New Airport Coverstory for Southeast Real Estate Business News

Southeast Real Estate Business News, a trade publication for the real estate industry, featured the construction of the new Panama City – Bay County International Airport as its July 2009 cover story.

According to the story:

The facility is the first piece in the West Bay Sector Plan, a mixed-use project destined for Panama City, Florida, and surrounding areas. The aggressive but environmentally responsible development strategy calls for residential, commercial and industrial space spread across 75,000 acres.

One large advantage of the plan is that it’s easy to build to each tenant’s specifications. With so much greenfield land available for developing, officials at large companies can easily come in, commit to a space and mold it to their requirements. “Most of the time, your options are limited because you have a small piece of land and everything around it is already developed,” Slappey says. “The advantage is that if you have a big user that comes in and wants this, that and the other, it’s easier to accommodate them because you have a lot more land to maneuver around.”

The full article can be read here.

Economic Development Potential for New Airport

Commerical Property News’ CPN Online has published an article detailing the economic development potential of the new Panama City – Bay County International Airport.

According to CPN Online:

Most of the country is waiting for the economy to turn, or even for the federal stimulus to have some measurable effect on local economies, but at least one part of the country has a third option. In the Florida panhandle, in particular the Panama City area, a new international airport–under construction, scheduled for completion next year–promises economic stimulation, both in terms of business growth and real estate development.

“A new business community will be able to grow around the new airport in a way that’s impossible around the existing airport, which is too small and too hemmed in for further expansion,” Randall S. Curtis, executive director of the Panama City-Bay County International Airport, told CPN. “But the long-term impact will involve more than development in the immediate vicinity of the airport. The entire region stands to benefit.”

The full article can be read here.

Source: www.newpcairport.com

Jason Koertge, PcbDaily Featured in 850 Magazine

None other than your’s truly was featured in the summer edition of one of the area’s newest and hottest business magazines, 850.  Dubbed “The Business Magazine of Northwest Florida,” I like to call 850 the Fortune for the Panhandle and is published by Rowland Publishing, who also publishes Emerald Coast Magazine and Bay Life Magazine.  With feature articles that are applicable to me as a small business owner, it has always been a good read.

Pick yourself up a copy, and turn to page 71.  The photographer had me doing all kinds of fun stuff, and the picture they ran with is of me sitting on a street corner, seemingly meditating in Sage pose, balancing my video camera and DSLR.  The photograph has me looking more narrow than I think I look naturally – but it was fun none-the-less.

“One part blog, one part news Web site and one part community forum, pcbdaily.com is a hybrid on the cutting edge of the online new medium,” it begins.  Talking about pcbdaily, what I’ve done to create it, how it’s grown and where it’s going, the article is flattering and seems to elevate me in a way perhaps I’m too modest to do myself.  Thanks Rowland!

850 comes out quarterly right now, with the goal of being a monthly in the next 12 months and features articles about little people like me and big people like Bud Finlaw, owner of BookIt.com and covers a range of business topics.  So, head on over to 850BusinessMagazine.com and subscribe.

Bay Point Invitational Tournament Schedule

Kicking off this week, the Bay Point Billfish Invitational Fishing Tournament is back and with it, the Weighed Blue Marlin category returns as the most popular category of the tournament for both anglers and spectators alike.  With more than 10,000 spectators expected, vendors everywhere and boats everywhere, this year will truly be a year to remember.

The tournament has already kicked off Wednesday with a special trip for two combat-wounded U.S. service members for the second annual Soldier Salute. According to a press release today:

U.S. Army Staff Sergeant Deane Messex and Sergeant Philip Gonzales were joined by local Bay Point resident and retired Army officer Dean Resch for a day of fishing in the Gulf on the 74’ Viking Game On courtesy of Galati Yacht Sales and the Washington, DC based Freedom Alliance.

The highlight of the fishing trip was when SSG Messex landed a 62.9-pound cobia! In the evening, the soldiers and their families enjoyed dining on their catch but the best part for the soldiers was knowing that their service and sacrifice is appreciated by grateful Americans.74-foot Viking Game One with veterans aboard.

Yachts have been arriving since yesterday for registration today with the official tournament kick-off to fire off tonight at 10 pm by the ceremonial Flare Gun start at the mouth of St. Andrews Pass.

