Laketown Wharf Showing Signs of Life

This Thursday, June 18^th2009, Sterling Resorts will host a grand opening ribbon cutting ceremony to celebrate 300 units available for rent. As many know, this announcement has been long in the making.

For those who have not followed the Laketown Wharf soap opera, Laketown Wharf, the towering Thomas Drive edifice completed back in 2007, was supposed to redefine Panama City Beach luxury as a city within a city with 765 total units and unique amenities unmatched on Panama City Beach like a Vegas-style musical fountain display, a 650-seat live performance theater, 5 restaurants, 1,000’s of square feet of retail space and a private lake.

But, due to economic nosedives and various other reasons, by September 2008 developer Jerry Wallace signed over the mostly empty resort to Corus Bank based out of Chicago. Even still, in February of 2009, Corus Bank reported a quarterly loss of $260.7 million and stated that more than a third of their “$4.1 billion in outstanding loans were nonperforming,” all the while the massive structure remained empty, all those lovely amenities wasting away. Lucky for them, in January Corus signed an agreement with Sterling Resorts to operate the condo’s rental management program.

That brings us to this week, when Sterling Resorts plans to rejuvenate excitement in the estimated $200 million property, opening its doors to vacationers. Sterling Resorts should do well considering the rental company currently manages 24 Gulf Coast properties between Panama City Beach and Bay St. Louis, Mississippi and has strong familiarity with the tourism trends on Panama City Beach. Currently, online rates at Laketown are set to compete: a 2 bedroom/2 bath for this weekend was set at $292.20, just a little more than I, personally, expected but not bad. If things go well, the opening should act as somewhat of a defibrillator, resuscitating a property in need of a new life.

If you intend on attending the ribbon cutting ceremony RSVP with Kristy Keen: 850-563-0457 or email here at kkeen@sterlingresorts.com

**Date correction: The event will be June 18th at 4PM**

In Search of Norman Rockwell's America

Amid threat of closure, the Visual Arts Center of Panama City is moving forward with the exhibit In Search of Norman Rockwell’s America. I love Rockwell as I have a nostalgic affinity of the 40’s and 50’s. Of course, during that time period, having only been a glimmer in my parent’s eye, I only have to go off the depictions found in books and the movies. But, I hear it was a great time, a time when the American Dream, was The American Dream.

I apologize up front for the mushy-ness, but this is what Norman Rockwell does to me.

Today, it seems like we get so lost in computers, technology, social marketing, staying connected through our iPhones and BlackBerries that we don’t seem to find time to play catch with our kids, ride our bikes as far as we can ride them (and then go back), or just go for a cruise with our family to the soda joint. It seems like we are so caught up in what everyone else is doing that we don’t bother to ask how our wives and kids are.

I gripe at this lifestyle every time I pack up the car for a family road trip. I ache for those stops with huge plaster dinosaur statues or mountains with faces blown into the side. I remember the good ‘ol days, white picket fences, homes with huge wrap-around porches and time spent outside, talking with the neighbors, who were your best friends. I dream one day of traveling the open road, and seeing America in all its glory with my family in an RV. Shoot, I dream of a day when I can spend more time with my family.

In Search of Norman Rockwell’s America is an exhibit, inspired by Kevin Rivoli’s book that shows through photographs that Norman Rockwell’s America is, indeed, present today. The exhibit will have over 35 original Normal Rockwell paintings alongside similarly evocative black and white photographs, taken by Rivoli. Many of the original Rockwell paintings have never been loaned out from their owners.

This Friday evening, the Opening Gala will be held at the Visual Arts Center this Friday, the 12th at 7 pm. There will be “dinner, dancing, and cocktails.”

Visit the Visual Arts Center’s web site for more information.

The Face Lift PCB's Been Waiting For: Form-Based Regulations

Last Thursday, June 4^th, the City of Panama City Beach held a joint City Council and Planning Board workshop to discuss potential form-based design regulations that will dramatically affect future Panama City Beach developments. These form-based regulations, negotiated in part by Planning Works, 180 Degree Design and White and Smith Planning, are recommendations intended to provide standards that will create consistency and form between high-rise edifices and the neighborhoods that surround them.

