Month: July 2009

New Pier's Open, Fireworks set to go off tonight!

Having been under construction for the better part of 18 months, the new City Pier, Russell-Fields Pier is open for business.  The new 1,500 foot pier, located right across from Pier Park opened at first light yesterday to a line of fisher-persons ready to catch anything from Bonita to King Mackeral to sharks. One onlooker said they spotted a 6 footer lurking around the pilings waiting for a stray crippled fish to gobble up.

I won’t go into too many details on the pier, as we’ve covered that, but I will say that it is long, very awesome, and super great to have it back.  I promise, I won’t neglect you new pier, I promise I’ll visit you often!

If you want to fish, the cost is $6 per person, but if you just want to walk out, the cost is $2 with kids 6 and under getting in for free.  The pier is open today, but will close sometime right after sunset for the fireworks display.

I was out there yesterday and they were getting all the fireworks set up, arranging the firing tubes in neat rowes.  “The layout is perfect and the setup is just right,” said “Yankee” Scot Fischer, one of the “technicians” setting up the array of explosives.  He was commenting on the rows of “blow-out” panels that are unique to this particular design of the pier.  They seemed to be the perfect width.  I’ll have more pictures next week of the setup as I’ll be back out there today.

CVB to Implement Beach Flag Warning via Text Messaging Program

In a much anticipated endeavor, the Panama City Beach Convention and Vistor’s Bureau has officially implemented a program that will announce beach flag warning updates via text message.

The idea is simple, improve safety through public awareness of the Beach Flag Warning System and to create another avenue for alerting locals and visitors of changing surf conditions. Partnering with the Bay County Sheriffs Office & The City of Panama City Beach Police Department, the text messaging program will alert the registered users of surf conditions, as well as changes in surf conditions that will cause a change of beach flag color.

The text messages will originate from either the Bay County Sheriff’s Office or the City of Panama City Beach Police Department.

Depending on the current surf conditions, the text message will include similar information to the examples listed below.

· Sheriff’s Office report: GREEN flags on COUNTY beaches

· Beach Police report: GREEN flags on CITY beaches

The text messaging program will complement other elements of Panama City Beach’s beach safety public awareness campaign which includes flying aerial billboards during double-red flag conditions, conspicuously displaying signs inside each rentable lodging unit along Panama City Beach, posting signs explaining the flag colors at every public beach access points, and public service announcements on billboards and on various media including radio and television.

If you would like to register your cell phone number to begin receiving these updates, please email your First Name, Last Name, Cell Phone Number (Including Area Code)and Email Address to social@visitpanamacitybeach.com.

Remember Our Veterans on Independence Day

Sometimes, amid all the celebration, bar-b-ques and fireworks, we forget what July 4th is all about – declaring our independance from Great Britain and the establishment of the greatest country on earth.  With great cause we celebrate our freedom and liberties, and we are given a chance to come together with the one thing everyone in this country has in common – we live in the good ‘ol US of A.

Saturday, our Veterans will be remembered at the Veteran’s Memorial located in Aaron Bessant Park.  It will be a time to remember those that gave all they had to protect our freedoms and those that served our country.  The Veterans Memorial Ceremony will take place at 4 pm and will be honored by contributors such as Panama City Beach Mayor Gayle Oberst, Richard Jackson, and Mary Carmaichal.  Also expected is Panama City Beach’s former Mayor, Lee Sullivan and County commissioner Mike Thomas.

Chaplain Hickenlooper will give the invocation, Marsha Rockhill from teh Saint Andrew School will seing the National Anthem, and Cmdr John Duncan and the Sea Cadets will be the Color Guard.  The Military Order of the Purpole Heart is the wreath giver and will be presented to Debbie to place by Dan Laurita, the President of the Veteran’s Council.

There will also be a Tyndall flyover at 5 pm.

