Month: May 2009

125 Condos SOLD at Auction – $66/SQUARE FOOT

Arriving shortly after 11 am, I was later than most as the seats were filling up and the line was growing longer at the registration table.  Bidders were checking in and the day was perfect for an auction, Island Reserve Condos were ripe for the picking and the deals were sure to be sweet.

Having been to plenty of auctions, I was skeptical of this one as I had witnessed first hand the developer shutting the doors when the crowd wasn’t bidding what he thought they were worth.  Everyone I was talking to said the sweet spot for them would have to be around $50 to $75 per square foot, or they wouldn’t be interested in purchasing.  Out of the responses we had from our feature on The Beach Show, we had a half dozen or so that were considering registering, but decided against it.  They didn’t think the developer or bank would let them go that cheap.  Well, they were wrong.  They sold 125 condos, most falling in the $66 to $75 per square foot range.

*Note: the bold italicized excerpts are from the live updates I was doing onsite Saturday.   I figured it best to start with those, then add commentary.

1138: a little more than half the seats are filled right now with right around 200 registered bidders

If you walk back in time with me, Seahaven garnered 54 registered bidders, Ocean Reef brought 126 and Palazzo brought 126 registered bidders also.  200 registered bidders is a phenomenal sign that buyers are coming back in the market, but they are coming for blood.  If the deal isn’t super-sweet, then they move on.  The crowd was anticipating rock-bottom prices, they showed up, and that’s what they got.  Estimations pinned over 600 in attendance.  The chairs were filling up quick.

1223: 3 bedroom started at 150k sold for 214k

One of the most important things I believe the auction company did to keep the audience’s attention was keep the starting prices low.  By starting with realistic numbers, they kept the audience from becoming disinterested and leaving.  This also kept the crowd hyped that they may be into something cheap, real cheap.  All of the three bedroom condos were 1,761 square feet and they started the bidding process at a very modest $150,000.  They quickly had bites and worked their way up from there.  The first bidders were fighting for choice.  If they won, they could have their pick of any of the 3 bedroom condos, in the whole development.  With 52 to pick from, this brought a higher price than the later 3 bedroom condo bidding.  The first set of bidding finished off at $214,000.  After the buyer’s premium of 10%, the buyer paid $235,000 or $133.75.  I was actually surprised to see these kind of numbers being pulled.  When asked if anyone else wanted in at that price, there were no takers, back to the bidding!

1231: lady right behind me just bought 3 bedroom 3-108 for 200k. 1761 square feet. 124/ foot after buyers premium. Next bidding starting at 160k for 3 bedroom.

The next set of bidding started lower and obviously brought a lower price.  This continued to be the theme, as the afternoon temperatures went up, the prices began to progressively decrease.  I suppose the winning bidders of these earlier auctions can justify their purchase by getting first choice, but I think I would have waited a bit to see how it would pan out.

1236: just sold unit 6-111, 3 bedroom for 172k – before premium.

Just 13 minutes after the 3 bedrooms were selling for $133 per square foot, the audience was only willing to pay $107 per square foot after buyer’s premium.  That’s $2 off per minute.  Of course, it should be noted at this point that after prices were determined here, the auctioneers would ask if anyone else wanted to buy at this price, and they would sell them until the demand went away.  The lower the price fell, the more the demand grew after each set of bidding.  I don’t have a full list of what sold Saturday yet.

1239: just sold 3 bedroom for 160k unit # 6-314. All three bedroom condos are 1761 square feet. 99/foot after premium. Starting to sell 2 bedroom condos

3 minutes later the prices dropped another $8 per foot.  At this point they had sold several three bedroom condos, quite possibly the majority, but I lost track very early on, so I decided to stick to the live updates.

1245: first 2 bedroom sold for 125k. All 2 bedrooms are 1325 sf. This sold for 103/foot after buyers premium. Unit # 6-103.  Also 5-101 sold for 117k.

