Year: 2008

May 2008 Panama City Beach Condo Market Update from condosaletrends.com

We recently updated our Panama City Beach condo sales data through the end of April 2008. The statistics don’t look much different than earlier this year. The graph below illustrates the number of monthly re-sales from the 70 Panama City Beach condo buildings in our database. The 2008 monthly re-sales through May mirror the number of re-sales from the same period in 2007 even though there have been a substantial number of new units come on line.

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Is the housing crisis over?

The Housing Crisis Is Over

By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A
The Wall Street Journal

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

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New Hooters on Panama City Beach

Wow, that was quick. It was just a couple of weeks ago they were putting the roof on this place. They couldn’t have been building this place for more than three months and it is opened.

Across the street from the navy base, Coastal Palms is the newest commercial development starting to come to life on the beach.

Burger King and Bruster’s Ice Cream opened a few months ago with La Quinta having been opened for over a year.

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House OKs Controversial Housing Plan

The House approved a federally backed bailout for the housing market; as skimpy as it may seem.  Not supported by the White House, the foreclosure prevention package was passed in a 266-154 vote.

The package will let FHA insure up to $300 billion in new loans over the next four years as long as lenders agree to reduce the mortgage principle. The lender would have to cut the amount owed to no more than 85% of the current appraised value.  If they FHA insured loans went into default, then the FHA would pay the lender the remaining principal owed.

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Agenda for Tuesday's TDC Meeting – Spring Break, PCBWhiteSale

Below is the agenda for the TDC meeting on Tuesday:

AGENDA

COMBINED BOARD MEETING
Bay County Tourist Development Council
Panama City Beach Convention & Visitors Bureau, Inc.
Panama City Beach
Tuesday, May 13, 2008 9:00 a.m. Council Room, PCB City Hall

I. CALL MEETING TO ORDER

II. ROLL CALL

A. Invocation
B. Pledge of Allegiance
C. Approve Minutes From the April 8, 2008 Meeting

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Open House at the Chamber's New Tourist Information Center

Beaches Chamber To Hold Open House

Panama City Beach, Florida (May, 2008) – On Thursday, May 15th The Greater Panama City Beaches Chamber of Commerce will hold an Open House of the Chamber’s new Tourist Information Center for Chamber members and guests. Tours will be given throughout the day from 9:00 am to 5:00 pm, and refreshments will be served. RSVP is not required.

Attributes of the new state of the art Tourist Information Center include a Virtual Floor, Interactive Kiosks, a History Wall and “The Best of PCB” program featuring all Panama City Beach has to offer. The lobby’s Coastal-Chic style showcases Panama City Beach’s businesses, accommodations, restaurants and attractions as well as community events and relocation information.

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May 11th “Extreme Makeover: Home Edition” Highlights Technology

Solace Salon and Spa Stylists Use FreeStylist™ System To Make Their Blow Dryers Weightless

Panama City Beach, Fl– May 6, 2008 – Area residents don’t have to wait until this week’s edition of “Extreme Makeover: Home Edition” to see how the FreeStylist™ makes salon blow dryers weightless and hair stylists very happy. Stylists at Solace Salon and Spa, in Pier Park, have been using the FreeStylist and their clients have been rapidly spreading the word about blow dryers ‘hanging from the ceiling.’

“We wanted to enhance our guest’s salon experience by streamlining the stylist’s station, removing the tangled cords, and making the blow dryers weightless for our stylists as well,” said owner Jennifer Staerker. “Our stylists love their FreeStylists because it makes their styling service so much easier to provide to our guests.”

The FreeStylist was recommended to the “Extreme Makeover: Home Edition” design team and team leader Ty Pennington by New England distributor R.G. Shakour and will be included in this week’s edition of the popular ABC show. The installation also includes the world premiere of a new salon lighting system that provides a more accurate light resource for hair color service, and it uses 75% less electricity.

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Borders Books and Music Opens at Pier Park

Borders Celebrates the Grand Opening at Pier Par

PANAMA CITY BEACH – Borders will celebrate the grand opening of its newest concept store beginning Friday, May 9 through Sunday, May 11 at its new store in Panama City Beach, located at the intersection of Starfish Drive and Bluefish Drive in Pier Park.

The 23,356-square-foot concept store represents a significant enhancement over existing Borders stores inside and out and fulfills the company’s mission to be a headquarters for knowledge and entertainment.

Throughout the weekend-long celebration, Borders will be highlighting its newly created Destinations within the new Borders concept store-Cooking, Travel, Wellness, Graphic Novels and Children’s- with special activities, in-store performances and prizes.

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St. Joe Quarterly Numbers Up from Last Year

The Q1 2008 Earnings Call Transcript was posted on the 6th.

Reported was an increase in net income up to $32.1 million from $19.7 million first quarter 2007. This increase was mostly attributed to strong rural land sales.

Significant progress in four areas was noted:

  1. Construction has begun on the new Panama City – Bay County International Airport following favorable jurisdictional decisions
  2. The completion of a successful equity offering that virtually eliminated all debt (the sale of 17 million common shares of stock – apprx $580 million)
  3. 57,000+ acres of non-strategic rural lands were sold for more than $91 million
  4. A new CEO will be appointed next week, Britt Greene

Peter Rummell was quoted, “we’re taking important steps to be properly positioned when [the markets improve]. . . we have become a leaner, more nimble company.”

“At the construction site of the new Panama City Airport, at West Bay, the first quarter saw the combination of a decade of hard work. Each day the airport authority continues, construction brings us one day closer to a new airport capable of tracking better our service and stronger economic development for the region.

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The Summer White Sale has been released

I was unaware that this had been finalized, but I guess final numbers were supposed to be in by April 25th by all the retail partners participating in this program.

I came across this press release:

Savings Roll In: Panama City Beach Announces ‘Summer White Sale’ With Discounts From 50 Tourism Partners

PANAMA CITY BEACH, Fla., May 6 /PRNewswire/ — Surf is up, and prices are down in Panama City Beach, Fla.

This award-winning destination on the Gulf of Mexico launches its Summer White Sale today, offering great savings on everything you need for the perfect beach break. The White Sale joins more than 50 Beach accommodations, restaurants and attractions. They team up to present 75 different discount offers with a total value of more than $6,000. All offers are valid now — Aug. 31. More local businesses can join in for additional savings to roll in all spring and summer long

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