You can keep an eye here for updates on the tournament, or you can mosey on over to www.baypointbillfish.com.

Tournament schedule below.  Cast away!

Thursday July 16

4:00pm Jet Flyover – Kicking Off the Opening of the 2009 Bay Point Invitational is a Jet Flyover from Tyndall Air Force Base!
5:30pm–8:00pm Tournament Team Optional Entry continues in the foyer of the Bay Point Marriott.
5:00pm–11:00pm Festival on the Docks! Boat Show, Tournament Village, Taste of the Town, Artist Colony, Great Music and Kid’s Play Area.
5:30pm–6:00pm PRIVATE – Mandatory Captain’s Meeting (Invitational & 40/40) located at the Bay Point Marriott on the Grand Lagoon Deck. Shuttles provided from Bay Point Marina.
6:00pm–8:15pm PRIVATE – Kick-Off Party in the Grand Lagoon Ballroom, Bay Point Marriott, sponsored by Ample Energy. Live music, great food and drink, silent auction and door prizes. Shuttles provided from Bay Point Marina.
5:30pm–9:00pm Rock Lobster performs LIVE on the Clear Channel Entertainment Stage.
9:00pm–9:30pm Opening Ceremonies. Presenting of the Arms and Colors by the J.R. Arnold Navy ROTC Honor Guards and sSinging of the Star Spangle Banner by Neysa Wilkins.
9:30pm Traditional Firing of the Bay Point Cannon and our spectacular Boat Parade.
10:00pm Official Start of the Tournament signaled by a Flare Gun start at the mouth of St. Andrews Pass.
10pm–11:30pm Nashville’s Rising Star, Singer and Songwriter Joanna Smith performs LIVE on the Clear Channel Entertainment Stage.
11:30pm Keep the Party going at Lime’s Bayside Grill and Restaurant on the Grand Lagoon!

Friday July 17th

11:30am–4:45pm Al Hubbard Kids Fishing Experience
4:45pm–5:45pm WEIGH-IN—KIDS Can’t Miss Weigh-Ins for the Al Hubbard Kids!
5:00pm Meet Miss Billfish, Jessie Lee!
5:00pm–11:00pm Festival on the Docks! Boat Show, Tournament Village, Taste of the Town, Artist Colony, Great Music and Kid’s Play Area.
6:00pm–11:00pm PRIVATE – VIP/Sponsor Area opens adjacent to the Weigh-In area sponsored by MTU and Florida Detroit Diesel-Allison.
6:00pm–10:00pm WEIGH-IN—40/40 Scales officially open and Weigh-Ins begin for the new 40/40 Shootout
6:00pm–11:00pm WEIGH-IN—INVITATIONAL Weigh-Ins for the Billfish Invitational … and the possible return of Big Blue!
11:00pm–Closing Keep the Party going at Lime’s Bayside Grill and Restaurant on the Grand Lagoon!

Saturday July 18th

5:00pm Meet Miss Billfish, Jessie Lee!
5:00pm–11:00pm Festival on the Docks! Boat Show, Tournament Village, Taste of the Town, Artist Colony, Great Music and Kid’s Play Area.
6:00pm–11:00pm PRIVATE – VIP/Sponsor Area opens adjacent to the Weigh-In area sponsored by MTU and Florida Detroit Diesel-Allison.
6:00pm–10:00pm THE BIG SHOW! Weigh-Ins begin for the Bay Point Invitational. Release Videos and instant results posted on the Big Screen
7:00pm–10:00pm LIVE Telecast of the Weigh-Ins on WJHG MY 7 and LIVE Webcast on WJHG.com.
11:00pm–Closing Keep the Party going at Lime’s Bayside Grill and Restaurant on the Grand Lagoon.

Bay County Leadership Class to Create Ecotourism Map

The 26th class of the Bay County Chamber of Commerce Leadership Bay program has produced a BAY COUNTY ECOTOURISM MAP as its class project.

Each Leadership Bay Class is expected to develop a project that will benefit the Chamber and Bay County as part of the nine-month course curriculum. This year’s class chose to create an eco-tourism map that would not only highlight one of the fastest growing sectors of the tourism industry, but also provide an informative guide enabling locals and visitors alike to enjoy the wide range of eco-related natural areas and outdoor activities accessible in Bay County.