When the two bedroom condos started being auctioned off, the response from the crowd grew immediately.  There was clearly a greater demand for this size option.  The sold price per square foot seemed to pick up where the 3 bedrooms left off, coming in at $103/foot.  These are beautiful 1,325 square feet 2 bedroom 2 bath condos selling for $137,499 after the buyers premium.  At this point, we were 45 minutes into the auction and the prices had come down $30 a foot, I was anxious to see how the day would pan out.

1251: 2 bedroom unit number 7-301 sold for 100k before buyers premium, that’s $83/foot after premium.

The price just kept falling.  A guy next to me asked if I thought he should get in on the action.  I kindly advised him to wait, the prices had been continually falling.  He was glad he waited.

0109: hit a sweet spot on price, a frenzy has begun. People are practically arguing over what they are getting. One guy said he’d take what was left at this price.

Roughly an hour after the auction began, the auctioneers found the tipping point.  As soon as the auctioneer yelled “SOLD,” the crowd began to form at the front of the tent.  I was sitting in the front row, and was practically crowded out.  I quickly moved to the side as Cebo scrambled to capture the action with his camera.  There was arguing, lots of it, and enough tension to make my brow break into a sweat.  I was having trouble typing on my blackberry, I was getting nervous, and I wasn’t even registered to bid – but I should have been, Island Reserve is awesome, but at this price, it was phenomenal.

So, I know you are dying to know – what was the sweet spot?  $77,000 for a 1,325 two bedroom condo in Island Reserve, before buyers premium.  That comes up to $64 per square foot after the buyers premium.  Hoards of people rushed to the front, and on more than one occasion I heard someone say they would buy the rest of what was left at that price.  At this price, there’s almost no way you couldn’t cash flow it, regardless how you rented it out.  If you had the money, there’s no reason why you wouldn’t be all over this.

0124: so much of a frenzy, they started the bidding again for the 2 bedrooms. Now selling the last 5 available absolute for 87k before buyers premium

They shut the selling down and took the rest back to the auction block.  They were able to squeeze just a little more out of the price. They were sold out of the absolute allotment of the 2 bedroom condos within minutes with the rest selling at $95,700 after premium or $72 per square foot – again, all the two bedroom condos are 1,325 square feet.

0138: 1 bedroom unit #3-105 sold for 73k before buyers premium that’s 74/foot after buyers premium. Next bid is at 66k right now and . . . Sold for 70k. Guy’s buying 8. The one bedrooms being sold are 1071 square feet

They moved on to the one bedroom condos, and the prices stayed about the same, maintaining the mid-$70’s per square foot.  There were a total of 15 available absolute, all of which were 1,071 square feet.  Again, I don’t have the full list yet, but I believe all of these were sold, and quickly.  For the rest of the auction, there was a consistent number of bidders standing at the front to be sure they didn’t miss out on the action.

I think the deal of the day was the one four bedroom 3,019 square foot townhome with a two car garage that sold for $200,000.  That’s a townhome twice the size as my home with tons of great amenities at the new owner’s finger tips.

All-in-all, I think most of the buyers made out very good.  This was a property that needed to sell at rock-bottom in order for it to happen, and the bank and developer let it go for what the market would bring.  I’m sure it hurt, but they made the right choice.  This is not a time to be picky, if you have a buyer, you’ve got to do everything you can to keep them, or someone else will do what they can to take them from you.

I was talking to one of the auction organizers in the beginning, asking if the bank needed to approve anything for it to close.  I was told that Roebuck, the developer and the bank have been all working together from the beginning and everyone was aware that the prices were going to be low.  I was told that no one would have a problem closing and each buyer was guaranteed a clean and clear title.

This was the first big auction I can remember Roebuck doing in this area since the Faircloth auction, and I think they did a stellar job.  Great show.

Thomas Drive Mystery Solved!

img_7754If you’ve been curious about the huge new development on Thomas drive south of Magnolia and Winn Dixie, we’ve got you covered. But first, some back-story;

Over the last year, if you taken a drive down North Thomas Drive you’ve no doubt noticed major new developments beginning at the turn off Hathaway Bridge down to Grand Lagoon Bridge. You’ve seen more restaurants, banks, grocery stores and retail shopping centers added to the area community. Those updates may be but appetizers to a main-developmental-course. Stimulus money in the sum of $18.5 million and a combination of state and local funds, will be used to expand Grand Lagoon Bridge. The bridge will expand from 150ft to 250ft widening it from two lanes to four and increasing the height over water from 10 to 18ft.