A team of urban planning specialists, headed by Michael Lauer, urban planner Planning Works, helped explain in the 3-day workshop how adopting these new regulations will encourage higher quality future development while maintaining the small town beach lifestyle with an overall more attractive and walkable streetscape for Front Beach Road. These new regulations will also harmonize with future and current CRA developments such as the revamped Richard Jackson Boulevard.

These comprehensive regulations actually broke down into simple decisions for the board to discuss and eventually adopt:

Building Height Requirements
- Based on zoning buildings in residential /low intensity areas will max out at 35ft with a better overall definition of that requirement. Traditional areas will max out at 50ft with an allowance for greater height based on developments to that area. High Rise areas will see a flexible cap of 220ft, with an allowance for more height (with a decrease in footprint) to help promote variety.
Moving Buildings Closer to the Street
Eliminate Auto Oriented Design
- Lots of talk on this topic, but essentially parking lots will no longer be allowed on the street side. They will be required to park behind buildings or incorporated into the design of the building in the form of covered parking.
Internal Street Standard
Require Retail to Be Along the Street-Side

The goal of all this, as said by Michael Lauer, is to “keep the street fronts alive” by promoting more active fronts based on the design codes. An example of “active fronts” would be to see more cafés, pocket parks and urban amenities on the street side rather than parking lots or deep set backs.

On top of the physical incentives, the hopes of the city and the planning organizations are to provide incentive for developers as well with hardship variances and additional administrative variances. Current buildings that can’t or won’t participate in the developments can, under these regulations, do relatively simple façade or cosmetic changes to help coincide with the improvements. But not everything will be an easy fix. City Attorney, Doug Sale, when asked a question about buildings that will lose their parking lots due to these potential regulations, acknowledged the difficulty in transition by answering, “The preferred approach would be shared access to parking in back. But we’ll have to deal with it case by case.”

Still, within the group of attendees, the form-based design regulations were met with rave reviews, even subtle complaints that the city should have done this a decade ago. Even Mayor Gayle Oberst endorsed the sentiment by adding that when past opportunities to move in the direction of such regulations surfaced the council “punted,” Oberst added that these talks have been the “the kick in the pants” the city needed. “I think it’s the future of Panama City Beach,” Oberst said. “It’s not going to be easy, but we can do it. I’m excited about it and [when it’s completed] we’ll all be proud of it.”

So what should Panama City Beach residents expect? Nothing, yet, as these talks will continue to be negotiated until September. But when the time comes, Panama City Beach will have a new look. You’ll see more bike lanes, walkways, outdoor cafés, tropical landscaping, more accessible frontages and better roadways for driving. These regulations, the planners said, should also help attract new investments by increasing square footage available for office, retail or rental units in turn raising economic return on private capital.

The planning groups will begin drafting these new form-based rules, but, for now, all potential developers and those who intend on putting additional monies into renovating old properties will have to consider the likelihood that these regulations will be adopted…and that likelihood is higher than any high-rise on Panama City Beach.

Make a Video and Win $10,000

Panama City Beach Convention and Visitors Bureau is giving five lucky winners $10,000 in cash and prizes that include customized beach vacations. That’s a grand total of $50,000 worth of prizes.

To kick off the summer travel season, this award-winning destination on the Gulf of Mexico beckons with the REAL. FUN. BEACH. travel personality video contest. Launching on Memorial Day, May 25, and continuing through Labor Day, Sept. 7, 2009, this one-of-a-kind competition offers five epic prize packages tailored to the winner’s travel personality. Every package includes a five-night stay in plush, waterfront accommodations, plus customized vacation experiences, cash prizes and more.

“We’ve had a tremendous outpouring of interest in our new online contest,” says Dan Rowe, CEO, Panama City Beach Convention and Visitors Bureau. “Since its soft launch last week, traffic to our new Web site has jumped more than 55 percent. Web visitors hail from near and far – Atlanta, New York, Chicago, Canada, the U.K., Germany and France – to learn more about Panama City Beach’s unique contest and offerings.”

http://s3.amazonaws.com/memelabs/players/panama/meme_seeder.swf

So join the party. Whatever your kind of vacation fun, there’s a REAL. FUN. BEACH. prize package just for you, with travel experiences that include romantic dinners, spa packages, dolphin tours, passes to family attractions, full-day fishing excursions, seaplane rides, golf, water parks, wine tastings, VIP cards to nightlife hot spots, Yolo boards, iPods, professional cameras complete with photography lessons and more.