The map identifies and gives short descriptions of sites for Walking, Hiking, Biking, Equestrian, Boating, Canoeing, Fishing, Shelling, Bird Watching, Wildlife and Nature friendly parks. The map also includes Global Positioning System (GPS) coordinates for easy navigation to the locations. Sections of the map also highlight some of the jewels of Bay County: Pine Log State Forest, St. Andrews State Park, Econfina Creek, Bay County Dive Sites and Tyndall Air Force Base. Contact the Bay County Chamber of Commerce, the Panama City Beaches Chamber of Commerce or the Tourist Development Council for your copy of the BAY COUNTY ECOTOURISM MAP.

The Leadership Bay Class of 2008-09 would like to thank the following sponsors for their commitment to the BAY COUNTY ECOTOURISM MAP: Tourist Development Council/CVB, Dan Rowe; Economic Development Alliance (Bay County Chamber of Commerce); Boyd Brothers; Gigli Enterprises; Diver’s Den; Edgewater Beach and Golf Resort; Bay Medical Center; Robert Cutler Photos; Ecological Resource Consultants; Angelo’s Steak Pit; Bikini Beach Resort Motel; SunJammer, Brad Stephens; St. Joe Company, Kevin Smith; Vision Bank; the Leadership Bay Steering Committee; and the Bay County and Panama City Beaches chambers of commerce.

Old Deals – BACK ON THE MARKET

We’ve decided to do something different this week. Going through our old episodes, seeing what’s available or back on the market, we’ve found three very special deals that are back on the market. These are deals that were so hot they sold quick, but for one reason or another the deal fell through and they are back on the market. So, without further ado:

Deal 1 – Waterfront Wild Heron Condo for only $249,000

Let me start out by saying that this is waterfront, not gulf-front, there was some confusion on this last time. But, with that said, this condo is in the popular and truly one-of-a-kind gated Wild Heron community and is in immaculate condition. This condo at one point sold for $800,000. Now, I know that what something sold for at one point means nothing, but just think about this for a second. In order to command a price tag of that much a few years back, these condos had to be top of the line and the nicest of the nice. If you are looking for truly luxury living, Wild Heron is the place to be, what’s more, this place has just been reduced from $289,000 to $249,000! Here’s the video, you’re looking for deal number 3.

Notes for the Wild Heron deal:

  • List Price: $249,000
  • Square Feet: 1,711
  • Price/SqFt: 145.53
  • 3 Bedrooms, 3 Bath
  • Built in 2004
  • We are no strangers to Wild Heron, and that community is so HOT right now with over 12 closings in there so far this year. Of course, with prices like this, its no wonder, these condos are top notch, from the ground up. And the community is second to none in Panama City Beach, truly one-of-a-kind with superb amenities that emulate a lifestyle that at one point would cost you close to a million dollars to buy into. This condo is a one-owner, live in that has been spectacularly taken care of. This is a short sale listing, that is actually Karen’s listing, and I’ve been told the bank is being very communicative.

Deal 2 – Splash, Gulf-front for only $254,900

The first deal is a condo in Splash, well known for the family-friendly atmosphere and the fun, covered water-slide area for the kids. Located on the quiet west end of Panama City Beach, this is a great condo for rentals. Here’s the video (it is deal number 1):

Notes for the Splash deal:

  • List Price: $254,900
  • Square Feet: 1,074
  • Price/SqFt: $237.34
  • 2 Bedrooms, 2 Bath
  • Completed in 2006
  • Splash is well known for its stellar occupancy rates. The first summer season it was open to the public (I think 2007) I interviewed the GM of the onsite rental manager and he said they averaged 90% occupancy all summer. This is a foreclosure listing and the cheapest in the building (per sf). The condo is in good shape, although it needs some appliances. You’re paying for the amenities and the best rental capability on Panama City Beach.

Deal 3 – 2 bed 2 bath Gulf-front for $200,000 – wow!