For the last 18 months, planning has been taking place on the bridge expansion, but no funds had been earmarked leaving no definitive timeline for construction.  However, with funding tentatively secured, we should begin to see some timelines released.  The heightening will be a huge improvement as the current height has been historically limiting to the type and size of boat that property owners on the east side of Grand Lagoon could own.

Stimulus funds will also widen the adjacent North Lagoon feed into Thomas drive into a five-lane highway with room for bike-lanes and sidewalks down to Bristol Street. The area near Grand Lagoon has always been popular with locals, but the planned Grand Lagoon expansion may be an even greater pull for the tourism base as well, which brings us back to the original mystery.

That area being mowed down near Magnolia Beach Road and Winn Dixie is making room for a new restaurant. Another restaurant, whoop dee doo, right? Well, the type of restaurant and the space being allotted for it may surprise you. The huge area is making way for Jasmine Thai Restaurant. This isn’t big news until you consider that a Thai restaurant, somewhat unconventional for Panama City Beach, decided to purchase a long-sitting commercial lot to compete with the likes of Captain Anderson’s and the Treasure Ship. Not only will it compete, but from the looks of it, it has high expectations as three-fifths of the land is being flattened strictly for parking.

Future developments may become a trend if tourist traffic to that area is increased due to the Grand Lagoon Bridge expansion and proof of the location’s economic lure. With the addition of The Saki House II, Hooters, Donut Island and Bruster’s Ice Cream just north, what may have been a jewel area for locals could turn out to be Panama City Beach’s most eclectic and busiest dining experience for tourists.  With the revival of the “West-End,” we may see a huge shot in the arm of Panama City Beach’s “East-End.”

Bay County Planning Department did not have a projected completion date or a total square footage but did acknowledged that the restaurant needed a variance for the parking and based on design the restaurant itself will be 50% kitchen and 50% seating, an unusual ratio for the type of establishment.

Live Auction Updates – CLICK HERE

Ok, so here’s how I think the technology is going to work for the live updates.  I’m going to try and post updates to THIS POST that you are reading, newer updates will be at the top (below where it says “here are the updates”).  I’ll precede each new update with the time to hopefully prevent confusion.  If for some reason, this doesn’t work, then I’ll be emailing in updates that will create a new post each time.

It will look a little chaotic, but at least you’ll have the updates, and I’ll clean it up later.  I’m getting ready to head over there right now.  (1049)

Here are the updates

0152: sold all 1 bedroom condo. Sold 3 bedroom townhome for 205k. That’s 87/foot after buyers premium. Sf is 2576.

Then sold another 3 bedroom townhome for 200k before premium. That guy took 5 at that price

Then they put one 4 bedroom townhome up and it sold for 200k. At 3019 sf, that’s 72 a foot after buyers premium

Auction is over. They sold 125 condos total.

0138: 1 bedroom unit #3-105 sold for 73k before buyers premium that’s 74/foot after buyers premium. Next bid is at 66k right now and . . . Sold for 70k. Guy’s buying 8. The one bedrooms being sold are 1071/foot

0135: sold all the absolute 2 bedrooms. Starting 1 bedrooms. Starting at 70k

0124: so much of a frenzy, they started the bidding again for the 2 bedrooms. Now selling the last 5 available absolute for 87k before buyers premium

0116: again there are live pictures at http://www.twitter.com/pcbdaily

Hoards of people were jumping at 77k for 2 bedrooms. They are taking a break. Said they have a lot more condos to sell

0109: hit a sweet spot, a frenzy has begun. People are practically arguing over what they are getting. One guy said he’d take what was left at this price. The magic number for the 2 bedrooms? 77k. That’s 64 bux a foot after buyers premium. Wow

0101: unit number 5-207 2 bedroom sold for 77k before buyers premium.