Looking for vacation inspiration? Panama City Beach will help you channel your inner travel personality. Take the destination’s quick quiz online at www.realfuncontest.com or at the “Panama City Beach Real Fun Contest” section of www.visitpanamacitybeach.com, and discover your kind of vacation fun.

Are you the family-fun Sandy Bottom Bunch, looking for beautiful beaches plus water parks, mini-golf, ice cream and pirate cruises? Or a Soul Surfer, who loves a stroll on the beach, day at the spa and shopping, topped off with a candlelight dinner on a breezy gulf-front terrace? Maybe you’re an Eco-Seeker, whose kind of fun is kayaking through crystalline waters. Or an adventure-loving Wave Warrior eager to fish in big tournaments and snorkel, leaving no reef unexplored. When the sun goes down, Panama City Beach lights up. For dancing, concerts, jazz clubs and more, After Dark Sharks are drawn to the destination’s vibrant nightlife.

The Panama City Beach REAL. FUN. BEACH. contest has a lot of personality, and now is your moment to let your travel personality shine! So what are you waiting for? Take the REAL. FUN. BEACH. quick quiz, create your original video and upload it at www.realfuncontest.com any time from Memorial Day, May 25, to July 4, 2009. No need for a big production. Any type of video – digital camera, webcam, camera phone, etc. – will do. Creating your travel personality video is part of the fun.

A panel of Beach Experts will select ten semifinalists for each travel personality. For decisions this large though, everyone is welcome to dive in. Semifinalists’ videos will be posted at www.realfuncontest.com, and the online polls will be open for voting from July 15 through Sept. 1, 2009. One winner in each of the five categories will be chosen by popular vote. Winners will be announced on Labor Day, Sept. 7, 2009.

Panama City Beach boasts emerald waters and 27 miles of sugar-white sand. That’s 27 miles for all types of styles. Go to www.realfuncontest.com, and discover your travel personality and the REAL. FUN. BEACH. prize package that’s right for you.

Of course, some rules apply. The Panama City Beach REAL. FUN. BEACH. contest is open exclusively to residents of the U.S. who are at least 25 years of age. Entries are limited to individuals, and only one entry per person is allowed. All submissions will become property of the Panama City Beach Convention & Visitors Bureau with all rights reserved. Each winner must complete his or her vacation by Sep. 7, 2010. Blackout dates and other restrictions may apply.

Panama City Beach is the REAL. FUN. BEACH. and everyone’s invited. Go to www.realfuncontest.com or www.visitpanamacitybeach.com for more information. Now, let the FUN. begin . . .

Agenda: CVB Marketing Committee Meeting: Fall/Winter Marketing

Panama City Beach Convention & Visitors Bureau’s marketing committee will be meeting on Tuesday to begin discussions on Fall and Winter marketing efforts. Recently, 1.5 million dollars have and will be spent on Summer marketing. This meeting should address the remaining budget as well as how those dollars will be spent for the fall and winter seasons.

AGENDA

MARKETING COMMITTEE MEETING

Panama City Beach Convention & Visitors Bureau, Inc.

Panama City Beach

Tuesday, June 9, 2009 9:00 a.m. – Board Room, Visitor Information Center

I. CALL MEETING TO ORDER

II. ROLL CALL

III. REQUESTS TO ADDRESS THE COMMITTEE ON AGENDA ITEMS (3 Minutes)

IV. DISCUSS FALL/WINTER MARKETING PROGRAM, Mr. Dan Rowe, President

V. AUDIENCE PARTICIPATION

VI. ADJOURNMENT

To download this agenda click here.

Episode #9 – Steal a Newer Home for $135k

This week on The Beach Show we feature a 3 bedroom 2 bath home in Palm Cove, a cute little neighborhood centrally located that includes lawn maintenance in their association dues, a foreclosure listing in an established neighborhood for only $109/foot, and a Gulf-front condo, 2/2 and partially furnished for only $215k.

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

Remember, it doesn’t cost anything to work with us if you are a buyer.

Click the “more” tag for show notes and pictures.

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 – Move in 3/2 for $135k

List Price: $135,000
Square Feet: 1,348
Price/SqFt: $100.15
3 Bedrooms, 2 Bath
Built in 2004
This is a move-in ready home in Palm Cove right off of Middle Beach Road. Centrally located in Panama City Beach, this neighborhood is a great deal for a first time home buyer. With lawn maintenance and watering included in the association fees of under $300 per quarter this is a great low maintenance home. The neighborhood has two community pools and this is one of the most sought after floor plans that includes a garage.

