Q2 Condo and Home Sales Numbers for the Beach and Bay County

According to the Panama City MLS 209 condos sold Quarter 2 on Panama City Beach, that is 42% of 2006’s numbers from the same period. Of course, one has to note that in 2006, most of the sales were from pre-construction closings and most of the numbers from 2008, if not all, are from Realtors beating the streets without quarter million dollar marketing campaigns behind them- not too shabby, not too shabby at all.

In Q2 2008, there were 107 single family homes sold on the beach with exactly 350 single family homes sold in all of Bay County. In Q2 2006, there were 497 condos and 127 homes sold on the beach with 514 homes sold in all of Bay County. The first two months of Q2 2006 condo sales held 403 of the 497 total sales during that period. During the same period in 2007, there were 237 condos sold on the beach, 245 condos sold in all of Bay County, 126 homes sold on the beach and 486 homes sold in all of Bay County.

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Peter Bos Interview with Destin Log

Destin Developer Peter Bos interviewed with the Northwest Florida Daily News last week and talked about the current state of the real estate market, where we’ve been and where we are going.

I’ve included some excerpts, but for the whole story, you’ll have to visit the newspaper’s website, link provided at the end.

DAILY NEWS: Since we’ve had so much growth and development here in the past 25 years, are we going to be competing for a smaller slice of the pie in the next 25?

BOS: I think we’ve had some horrible growth in the last 25 years. I think what happened was this spike in demand, where a second home became everybody’s entitlement, and financing was readily available. And we had an explosive mark at rental, too, which helped subsidize the carrying cost of these homes for people. I think we ended up with a lot of people developing who really shouldn’t have been in the development business.

DAILY NEWS: Real estate sales along the Emerald Coast have plummeted from where they were in 2004 and 2005. How has that affected the higher-end development like Emerald Grande, or Turnberry, or some of the things that you as a developer have been involved in? Has it been as tough for you as it has for everyone else in real estate?

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Marina Landing Auction – CANCELED

After selling two 3 bedroom and two 2 bedroom condos, the Marina Landing auction was canceled.

The anticipated selling prices were surely higher than what the market was commanding right now.

The place was packed – over 500 people were crowded outside in various locations on a balcony and downstairs around the auctioneer. The event was outside, so everyone was sweating in the 90+ degree heat and fighting for a spot in the shade. All of the seats were taken and people were standing wherever they could hear and be seen. The parking lot was so full that parking was bleeding into the Woodlawn subdivision. People were hiking across the field.

Check after the break for the SOLD prices.

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June 2008 Condo Market Anaysis from Condosaletrends.com

June 2008 Panama City Beach Condo Market Update

From Condosaletrends.com

We recently updated our Panama City Beach condo sales data through the end of May 2008. 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 has been a substantial number of new units come on line.

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Marina Landing Condos up for Auction

Marina Landing, a new condo development at the foot of the Hathaway Bridge in Panama City Beach will be auctioning off 25 new condos Thursday June 26th, 2008.

Marina Landing is a 16 story, 87 unit marina condominium development with stainless steel appliances, window walls and 10 foot ceilings. The marina has 41 slips that are available for lease to the residents.

The building was released to the market almost one year ago and has seen little activity. With pricing ranging from $534,500 to $2.09 million, less than half have closed.

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Panama City Beach Number 1 Place to Own a Summer Home

According to AOL Money and Finance, Panama City Beach is The Number 1 Place to Own a Summer Home.

In an article that came out Thursday May 29, 2008 Kelli B. Grant with SmartMoney.com wrote that amid the credit crunch “someone else’s misfortune could work in your favor.” Home prices are down and according to the short article, if you are in for the long-term and plan to use your second home, now is a great time to buy.

Quoting the article for Panama City Beach:

There’s something for everyone in this Panhandle town where white “sugar sand” beaches along the Gulf of Mexico give way to inland attractions, including six championship golf courses and an active restaurant and nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2 million-plus for single-family homes of five bedrooms or more, according to vacation rental site HomeAway.com.

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Panama City Least Drop in Median Sales Price in Florida

Comparing April 2007 and April 2008, Panama City had the least median sales price drop in the state of Florida. In April 2007, the median sales price was $192,200, in April 2008, the median sales price was $188,200, a 2% drop.

ORLANDO, Fla., May 23 /PRNewswire/ — Florida Realtors(R) statewide reported an upswing in existing home and condominium sales from March to April 2008, according to the latest housing statistics released by the
Florida Association of Realtors(R) (FAR). A total of 11,200 existing single-family homes changed hands in April, a 20 percent increase over the previous month when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with 3,900 units sold in April compared with 3,207 condos in March.

The median price for existing condos increased slightly as well during the one-month period. The median price of an existing condo in April was $179,200, up 1.6 percent from March’s figure of $176,300.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases. “There are many reasons for people to get into the housing market today, and very few
reasons not to,” Yun says. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”

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Florida's Existing Condo Sales Improve in 1Q 2008 Compared to 4Q 2007

Panama City Beach had the second least negative percent change in all the state of Florida according to the numbers below with regards to single family home sale, Q1 2007/Q1 2008.

ORLANDO, Fla., May 13 /PRNewswire/ — Florida Realtors(R) reported positive signs in their local housing markets during first quarter 2008, noting a slower rate of expansion for inventory levels and an increase in
pending home sales (based on contracts signed but not closed) in some areas.

In another positive note: Sales of existing condominiums improved from fourth quarter 2007 to first quarter 2008, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR). A total of 8,581 existing condos sold statewide in 1Q 2008, an 8.3 percent increase over 4Q 2007 when 7,923 units sold.

“If we look at what is happening month-over-month for 2008, it appears that the bottom [of the housing slowdown] may be here,” says 2008 FAR President Chuck Bonfiglio. “We are now seeing more activity, more sales and even prices starting to rise in some markets. So I believe that there are some really good signs in many areas of our state.”

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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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