1255: 2 bedroom 6-207 sold for 95k before buyers premium. That’s 79/foot after buyers premium.

1251: 2 bedroom unit number 7-301 sold for 100k before buyers premium.

1245: first 2 bedroom sold for 125k. All e bedrooms are 1325 sf. This sold for 103/foot after buyers premium. Unit # 6-103.

Also 5-101 sold for 117k.

1239: just sold 3 bedroom for 160k unit # 6-314. All three bedroom condos are 1761 square feet. 99/foot. Starting to sell 2 bedroom condos

1236: just sold unit 6-111, 3 bedroom for 172k.

1231: lady right behind me just bought 3 bedroom 3-108 for 200k. 1761 square feet. 124/ foot after buyers premium. Next bidding starting at 160k for 3 bedroom.

1228: at 1761 sf, that’s $133/foot after buyers premium

1223: 3 bedroom started at 150k sold for 214k

1220: charity auction over will start selling condos in a sec

1211: “its auction time, 1200 noon central roebuck time” said john roebuck. “Don’t wait, buy now”. We just prayed, that’s very cool that they did that.

They are reading the terms now. Should take a few.

1207: auction hadn’t started yet, but they are asking the staff to take their positions. Again, keep an eye on http://www.twitter.com/pcbdaily for live pictures

1153: just talked to a reader of pcbdaily, and he was telling me his sweet spot was close to $50/foot. Wow

1147: seats are filling up, people still arriving, parents are here with kids to enjoy the show

1138: a little more than half the seats are filled right now with right around 200 registered bidders. That’s a pretty darn good turnout. To see a picture, go to http://www.twitter.com/pcbdaily

1051:testing

1052: testing two

1053: testing 3

1129: wow, parking lot is full, I had to park on the third level of the parking deck

Live Auction Updates Tomorrow – Real Time Right Here

Tomorrow’s the day, the Island Reserve Auction.  Everyone’s been buzzing about it and wondering how much money something like this offering will bring, off the beach.  I’ve heard some speculatory projections, that didn’t sound all that great, and I’ve had others that are a little more optimistic on price.  Either way, it will be interesting to watch, and, as always, we’ll be covering it all live right here on pcbdaily.com and twitter.

Just like the last auction I’ll be posting live updates right here on pcbdaily on the main page.  Hopefully technology will lean in my favor and allow me to connect to the web with my phone and laptop, but if not, I’ll be posting using my trusty, albeit annoying Blackberry.

If I can connect using my laptop, then I’ll be providing live updates on a single post, if I have to do the updates from the Blackberry, then each update will show up as a new post, which I’ll then compile into a single post when I get back to my studio.

Events like tomorrow are what I live for, I have such a great time covering stuff like this.  I hope to see you out there, if you see me, be sure to say hi!

New Krystal to Open Soon

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Laboring in the sweltering hot sun in heavy, humid air, workers chop, grind and cut away at bits and peices of steel forming the walls and structure of what will surely house many memories of family time eating bite-sized burgers.  Krystal on Panama City Beach, right across from its old location and Wal-Mart is set to open by July 4th, this summer.

The 2,400 square foot restaurant will have a drive through and dining area and will be right next to an Arby’s, although construction has not begun yet for the roast beef sandwich maker.

Ahh, fond memories of those simple tiny tasty burgers at 4 am still float in my mind from years and years ago.  Krystal, they were always there when you needed them most.

Publix All Set to Open, Beckrich, er R Jackson Looking Good

The new Publix is all set to go and scheduled to open on May 20 in Panama City Beach.  Replacing the current location at the intersection of Middle Beach Road (Hutchison Blvd) and R Jackson Blvd (formerly Beckrich), the new Publix will be around 5,000 square feet larger ringing in at around 54,000 square feet.

I got a sneak peak inside yesterday and all the shelving is up and much of the store is stocked and ready to go.  “The shelved merchandise from the old store will go to other stores, it won’t come here,” said Tom Screws, the General Manager.

Along with the opening of Publix, will come a Dunkin Donuts and an Office Depot, although there is more specific news on the Office Depot in the video.  I will say I was a little disappointed.