AGENDA: TDC/CVB to discuss the Spring Break Study

The Tourist Development Council and Convention and Visitor’s Bureau have called a special combined meeting to discuss the results of the spring break perception study. This will, no doubt create an interesting debate on one of Panama City Beach’s most polarizing topics. They also plan to set a date for a community discussion forum.

Special Called Meeting

AGENDA

COMBINED BOARD MEETING
Bay County Tourist Development Council
Panama City Beach Convention & Visitors Bureau, Inc.
Panama City Beach
Wednesday, July 8, 2009
1:00 p.m. Council Room
PCB City Hall

I. CALL MEETING TO ORDER

II. ROLL CALL

A. Invocation
B. Pledge of Allegiance

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

IV. BOARD DISCUSSION ITEMS

A. Review and Discuss the Results From the Spring Break Perception Study And Set Date For The Spring Break Community Forum, Mr. Dan Rowe, President

V. AUDIENCE PARTICIPATION

VI. ADJOURNMENT

To download this agenda click here.

Episode #13 – Gulf-front House for $850k

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 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Show Notes

Deal 1 – Brand New Home, Needs Nothing for less than $200k

  • List Price: $192,900
  • Square Feet: 1,500
  • Price/SqFt: $128.60
  • 3 Bedrooms, 2 Bath
  • Brand Spankin’ New – Just completed
  • Looking for a home with great green grass, sprinkler system, fenced in yard, brand new inside and out, including EVERYTHING and has NEVER been lived in? This is the home for you. This home was completed earlier this year and was under contract set to close recently, but everything fell through on the buyer’s side last minute. I love this home. Everything was done very cleanly and there is so much room to move around. The lot is huge with a huge, grassed, fenced in back yard. When you think of a great quality Florida starter home, this is what you think of. Proximity to the beach is great, you could walk to a public beach access in under 5 minutes.

Deal 2 – Gulf-front HOUSE for $850k

  • List Price: $849,000
  • Square Feet: 3,100
  • Price/SqFt: $273.87
  • 7 Bedrooms, 3.5 Bath
  • Built in 1976
  • Old beach house with 50 feet on the Gulf of Mexico. Total fixer-upper, but it’s listed at the same price vacant lots are listed for. Individual Gulf-front lots are a precious commodity in Panama City Beach and this is a rare opportunity to have something very few others have. This is a foreclosure listing.

Deal 3 – Absolute Steal in Wild Heron with Rare Full Golf Membership at Shark’s Tooth

  • List Price: $334,900
  • Square Feet: 2,192
  • Price/SqFt: 152.78
  • 2 Bedrooms, 2 Bath
  • Built in 2006
  • If you are looking for that high-end neighborhood in Panama City Beach that’s new, Wild Heron is it. Truly one-of-a-kind, Wild Heron boasts the only highend feel and world-class amenities in the area. This home has it all, including a two car garage, separate dining a kitchen areas, study area for an office, huge bedrooms and very awesome full wall sliding glass doors that bring the beautiful nature preserve behind the property right into your huge living room. Of course, the huge deal here is that the price includes a full golf membership as it was originally set up to Shark’s Tooth Golf Course.

Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.

11 Reason's Short Sales Take FOREVER

One of my friends had a customer that is demanding for the bank to hurry up and get the short sale done, they are tired of waiting. I bet I am hearing some hearty “Amens” from all my Realtor buddies. And also as life would have it I called my short sale departments to see how my little short sales are coming along so I can report back to my apprehensive buyers. As in most things in life there is a flow to it, a cycle that all things go through to reach their peak or completion. So it is with a “short sale”. Please know that this is straight from a company that I am working with and I am NOT going to name any names. I have had a couple of easy ones but generally it has been taking from 3 to 6 months to get an approval to move to close.

