007
Towne of Seahaven Development Refutes Claim
A couple of weeks ago, a "concerned local" presented some numbers for Seahaven Development
Obviously it got someone's attention, because the PR person for Neel Bennett got in touch with me to see if I would post a response for him on this claim. Based on the response, the "concerned local" seems a little off.
The response in a nutshell:
- Finisterre: 95% of homesites sold
- Martiniquie: 75% of initial product sold
- Sanctuary: 54% of homesites sold, homes under construction
- Seahaven: Origin to be complete in fall 2007
The entire response can be read here.
It is my understanding that in Finisterre, Martiniquie and Sanctuary, Neel was only selling the land to builders, not actually developing, building, and selling the final product. So this would justify why he responded the way he did.
Also, I posted a thread on the forums here. Mr. Bennett, feel free to chime in anytime.
posted by Jason at 6:38 AM
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Monday April 2, 2007
Foreclosure Rescue Scam, Home Equity Loan Delinquencies, Voters Dislike Property Tax Swap
"As risky mortgage loans fuel a rise in foreclosures, scam artists are targeting struggling U.S. homeowners, promising a quick bailout but ultimately stripping the properties of their value or owning the homes outright. So-called “foreclosure rescue” and equity skimming scams have been around for years, but they’ve proliferated over the last five years as the U.S. housing boom took off, experts said. . ." (more)
I'm sure there are unethical cases of this out there, but if done ethically, I don't see any problem with the scenario described in this article. You either want to keep your house or you don't. If you've gotten to a point where you have no other options and face a credit destroyer like foreclosure, you have to take some risk to correct your situation.
"The rate of delinquencies on home equity loans rose about 7 percent in the fourth quarter in the latest sign of cracks in the credit business attached to real estate and consumer borrowing in general. 'It’s not a surprise to see some increase in home equity loan delinquencies, given the weaknesses in the housing market,' said James Chessen, chief economist of the American Bankers Association. . ." (more)
"Florida voters think the proposal to replace local property taxes with an increased sales tax is a “bad idea” and deep cuts in government budgets are a better alternative, a new poll released Thursday shows. The poll, by the independent research arm of Quinnipiac University in Connecticut, found that voters reject the House Republicans’ controversial idea to exchange property taxes for higher sales taxes – but they like their idea of rolling back local government spending to 2001 levels. . ." (more)
posted by Jason at 5:38 AM
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Disclaimer: The author of this blog has an active Florida real estate license. The author hereby does not guarantee the accuracy of any and all information contained within this site. Furthermore, the author’s opinions are just that, opinions and may have no factual basis. Any advertisers, publications, articles, or comments do not necessarily represent the views of the author or his affiliates. |
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