In addition, the completed CRA on R Jackson Blvd (formerly known as Beckrich Road) is looking good.  The widening and overall beautifucation is a refreshing example of what all of our major traffic corridors will look like in due time.  I, as well as most of you, anxiously await the day when the rest of the CRA is complete.  I just hope they don’t rename every street that is redone.

I do have one question for city officials.  What is the maintenance program set in place for all the beautiful landscaping that was put in on Beckrich Road?  There are TONS of weeds coming up in the median and it will not take long for it to look taken over and very unkept.

New Top-Tech Helicopter at Beach Navy Base

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A new MH-60S recently arrived at the Naval Surface Warfare Center Panama City Division (NSWC PCD) bringing with it a new technological era for Airborne Mine Countermeasures. NSWC PCD will be outfitting the airframe with advanced technology bringing the Navy closer to adding an Organic Airborne Mine Countermeasures (OAMCM) capability as part of its forward deployed Fleet.

“It is an evolutionary step toward putting that capability resident within the strike group as compared to our historical approach to mine warfare. In the past when forward deployed forces encountered an area needing to be cleared of mines, we had to halt forces to move mine warfare assets into theater,” said U.S. Navy Mine Warfare Program Office Deputy Program Manager, Capt. John F. Hardison.

Hardison said once the sensors and airframe are fully integrated, deploying them aboard the Littoral Combat Ship (LCS) is one of the last legs in the journey required to have AMCM capability resident within the Fleet.

The arrival of the aircraft at NSWC PCD’s Aviation Unit March 7, 2009 signifies a novel approach to OAMCM. However, to reach journey’s end, Hardison said full integration of airframe and sensors is the Navy’s next step.

“We’ve arrived at a point where we need to test, evaluate and develop tactics for those new sensors,” Hardison said. “So, integrating them onto the MH-60S has really necessitated placement of the helicopter that is going to perform the mission at Panama City, which is our Mine Warfare Center of excellence.”

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The Navy’s suite of OAMCM sensors to be deployed using the MH-60S includes the AN/AQS-20A, an underwater mine-detection sonar; the Organic Airborne and Surface Influence Sweep (OASIS), the Airborne Mine Neutralization System (AMNS); the Airborne Laser Mine Detection System (ALMDS); and the Rapid Airborne Mine Clearance System (RAMICS).

These sensors are being developed at NSWC PCD to hunt, detect, classify, and neutralize mines from the air. Once fielded, these systems represent an evolutionary advancement in technology and will allow operators to put physical distance between sea mines and the Navy’s most priceless asset – U.S. Sailors. Hardison said integration of these sensor systems aboard the MH-60S is an integral part of the Navy’s OAMCM vision.

“It would dramatically reduce the Navy’s response time to bring those capabilities to bear in the theater of operations,” Hardison said.

Pilots, air crewmen, maintenance specialists and additional technical equipment have all been arriving in anticipation of delivery of the first MH-60S, according to Hardison.

“So, stationing all needed assets in Panama City is far more efficient than what we’ve had to do in the past: packing up a whole detachment from HX-21 or VX-1 and moving them down there,” Hardison said.  NSWC PCD Commander, Capt. Andrew Buduo III, said Panama City had carefully chosen staff members for its Aviation Unit.

“The Officer In Charge (OIC) of our Aviation Unit, Lt. Cmdr. James Schmitt, was specifically chosen to lead the transition to the new helicopter.  His first tour was as an MH-53E pilot, but he made an MH-60S transition and flew ‘60s for his next three tours,” Buduo said.

RH-53D’s and MH-53E’s have had a long and distinguished career supporting the Navy. Buduo added that the ‘53’s have been the Navy’s primary platform for conducting AMCM missions for more than 40 years.

“The MH-53E is a very large, powerful and capable helicopter. Its fuel load alone weighs more than the maximum gross weight of the MH-60S. Of course one of its drawbacks is just that – its size. Consequently, it’s too big to operate from many of our surface platforms. The MH-60S is a lot smaller and therefore can be supported from more of our surface ships,” he said.