  1. Seller decides he can no longer make payments so he list property with you and gives you an approval letter to speak to his lender. He gathers all of his financials, his budget, his taxes, his last 4 months of bank statements, and his hardship letter. You send all of this in to the bank and you wait and you wait and you wait.
    NOTE: it will many times take days before your authorization letter gets to where it needs to be. (this is the easy part)
  2. You are enthusiastic and excited because you get a buyer and grateful that buyer and seller have agreed to the short sale price and you have signed all the forms and additional short sale addendums. You and the other agent try your best to brace the buyer and the seller for the long months ahead.
  3. Offer along with HUD-1 and any other updated documents that the lender needs are sent in and the fun begins. I have a great title company that helps me gather this information. (McNeese)
  4. (Real life example) Contract goes into the company on April 7, 2009, you call each week and the lending company tells you that they are about 4 weeks behind on uploading documents to the system. You continue to call each week and they can’t find it and suggest you send it in again. You get excited because a BPO (Broker Property Opinion) is ordered somewhere along the way.
  5. Now to make it real fun I forgot to tell you that there may be 2 mortgage companies to deal with so we do this times 2!!!! The first mortgage company now tells you that they are close to getting their deal approved and they ask for explanations of customers finances and additional documents that you send in with a gleeful heart. They also inform you that while they are maybe only a month away from completion and it is now June 25 they let you know, oh by the way. . . we want you to call the other mortgage company and tell them that although they are owed over $200,000 on the second note that they will be glad to give them $3,000 of the dollars upon close. The first mortgage holder wants the Realtor to get something in writing from the second mortgage holder. . . now it gets real fun.
  6. (Real life example) Keep in mind that although the buyer knows they need to be patient, it is hard for them and they wonder what in the world is anyone doing. . . is anyone doing ANYTHING? ???? On June 25th second mortgage company informs you that the contract that you sent in on April 7 was opened and reviewed for real on June 15th and by June 24th it was finally in the hands of the FIRST PHASE negotiator. Keep in mind that although first mortgage is almost finished we have to wait on the second. Meantime fees are mounting if the buyer is behind on payments and they usually are.
  7. The first phase negotiator will keep it approximately 15 days to make sure all documents are there that are needed and of course it has been awhile so they need to be updated so you gather the needed paper work and send it in again.
  8. IF all is well the file now goes to the SECOND PHASE negotiator who has 30 days to review. If he finds all things well, the file now travels to the investor.
  9. IF all is well now the investor has from 2 to 30 days to review the file..
  10. Shortly before close they let the seller in on what they are willing to do for them in the way of accepting a lesser amount owed and what the seller contribution needs to be and if all is agreed upon then we all move to close. Oh and one more thing the lender expects the Realtors to take a reduced commission and they do and they all live happily ever after.
  11. If the lender and the seller do not agree and if the buyer gets tired of waiting then it is back to the beginning of the short sale life cycle.

This sale portrayed in my “real life example” is projected to have an answer according to the second mortgage company around September if all goes well. So thus the life cycle if all survive it will be approximately 6 months!!! My purpose in sharing is not to discourage but more to bring attention to the fact that a short sale is anything but short and the more inventory that is sold this way the more difficult it will become. There are no short cuts (no pun intended at all) so just take a deep breath and be very kind to anyone involved in this adventure. I am actually enjoying all that I am learning from this and if patience is not your virtue it will become so. I left out some of the duties that a Realtor will do along the way because my main focus was to let the consumer know why it takes so long so that you can just sit back and enjoy your life while the lenders, Realtors and title companies are working the deal.

Fireworks on Grand Lagoon for the 4th of July!

Restaurant owners and Marinas come together to make history on historic Grand Lagoon.

July 4, 2009 Panama City Beach, FL: Capt. Anderson’s restaurant, Boatyard restaurant, The Treasure Ship restaurant, Lighthouse Marina and Pirates Cover Marina are reaching deep in their pockets to celebrate the 4th of July in spectacular fashion on Grand Lagoon. “We’re making a little history on this historic old Lagoon,” said Sparky Sparkman, co-owner of Boatyard restaurant, “We have hired an awesome pyrotechnic group from Tennessee, Pyro Shows, Inc; these guys are going to put on an amazing show!” (www.pyroshows.com)

According to Lansden E. Hill, Jr., President and CEO of Pyro Shows, Inc., the Grand Lagoon fireworks show will begin at approximately 8:30pm.

