The real estate market is in the toilet. Or is it? I mean, everything is relative. Everything is subject to interpretation. Right?
Sure, the real estate market is in the toilet. . . for sellers. But for buyers, the real estate market is hotter than a nanny goat in a pepper patch. (nice cliche, huh?)
In every type category, there is a surplus in supply. In Panama City Beach alone, there are 537 lots, 770 single family homes, and 1570 condos active for sale on the Bay County MLS. In many cases prices are half now what they were just 12 months ago.
Velocity is down. In any given category, we have several years of inventory given the current rate of sales. The growing trend of using auctions to dump inventory in indicative of developers realizing that their inventory needs to be liquidated – sometimes, at all costs.
Foreclosures are up. They are higher now than they have ever been, and that’s the same story we’ve been hearing, over and over. In fact, foreclosures this year have been higher year-over-year, each month of 2008.
Negative Nancy, you say? Well, hold the phone, bubba.
This is all to emphasize a point. Right now, it is a buyer’s market. Period.
Now is the time that all the savvy real estate investors have been dreaming of – a time when people are scared to turn down offers in fear of not seeing another one, a time when sellers will pay all closing costs and offer zaney incentives to attract buyers. Now is the time when the buyers get THEIR pick and have an opportunity to actually CASHFLOW a property.
Three years ago, all the smart investors had already left the market, they had taken their winnings and tucked it away. They were waiting for a time like right now to pull that wad back out and throw it at something else. I was talking to an agent buddy of mine the other day and was told that 6 out of the last 8 buyers they closed were cash buyers. Now is the time to buy. Cash is king, but mortgage money is easy to get to also, as long as you can fully qualify. Another buddy of mine financed a second home, 20% down on a 30 year fixed at 6%. Not too shabby.
If you can buy right now, you should be shopping. Real estate is always a long term hold, and there will be tremendous upside to those purchasing property now.
On to the fun part.
Panama City Beach’s 10 Best Deals.
- Regency Towers Unit 525 – 3 bedroom, 2 bath 1,456 square feet, priced at $237,500. That’s $163 per square foot! Everything seems to be in order with this condo, and sounds like a real steal. The agent is Diane McKay, and her number is 850-596-1378. She works with Coldwell Banker/Carroll Realty. If you don’t know about Regency Towers, they’ve been working very hard to give the whole place a new face. The place is looking real good.
- Long Beach Towers Unit 1-806 – 3 bedroom, 3 bath, 1,800 square feet priced at $365,900. That is $203 a square foot, wow! This is a bank sale, but could be a real deal. Long Beach is a great complex with a few great pools. Each condo is designed to have maximum beach frontage. This complex is relatively new, built 10 years ago. Also, I can’t forget to mention that this is a lock-off – two rentable units in one! Definite cashflow opportunity. The agent is Patrick Finn with Finn Realty. His digits are 850-368-6700.
- 302 Carolyn Ave, in Woodlawn. This is a steal at $136,900. With 1,692 square feet, this comes up to $80 a foot! 3 bedroom 2 bath built in 1958. Everything seems to be in ok shape. The agent is Diane McKay (she got two on the list!), her number is 850-596-1378.
- Nautilus Cove Unit#?? Not sure of which unit exactly, maybe all of them? This is a four bedroom 3 bath going for $154,900. These are new, just built last year and never been lived in. At 1,492 square feet, that comes up to $103 a foot. They have a fitness center, pool, walking paths, and a closed security gate. They all come with granite counter tops, stainless steel appliances and ok carpet. You can’t go wrong with the price. The agent is Ronald Lucarz with Pelican. His number is 850-582-5159.
- Sterling Reef Condominiums Unit 1505. This is a 2 bedroom 2 bath 1,076 square foot priced at $249,000. That comes up to $231 a square foot. Not too shabby considering how nice these are. The west view from this building is unsurpassed as it is contiguous with over 1,700 feet of dedicated beach that will remain undeveloped. This is a steal. The agent is Karen Ward with Realjoy Properties, and her number is 850-424-3094.
- 1101 Sawgrass Court #201 in Wild Heron priced at $295,000. 2 bedroom, 2 bath, 1,300 square feet. All I have to say is $226.75/square foot in Wild Heron on Lake Powell. You couldn’t touch one of these for more than twice this a few years ago. I have been in these condos, and they are super nice. The agent is Karen Smith with Beachy Beach Real Estate, her number is 850-527-5651.
- 121 Manistee Drive on the West End. 4 bedrooms, 2.5 bathrooms, 2,268 square feet priced at $159,900. That’s right, $70 bux a square foot. Built in 1984, this is a true country log cabin fit with a huge porch, beautiful exposed beams, a shed in the back and a good sized lot (wide at 75 feet). It needs a little work, but at $70 a foot, who cares? The agent is Gabriel Stephani with Beachy Beach Real Estate, and his number is 850-814-4640.
- 409 Liverpool Ave in Tapestry Park. This is a 43×125 foot lot in one of the coolest (I think THE coolest) neighborhoods in Panama City Beach. The architectural style and pedistrian-centered neighborhood layout makes this community a, well, real community. This lot is listed for $55,000. You heard me, $55K. That is half what they were going for a year ago. The agent is Craig Duran with Pelican, and his number is 850-527-0221.
- Moondrifter Condo #805. Priced at $199,000, this is a 2 bedroom, 2 bath 1,050 square foot GULF FRONT condo. Dude, a Gulf Front Condo under $200k! Plus, this is priced nearly $80,000 less than the other two that are listed. The agent is Amanda Corbin with Prudential Shimmering Sands, and her number is 850-832-7447.
- Last but not least, the least expensive home in the Glades is a 3 bedroom 2 bath 1,747 square foot home priced at $269,000. That comes up to $153/foot. This home was built in 1996 and features a two car garage. With a screened in pool and new paint inside and out, this home is advertised as “move-in ready.” The agent is Carrie Routt with Keller Williams, and her number is 850-867-5309.
Sorry guys, no pictures. This project was a little more exhausting than I wanted it to be, and I had to get it out.