Buduo said the Navy’s evolution toward OAMCM capability will mean deploying the helicopter with its accompanying suite of sensors aboard its intended host platform, the LCS.

“Our plan is to deploy our MCM capability aboard the LCS. LCS Mission Modules will be pre-positioned throughout the world and when the Navy needs that capability it will already be either onboard or in theater. Currently, we have to load up an AMCM squadron and their MH-53E’s and deploy them to the OPAREA,” he said.

Lt. Cmdr. James Schmitt, OIC of NSWC PCD’s Aviation Unit, said one of the biggest challenges during OAMCM testing is to ‘interface’ the suite of sensors and the airframe.

“With the MH-60S, we are testing a lot of new equipment. The mission systems, the Carriage Stream Tow and Recovery System (CSTRS), the Common Console, and even the aircraft are all new. So are the interfaces between them. Ideally, we would introduce only one new item at a time, as has traditionally been the case with AMCM testing on the MH-53E. With OAMCM on the MH-60S, everything from the device to the aircraft is a potential variable,” Schmitt said, emphasizing this greatly complicated the research, development, test and evaluation process.

Hardison said this particular stage of OAMCM development also afforded additional opportunities to refine concepts of operation.

“We fully expect this to be a continuous evolution in refining tactics,” Hardison said. “And Panama City is the perfect place to develop and evaluate best practices for Fleet use of these systems.”

Episode #6 – Hot Deals at an Absolute Auction, Island Reserve

The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.

Call us at 866-994-1770 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Show Notes

Deal 1

  • List Price: $269,900
  • Square Feet: 2,172
  • Price/SqFt: $124.26
  • 3 Bedrooms, 2 Bath
  • Built in 1991
  • This home is in superb condition and the landscaping is simply amazing, nearly flawless. There is nothing needed to move in, it’s ready to go. In addition, this IS NOT a short sale and the seller is ready for a quick closing. You just can’t beat the neighborhood, location, house, community, this listing has it all. There have been many upgrades recently, including a Rinnai tankless water heater, oversized shower/bathroom, new roof, pool, big back yard, newer A/C and so much more. The seller is very motivated and ready to move out, make an offer.

Deal 2

  • List Price: $299,500
  • Square Feet: 2,150
  • Price/SqFt: $139.30
  • 3 Bedrooms, 2.5 Bath
  • Built in 1984
  • This immaculate home in Bay Point is also move-in ready. Karen says, “bring your toothbrush to the closing table.” If you aren’t familiar with Bay Point, it has long been considered one of the premier neighborhoods in Panama City Beach. At one point, you couldn’t touch a home in here for less than $400k, but this is a sweet deal at $299k. No work is needed, this house has newer applicances and a newer roof sitting right on the Meadow’s Golf Course.

Deal 3

  • List Price: Nobody knows yet, absolute auction, set your own price!
  • Square Feet: Ranges from 1,069 to 3,019
  • Price/SqFt: Mystery!
  • 1 to 3 bed condos, 3 & 4 bed townhomes
  • Brand new, never been lived in.
  • This is a rare opportunity to get into a very nice brand new condo or townhome in an awesome resort community for a very great price. 100 condos are selling absolute on Saturday May 16, 2009 at 12 noon onsite and they are sure to bring a great price. Just to give you an idea for what has sold in the past at auction, The Towne of Seahaven, Origin sold on average for around $160/foot in December. Seahaven is across the street from the beach. I can’t speculate here how much these will sell for, but I’d bet they’ll be a screamin deal. If you have any interest in bidding, give us a call and we’ll get you all set up.

Call us at 866-994-1770 to see these properties or for anything else you need regarding real estate in Panama City Beach.


TDC: New Website, New Commercial, New PCB?

First things first, the new website is now live, check it out here. It’s colorful, comprehensive and light years beyond what the old site was capable of ever achieving. But does it aid in the TDC’s overall goal of rebranding Panama City Beach? Well, maybe not all by itself but as a central component to a whole plan, I think it might do the trick.

