Grand Lagoon Bridge Ground Breaking Thursday

Bring your cameras and your congrats for the ground breaking ceremony of the new Grand Lagoon Bridge takes place Thursday morning at 10 am.  The weather is sure to be perfect and the future holds a higher bridge that will accept taller boats and more water under its spans.

In the works for quite some time now, the new Grand Lagoon Bridge finally got the green light when funding was secured over the summer.  With over $15 million in the bank the County Comission awarded the construction contract to C. W. Roberts Contracting, Inc.

The ground breaking takes place at 10 am sharp on October 1, 2009 at Captain Anderson’s Restaurant in the Captain’s Room.

Episode #24 – Huge Lux Home in Glades Less than $124 per foot

This week’s features:

  • Deal 1 – 4/3 2,800 sf Home in The Glades for $124/foot
  • Deal 2 – Huge home in Palm Bay for $96/foot
  • Deal 3 – Cute beach cottage 2 blocks from beach $160,000

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Continue reading “Episode #24 – Huge Lux Home in Glades Less than $124 per foot”

Receivership and Why it isn't that Scary

WOW what a week for Real Estate for me with so many great things to write about. I could not decide if I needed to write an article or get some extensive therapy or maybe change jobs. Just when we thought we had this condo thing almost figured out we get thrown another Real Estate curve ball. Receivership has been a word that keeps cropping up in Real estate circles with many more questions than answers, so I thought I would get the scoop by reading and calling different groups whose complexes are already in Receivership.

First of all quite simply: Receivership happens for many reasons but for our purposes in really easy layman terms I will share what little I know. If a developer owns a property and is no longer able to pay, the developer oftentimes will sign over ownership, and in other cases the Receiver comes in and manages the complex and the developer retains ownership. Now keep it mind this is quite simplified, but the thing that potential condo buyers want to know is how does it impact them and is it always a bad thing????

I have had many questions about what this means for my potential buyers. This is an impossible question to answer with a blanket statement because it depends on the overall stability of the complex. The fear that many buyers have when looking to make a purchase is the ability of the HOA to fund itself and what happens when owners do not pay. Does the complex go down the tubes? Or better yet are the few owners that ARE paying stuck with a huge assessment? While these are valid concerns that is not always the case so it is best to check out each complex and see also if the bank is willing to fund them. In spite of the horror stories out there, many banks will loan money on a complex that is in Receivership so it is not an automatic death sentence for the condo. Do your homework before you cross a troubled condo off your list. Have confidence that is in the banks best interest that the complex remains stable. The new standards are very stringent and are designed to keep us from going down the same dark road again.

The other fears that buyers have when they find out a condo is in Receivership is the prospect of the remaining condos going to auction further driving the prices down. While that may happen the fact remains that until things sell then nothing is going to recover. The best thing to know about values in a complex is that they are a moving target. If you are buying in today’s market you are getting a DEAL. If all was perfect and the complex was completely solid then we would not be talking and you would be buying at yesterdays prices. Prices may jump around for a few more years but now is still a great time to get the most bang for your buck.

So this big bad thing called Receivership may not be the awful foe that is painted out to be. Please check with your bank and get their take on it and by all means check out the solvency of the Home Owners Association and you many just find out that you can get a really great deal. If you are a condo buyer, chances are you realize that you need to plan on enjoying it for many years to come and build the memories with your friends and family that no recession or threat of one can take away. There are many people (especially the news) that at times will paint an awful picture when that may not be the case. I assure you sitting on your beach front balcony may enhance your life and make you think about what really is important and you will find that they are all sitting on the balcony with you. Once again, thanks for the therapy and I think challenges and all. . . I will keep my job!!!! Besides I get to work a and live on the beach, what a country!!!!

Mixed Signals in Housing Data

Another mixed bag of housing data was released over the past week starting with last Thursday’s report from the National Association of Realtors that showed an unexpectedly drop in existing home sales. NAR reported that sales of existing homes in August fell by 2.7% form the prior month. This broke a four month trend of consecutive increases but still reflected a 3.4% increase form the same month a year ago. The report caught many economists off guard as extremely low interest rates, low prices and the government’s $8,000 tax credit were expected by most to boost sales for the month.

The Commerce Department reported on Friday that new home sales rose in August but only by a modest .7%. Even more disappointing is the fact that August new home sales were off 3.4% from a year earlier. Still, the slight increase for the month marked the fifth consecutive month of increases in the number of new homes sold. Mike Larson, an analyst with Weiss Research, Inc. said, “Price cuts and dramatic cutbacks in home construction are clearing out inventory in a big way.” “We now have the fewest number of new homes for sale since November of 1992,” he added.

Mortgage rates are still at eight month lows with the benchmark thirty-year fixed-rate flirting with 5.00%. Government rates, which usually lag behind conventional rates, are beginning to follow the downward trend with most FHA, VA and Rural Development thirty-year programs at or below 5.25%. Jumbo rates, rates for loans in excess of $417,000, are still in the high 6% range as that market remains highly illiiquid. I have been saying for some time that the run-up we have seen in the stock market this year has been irrational as concete evidence of an economic rebound has so far been lacking. The bond market, at least, agrees with me as demand for the safety of bonds remains high keeping interest rates low.

$3 Movies at The Grand Theatre – Panama City Beach

Every Saturday,The Grand Theatre in Pier Park will feature family-friendly movies for only $3. That is not a misprint. $3 movies for families and that’s not all. The cost includes a small box of popcorn and a kid’s drink.

Show starts at 11:00 am, seating at 10:30.