Deal 2 – Foreclosure in great neighborhood

List Price: $158,500
Square Feet: 1,450
Price/SqFt: $109.31
3 Bedrooms, 2 Bath
Built in 1994
This home is located in the Open Sands subdivision nestled in between Front Beach and Back Beach Roads. This home is advertised as needing a “little TLC”, including new floors, some paint, and other aesthetic touch-ups. The house itself seems to be in good shape. There’s a lot of square footage for the money.

Deal 3 – 2/2 Gulf Front Condo Furnished for $215k

List Price: $215,900
Square Feet: 1,076
Price/SqFt: 200.65
2 Bedrooms, 2 Bath
Built in 2005
This is a 2/2 Gulf Front condo for only $215,000! Being sold partially furnished, this condo is rental ready and has excellent rental history to boot. Sterling Reef is conveniently located on Front Beach Road, right next to 1,000+ feet of undeveloped sand owned by the County where the new County Pier is currently under construction. This condo resort has outdoor grills, fitness center and Gulf-side pool.

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

6 Short Sale Questions You Really Should Know

I usually let my real Real Estate life give me the inspiration for the article that I write each week. It makes me so excited when I find out that someone actually benefits from it so I hope that this one hits the mark as well. Lately there are more questions than answers so I thought I would take a minute to answer some questions that I get from customers in this ever changing market. These are actually questions from actual wonderful customers.

Q: Do you have to be a resident of Florida to do a short sale in Florida?
A: That is an easy one, and the quick answer is NO. Where you live is not important in whether you qualify, what is important is if you have a hardship or not. The thing that may be relevant to you is that if you are trying to short sale a property that is not homesteaded then there can be consequences. A lending institution can give you a 1099 on the discounted amount of the sale. I would suggest that you talk to an accountant about your unique situation. Many times you are already in such duress that the 1099 may or may not effect you much but again that is a question for your accountant.

Q: How long does a short sale take?
A: When I give you the answer you will wonder why in the world they call it short because the average time is 3-4 months from beginning to end. Patience and Persistance is the key during this long process.

Q: What in the world is that AS IS contract that so many short sales require?
A: Quite simply an AS IS contract is not like the old used car you drive off the lot and hope the engine does not fall out before you get home. An “AS IS with right to inspect is a contract that gives you the right to inspect the property to see if it will fit your needs without breaking the bank. There is a time limit which you specify in the contract but in Florida any buyer has the right to get out of the contract and get his earnest money back if the inspection is not acceptable to the buyer. MOST foreclosures and Short sales require an “AS IS” contract. Be sure to check the laws of your state because contracts do vary from state to state.

Q: What happens to my credit when I do a short sale or a foreclosure?
A: A credit bureau is the only true source of information for determining how a short sale and a foreclosure is going to affect a homeowner’s credit. It is my experience which is not to be taken as any form of legal advice, foreclosures usually show up as “FORECLOSURE” and can stay on a credit report for seven years. If a homeowner applies for a new loan or has their credit run, the foreclosure could show up. It is also a common disclosure many employers require on most job applications. A short sale is commonly listed as “SETTLED DEBT”, and can be much less harmful to credit. Please consult a credit bureau for how a short sale and a foreclosure will actually affect a homeowner’s credit. Most people are in financial straights by the time they consider a short sale so their credit is usually the last of their worries.

Q: Why would a bank even consider a short sale?
A: Time is Money. Foreclosure action is expensive and lengthy. During the 12 month or longer foreclosure process, the property is a non-producing possession that is declining in value every day. If the property becomes vacant and/or vandalized, it will cost the lender(s) even more in repairs, maintenance and security. When a foreclosure is complete, the lender(s) must still hire a local Broker to list and sell the property. The lender(s) will compare the cost of the Foreclosure vs the cost of Short Sale. If there is little or no equity in the property, the lender(s) will have to conclude that its better off accepting a short and immediate sale. Lender(s) would rather help you find ways to come current on your home mortgage or approve of a short sale than foreclosure.