During Tuesday’s TDC/CVB meeting unveiled was the highly-anticipated summer campaign. This campaign has been much ballyhooed for the entire off-season, but on Tuesday we actually got to see some of the campaign in action which can all be summed up in one word: Rebranding. Everything within the program is used as a tool to rebrand Panama City Beach as a clean, fun and family-oriented vacation destination. I mean, take a look at the upcoming 30 second commercial ad.

It is without a doubt the best representation of Panama City Beach I’ve ever seen. It’s clean, beautiful and really showcases what’s best about the beach. In fact, you see a nice shot of Pier Park, Shipwreck and what it might be like to visit PCB. Susan Estler, vice president of marketing, said they went from one end of the beach to the other to really give people an experience of PCB. And that’s not stock footage you’re looking at, but real people on Panama City Beach. The activities look exciting, the weather looks great and the voice over talks about Doctors and Lawyers as if to say, “this is what you’re missing by believing PCB is the Redneck Riviera.”

The campaign includes components like a video competition, social media networking, microblogging, but the majority of the efforts will be targeted cable advertising that will be geared towards driving people to the website. Together, these two components (TV and website) should, theoretically, provide potential tourists with enough images, video and interactivity to make them rethink their preconceived notions about our great city as it re-announces itself as the “Real. Fun. Beach.”

The launch date for the campaign is slated for Memorial Day, or at least the days preceding it (May 18 it is set to begin). Now, before you criticize the date saying that Summer is already on us and it’s too late, consider this: The TDC/CVB is strategically tying its launch date with a holiday to help drive people and create a buzz. This holiday strategy will also be the tone for the big “Real. Fun. Contest” which will allow people to determine their beach personality (are you an “after dark shark” or a member of the “sandy bottom bunch?”). The contest is set to coincide with the 4th of July. What should also be considered is although you might think this launch date is a little late for summer, it is just the right time for the new airport. In a year from now people will be flying into Panama City Beach from places that, prior to, may not have known we existed outside of Spring Break. The marketing and advertising campaigns have this in mind.  Mike Bennett acknowledged this; “with the new airport coming,” he said, “we have one chance to make a great impression.” And that’s the plan, give a new first impression of Panama City Beach. In fact, the TDC and CVB have already shared in-depth talks about airline advertising including an early jump on advertising through new the on-plane wi-fi systems announced recently by Air Tran.

What may surprise you most about the summer marketing campaign is that its all been done under budget. It should be noted that they own the website, the images, the video–even the b-roll and got it for around $250,000. Coupled with the other marketing dollars spent, that leaves $1.5 million of the marketing budget remaining. After a motion by Marty Mcdaniel, the board decided to meet again before Memorial day to negotiate applying more budget money towards summer marketing, focusing more effort on the tourism window of June and July.

That same budget will be used in Fall and Winter campaigns as well. The opening talks did not go into detail about the Fall and Winter campaigns but did acknowledge a need to frame the time of year rather than focus primarily on events. “We’ll have marquee events,” said Dan Rowe, “but we want to encourage marquee reasons to get away. ‘the weather is good…let’s go.’ [to Panama City Beach].”

All these efforts are betting on the new brand, betting that a new Panama City Beach can be presented to the world and the world will accept Panama City Beach as something other than a Spring Break destination. They’ve set the groundwork for that brand with the new campaign and, theoretically, the world will see us as a “Real. Fun. Beach.” The question remains, though the world may see PCB anew on TV spots and online,  what will they find when they actually get here? A new brand is different than a new image…but that’s a topic for another post.

All in all, the campaign should do well. The “Real. Fun. Contest” should create a genuine buzz. I, for one, am excited and encouraged by the efforts being put forth.

More News: March Bed Tax numbers are down from 2008 but up from 2007. Optimism is abound for April’s numbers after the successful Jazz Festival and Skim Jam. Year-to-date (Oct-Mar.) the numbers are up 1.2%.

CVB is spending $65,000 to aid in the enhancement of the beach providing additional beach safety signs and working with Boomer Aviation for flying billboards announcing double red flags. They are also working on a texting program to alert vendors and contributors about flag changes.

Twitter Weekly Updates for 2009-05-12