Schedule of Saturday Morning Movies Showings:

Sept 26 Shark Tale

Oct 03 Madagascar

Oct 10 Flushed Away

Oct 17 Shrek 1

Oct 24 Sinbad – Legend of the Seven Seas

Oct 31 Prince of Egypt

Nov 07 Madagascar 2

Nov 14 Bee Movie

Nov 21 Shrek 2

Nov 28 No Movie

Dec 05 Chicken Run

Dec 12 Over the Hedge

Dec 19 Kung Fu Panda

The Grand Theatres are state-of-the art multiplex stadium seating movie theatres with 3D capabilities, digital sound, high-back rocker seats, a specialty café and a game room. Panama City Beach’s Grand 16, is the centerpiece of Pier Park. Patrons can not only enjoy movies, but shop and dine as well.

Around The Bend: Washington County Upcoming Fall Events

If you’re looking to get as much out of the fall season as possible, look no further than Panama City Beach neighbor, Washington County who will host several festive events and welcome Panama City Beach residents to enjoy what is to be a fantastic fall.

October 2009

Legends & Lore in the Fall Festival
Date: Saturday, October 10th from 5:00 p.m. to 9:00 p.m.

Description: (850) 638-6130 LEGENDS IN THE FALL –Historic Interpretation of Falling Waters and Area– CHIPLEY – The Department of Environmental Protection’s Falling Waters State Park along with The Friends of Falling Waters, Inc. will be sponsoring The Washington County Historical Society “Legends in the Fall” event, a return to the original format of the program Legends & Lore that is presented annually. In its inception, Legends was a forum for sharing local stories about early industries, pioneer families, Native American ways of life in this region and sharing folklore from the area. Park entrance fees waived to participants. Donations will be appreciated.

Pulling for Education – October 10th

This event features antique tractor pulls, garden tractor pulls, as well as pedal tractor pulls for the children. A completely restored, operational 1912 Case Steam Traction Engine, is also featured. Just think back, if you are a little older than most, bus still young at heart, about how it would be entertaining to watch a grist mill grind corn, a blacksmith at work, cane syrup being made, or even seeing a sawmill run by a stationary engine. You can eat cornbread that was shelled in a hand-cranked sheller, then ground in a grist mill and cooked on a wood cook stove in a cast iron skillet.

The Trust is a 501(c)3 organization so all proceeds from the event go to scholarships for students who participate in this program from the Chipley and Vernon high schools. Come have a great day out with the family, reminisce or just create new memories of “how things used to be”.

Seacrest Wolf Preserve’s “Howl-O-Ween” – October 23-25th

10 a.m.-9 p.m. Saturday and 10 a.m.-3 p.m. Sunday. Free admission at front gate. Activities include: wolf encounter tours, activity table for kids, hay rides, bonfire with story-telling, Dog-O-Ween Costume Contest, and more. The Oaks Farm is at 3449 Bonnett Pond Road. Call 277-0489 or visit seacrestwolfpreserve.org

Downtown Chipley’s Downtown Trick or Treat’ – October 31st

Dress up, have fun and eat candy. Downtown Chipley’s opens its doors for a safe environment for kids to enjoy the Halloween festivities.

For more information on these and other events, please go to http://washingtoncountytdc.com

8 Great Ways to SAVE MONEY at the The PCB Seafood, Wine & Music Festival

If you aren’t already bursting with excitement over the upcoming PCB Seafood Wine and Music Festival, here are 8 reasons why you should be. Here’s how to save money and still have a blast during Panama City Beach’s signature event.

====> CLICK HERE TO BUY TICKETS

1. The best priced tickets are online in advance at PanamaCityBeachFest.com – and use promo code PCBDAILY to save $2 off each ticket

2. All Kids 12 and Under are FREE

3. The Beach Bouncers “Bouncer Village” now has 8 giant bouncers and they are all FREE

4. The FAMILY FUN DAYS (Sat & Sun 11a-3p) features a Meet & Greet with Nickelodeon’s Jimmy Neutron, Hands on Art with Visual Arts Center & various local artists, Face Painting, Stilt Walking Balloon Artists, Kids Concerts with the Fish Clappers Island Band, shows by Gallagher’s Gymnastic’s and more are all FREE

5. Not interested in the big concerts each night? Get a daytime only ticket and save nearly 50%

6. Special daytime only “all you can ride” midway armbands will be just $10 – a 50% savings off the all day & night “all you can ride” armband ($20)

7. The Emerald Coast Cruizin Sneak Peek Car Show is FREE and included with all General Admission and VIP tickets

8. All Wine Tastings (4p-6p each day) are included with all General Admission and VIP tickets

====> CLICK HERE TO BUY TICKETS

Some other cool stuff to know about the festival:

2009 is the 30th anniversary of this ever evolving premiere event on Panama City Beach

The festival benefits many charities through direct donations for volunteer work done at the festival to the newly announced “Promo Codes for Cash”, where non-profit groups can get a special PROMO CODE and whenever anyone uses that code when they purchase their advance discount tickets online the festival will donate $2 to the non profit group. If you represent a non profit group and you need a promo code to help you raise funds, call 850-230-6715

The 2009 official t-shirts have been designed by internationally acclaimed artist GUY HARVEY – and every shirt purchase benefits the Guy Harvey Ocean Foundation

The current promoters of the festival (since 2008) are 3 local men who live here, own and operate businesses here, and are invested in the community and want to see this festival be the pride of PCB again

====> CLICK HERE TO BUY TICKETS