“It’s going to be better than going to Disney,” according to Lisa Todd of the Treasure Ship, “I wish we had it back when I was a kid. Can you imagine? Especially here at the Ship – we’ve got pirates running around a big wooden ship, face painting going on – and then you add fireworks to the picture! Amazing!”

Steve Counts, of Counts Real Estate Group said, “Grand Lagoon is the perfect place for a fireworks show. I don’t know why we waited so long to do it! You’ve got the three marinas… Treasure Island Marina, Pirate’s Cove Marina and Lighthouse Marina… and the best restaurants on the beach lining the lagoon, with docks all the way around. There’s plenty of parking and tons of places for people to watch the show.”

“We’ve been here on the lagoon since 1967, and there’s never been a fireworks show on the 4th,” reported Yonnie Patrons of Capt. Anderson’s restaurant. “When we had the kick off for Grand Lagoon National Tournament last year, we got a taste of what it could be when Bill Spann did the fireworks for that event, and we’ve all been talking about it ever since … how nice it would be to have fireworks for the 4th. A lot of planning, a lot of work, and a lot of money has gone into it, and we’re all very excited about it. It’s been a lot of fun working with all our neighbors here on the lagoon to make it happen, too. I think this show will be the closest you can get to the actual fireworks action, and I really believe it will become the number one fireworks celebration in Northwest Florida – so, a lot of people are looking forward to being a part of history; they can say they were there the first time the FIRST 4th of July fireworks lit up the sky over Grand Lagoon!”

“The fireworks will be launched from a platform at the center of the lagoon, so you have a spectacular 360 degree view. You can watch from a waterfront table at Capt. Anderson’s… or pick a seat, upstairs or down, at the Boatyard… I think our friends at The Treasure Ship may have the most spectacular views… they’ve got Hooks dockside, the Main Dining Room with those incredible floor to ceiling windows and, then, they have the very top of the ship – you can see the whole lagoon from up there,” Toni Davis of Boatyard explained, “Of course, we’ve got great views from Boatyard, too! We don’t usually do reservations at Boatyard, but we’ve had so many requests for waterfront tables on the 4th since the word got out about the fireworks. But, you don’t need a reservation to find a great spot on the docks to watch the show – or, you can come by boat.”

Housing Market Bottoms Out

Mortgage rates eased slightly this week as the bond market was reassured by comments form Chinese officials who indicated they still had a taste for US Treasury debt and that the dollar would remain their primary foreign currency reserve. Thirty year mortgage rates settled to just below 5.50% to 5.375% as the yield on the ten year Treasury fell back to 3.5% after pushing 4% two weeks ago. Fifteen year mortgage rates were even more attractive with the no point coupon at 4.75%. With inflation in check and the stock market sputtering I don’t see any significant upward pressure on rates in the short-run. There will be several economic reports over the next week that could create some daily volatility as investors attempt to determine whether the economy is turning the corner or still stuck in a rut.

A report released on Tuesday showed that we may have finally reached the bottom of the housing market nationally. The S&P Case Shiller Index of home prices, though down 18.1% from the same month a year ago, showed only a .6% drop from March to April. This is nearly three quarters lower than the previous month’s decline of 2.2%. The Case Shiller index has shown a monthly decline for every month since July of 2006. Yale Economist and co-creator of the index, Robert Shiller, called it, ” a striking improvement in the rate of home price decline.” The good news was tempered, however, by another report that showed more prime mortgage loans became delinquent in the latest quarter and a report on consumer confidence showed a surprise dip. It will be interesting to see in this week’s report from the National Association of Realtors on pending home sales whether more evidence of a housing recovery can be seen.