Q: When should you make the decision to start a short sale?
A: AS soon as you are no longer able to make your payments due to a job loss, illness, change in financial status, divorce or an adjustable rate mortgage that has risen to unmanageable limit you should consider a short sale. I know many people that are just frozen and just want to let the cards fall where they may and just wait for the foreclosure process. Doing nothing assures that a foreclosure is pending which could be the worst possible solution for you.

Bottom line: trust your friends for dating, hair cut opinions and just plain old fun but for Real Estate go to your trusted Realtor and see what she has to say on the subject. If she does not know the answer I bet she can help you find out. Thanks to all of you who keep calling me with your questions and thanks to all my Real Estate croanies for all your great answers.

30 Year Fixed Spikes 1/2 Point

What a difference a week makes! Last Wednesday I reported that the days of long-term mortgage rates under 5% were likely at an end. Seven days later we find the thirty-year fixed rate for conforming mortgages near 5.50%. A series of government Treasury auctions last week were met with little enthusiasm as investors are demanding a higher return than these bonds can deliver. The continued strength in the stock market, which saw one of its best months in recent memory in May, has also drawn investors away from bonds putting downward pressure on prices and increasing bond yields significantly. As of Tuesday, the yield on the ten year Treasury note stood at 3.64%

There is good news to on the housing front to report. On Tuesday, the National Association of Realtors reported that pending home sales rose a whopping 6.7% in April after a surprise jump of 3.2% in March. This shattered consensus expectations of a rise of only .5%. Also on Tuesday, the Commerce Department reported a surprise jump in construction spending in April. Commerce said spending rose .8% in April, the biggest increase since August. Analysts were anticipating a 1.3% decline. Most significantly, spending on residential construction rose .7% providing further indication that the housing market is attempting to recover. Another report from the Institute for Supply Management said its index of manufacturing activity rose to 42.8 in May from 40.1 in April – its highest reading since September. This news helped offset a report that showed consumer spending slipped .1% in April after falling .3% in March. All combined, the silver linings seen in reports on the health of the economy continue to lead many analysts to believe the severity for the recession is easing and that a recover will likely begin in the third quarter of this year.

My observations on the local real estate market tend to show the majority of purchasers we are currently seeing in the market are a mix of out of state second-home buyers taking advantage of the incredible deals and first-time homebuyers jumping off the fence sensing that prices will not go lower and seeing rates begin to rise. I am also seeing some locals taking advantage of the market conditions to downsize or make a change from single-family to condominium living. All in all, I see a good mix of buyers right now and plenty of financing options to fit their needs. We are returning to a normal market void of speculators and flippers which should lay the groundwork for long-term recovery and sustainability.

Twitter Weekly Updates for 2009-06-02

#musicmonday foo fighters. good stuff. #
#clothdiapers ew, can you picture one full to the brim? “awhhggh, it got all over my new white pants.” #
Don’t forget to take the pcbdaily survey: http://tinyurl.com/lokcs3 #
@SplashResort totally agree #
#pcb #pcbtdc approved jbinc proposal and network broadcast #
#pcb #pcbtdc some guy said you can’t track tv ads but yu can and it’s easy. Ask me how ? #
#pcb #pcbtdc they ate saying that the traffic on the new site is 3 times greater, but they don’t know were it’s from. #
#pcb #pcbtdc says we are seeing a lot of traffic from new york. Ny is in top 5 for pcbdaily too! #
#pcb #pcbtdc talking about spending 25k onto producing an infomercial. #
#pcbtdc #pcb patronis reccomends giving jbinc proposal a shot. #
@JustVerve I’ll take a look at this later. Very interested. in reply to JustVerve #
#pcbdc dan Rowe reccomends jbi Inc proposal and local broadcast tv commercials #
#pcbtdc We are here. Total set to spend is 475k #
#pcbtdc going into the tdc meeting. Talking about summer marketing campaign today. #
Holy macaroni its a beautiful dau. Don’t forget to follow our #pcbtdc tweets today #
for updates on the text2twitter thing I’m at, follow @toocreative #
School’s out for Summer! #

PCBDaily Survey = $50 Gift Card to Beef 'O' Brady's

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This survey is pretty “generic”, but in the future, we plan on releasing more specific surveys that may delve into greater detail of who you are and what you think about the content on pcbdaily and our sister sites.

From start to finish, this survey might take you 5 minutes and is only 10 questions.

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Take the survey!

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