Peter Bos Interview with Destin Log

Destin Developer Peter Bos interviewed with the Northwest Florida Daily News last week and talked about the current state of the real estate market, where we’ve been  and where we are going.

I’ve included some excerpts, but for the whole story, you’ll have to visit the newspaper’s website, link provided at the end.

DAILY NEWS: Since we’ve had so much growth and development here in the past 25 years, are we going to be competing for a smaller slice of the pie in the next 25?

BOS: I think we’ve had some horrible growth in the last 25 years. I think what happened was this spike in demand, where a second home became everybody’s entitlement, and financing was readily available. And we had an explosive mark at rental, too, which helped subsidize the carrying cost of these homes for people. I think we ended up with a lot of people developing who really shouldn’t have been in the development business.

DAILY NEWS: Real estate sales along the Emerald Coast have plummeted from where they were in 2004 and 2005. How has that affected the higher-end development like Emerald Grande, or Turnberry, or some of the things that you as a developer have been involved in? Has it been as tough for you as it has for everyone else in real estate?

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Panama City Beach is Getting Lifeguards

Well, the Panama City Beach City Council decided that we need lifeguards, but they don’t know how they will pay for it yet.

Mike Hudson, a resident of Panama City Beach, started a beach rescue service – Bay Medical Center EMS Surf Rescue Unit. His team put together a lifeguard program proposal with was the topic of discussion Thursday’s meeting.

After discussion is was decided that they would push through an already approved budget item to hire lifeguards at the City Pier. They also decided that they will put pressure on Bay County for them to follow suit with similar lifeguard placement actions. As part of discussion it was decided that they would update the existing ordinances that require beach service vendors to be lifeguard trained and update equipment that may be more suitable for current lifeguard needs.

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Panama City Beach, FL Resort Wins Culinary Award

Bay Point Marriott Golf Resort & Spa’s Award-Winning Culinary Team Led by World-Class Chef Julio Lucero

The Bay Point Marriott Golf Resort & Spa Hotel in Panama City Beach, Florida is not only the home to acclaimed Chef Julio Lucero, but home to an award winning culinary team as well.

As a native of Sonora, Mexico, Chef Julio Lucero received a degree in industrial engineering before looking to expand his horizons by emigrated to the United States in 1986, where he decided to pursue his passion of the culinary arts. Chef Lucero perfected his craft by working in every area of kitchen operations.

Chef Lucero’s background as a chef includes assisting in opening and operating the Renaissance Esmeralda Resort in Palm Springs. After ten years with Renaissance, Chef Lucero took on the next challenge to become the Executive Sous Chef of the Sandestin Golf and Beach Resort. In 2003 he was promoted to an Executive Chef position to open the new Seville Golf and Country Club, in Gilbert, Arizona, where he continued to build his knowledge of various cuisines. In 2007 Chef Lucero returned to the Emerald Coast along with his wife and two sons to become the Executive Chef at the Marriott Bay Point Golf Resort and Spa.

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Special Trip on the Pier Park Express TODAY at 11am

Ok, I realize this is totally last minute, but as I know that tons of people are looking here almost every minute of the day, I figured I’d put this up anyway.

Today, the Pier Park Express that is leaving from Walmart going to Pier Park at 11 am will play host to the singing Red Hat Ladies as entertainment and Julian Bennett as narrator.

Some of the items of historical interest will be the Petticoat Junction, Miracle Strip Amusement Park and The Hangout.

Again, remember that rides on the Pier Park Express are only 50 cents.

Marina Landing Auction – CANCELED

After selling two 3 bedroom and two 2 bedroom condos, the Marina Landing auction was canceled.

The anticipated selling prices were surely higher than what the market was commanding right now.

The place was packed – over 500 people were crowded outside in various locations on a balcony and downstairs around the auctioneer. The event was outside, so everyone was sweating in the 90+ degree heat and fighting for a spot in the shade. All of the seats were taken and people were standing wherever they could hear and be seen. The parking lot was so full that parking was bleeding into the Woodlawn subdivision. People were hiking across the field.

Check after the break for the SOLD prices.

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The Fed keeps rates the same

With the prime focus shifting to inflation, the Federal Reserve elected to keep rates the same during their regularly scheduled meeting Wednesday.

The key short-term interest rate was left the same, ending the rate cut streak that went back to last August.  The short-term federal funds rate was left at 2% which means the prime interest rate stays at 5%.

With signs of inflation, the Fed made a statement that led some analysts to beleive that interest rates will go up later this year.  Food and oil prices are threatening to rise sharply – raising the cost of credit could ward this off.

Although there was no mention of the stimulus checks, economists state that spending and growth would have been flat through the middle part of the year.