Ok, so talk about a smokin’ hot deal. This is a gulf-front condo at Sterling Reef (at the end of Alf Coleman Road, that Shipwreck Island Waterpark is on) in central Panama City Beach that comes fully furnished and ready to rent. And at $200,000, you just can’t beat this deal. Sterling Reef is adjacent to the new county pier that’s quickly growing into the gulf, set to be complete by this time next year. In addition, you have around a quarter mile of white sandy beach to the west that is county owned and won’t be built on. Here’s the video, look for deal number 3:

Notes for Sterling Reef:

  • List Price: $200,000
  • Square Feet: 1,076
  • Price/SqFt: $185.87
  • 2 Bedrooms, 2 Bath
  • Completed in 2005
  • This two bedroom two bath gulf-front condo in Sterling Reef comes fully furnished and rental ready for only $200,000. If you are looking for something right in the middle of all the action that’s ready to rent as soon as you close, this is the one for you. This is a short sale listing and we should note that there is a third party short sale negotiator involved that requires a 1.5% buyer fee paid to “The Short Sale Guru”, which, if sold for $200k would only be $3,000, still cheaper than anything else listed in this building.

Why I Love Being A Realtor

This is not really a tip more an explanation of what I like about being a Realtor since we are kind of taking a week off from our normal show and articles. When I was a little girl my grandfather and my dad were contractors and later we had a Real Estate company right on Rucker Blvd. I was not a natural born Realtor and when my dad suggested that I become a licensed Realtor I stomped to a class at the college very grudgingly. Curt (that is what we called him) asked me to get my license so I could do more than work on just our family owned stuff. I think I said something sweet like “over my dead body” Well I am very much alive and I am really loving what I do and can’t imagine not doing it.

I want to add that my father was one of the sweetest men and all the people that worked for him just loved him. I tell you all this because I was the only one that he ever fired. Somehow he did not think that I should get paid for filing my nails and going to lunch at the Mexican joint down the road. My father has been gone for years and somehow I ended up full circle but this time I am doing it with great joy and there is rarely time to file my nails.

I love being a Realtor and I have a problem knowing when to shut down the computer and my” Crackberry “and call it a night. I have met some of the most interesting people and had some of my most amazing challenges in this career. I laughed and got a little aggravated when a person blogged on one of my articles suggesting that she would love to know how much a Realtor makes by the hour. That is a number I really do not want to know!! What I do know that like many of my Realtor friends I get a thrill out of studying the market and seeing what is sold, pended and back on the market and all those wonderful price reductions. It is a thrill to meet new people all the time and be a part of their first home purchase or help them sell a home to move up to their retirement or dream home. In today’s market it is not so easy but it is satisfying when you help them sell that short sale that takes a load off their mind and their pocket book.

One of my favorite parts of this business is that it is always changing and if you are wanting a job that is never dull then this is the gig. I love my fellow Realtors and in spite of what you may think… most of us really like each other and we get a big rush to help our fellow Realtor. I love it when a Realtor calls me to ask me things about Wild Heron because I happen to know and love that place and they do the same for me when I travel into uncharted territory. A good Realtor is one of the hardest working people I know and learning to work with delayed gratification is a must in this profession especially if you have to have the green reward. Sometimes my reward is someone calling me up and thanking me for helping them find their home and how much they love it and many times the reward is just knowing that I am doing what I love to do.

I have a motto that I really strive to live by and you will see it on everything that I write and it is….”The only people we have to get even with are those that have helped us” My list is long and I hope yours is too. I used to wonder if I could make a difference by being a Realtor or maybe I needed to be someone in a field that was more giving. I have found that I can make a difference and this can be my mission just like any other. So I want to end with a heartfelt thank you to all my customers and all my Realtor friends and my precious people I work with that make this such a fun and exciting career. Thanks for watching TheBeachShow.com and Jason and I will be back in full form next week.
In the meantime, “I have to go file my nails”

The Mystery of the Term 'Condo-tel'

Since I am getting so many questions these days regarding condos and condo-tels and since the secondary market for these properties, i.e. Fannie and Freddie, has all but disappeared, I thought I would try and clarify why a project will or will not fly. First, a condo-tel is not a new concept. It has always been a type of property designation we use along with single family detached, duplex, etc. The problem is that for many years, Fannie and Freddie did not adequately identify beach-front, resort-style condominiums for what they really were. So what makes a condo-tel? Actually, any number of things. I have heard many times that a project is not a condo-tel because it doesn’t have an on-site rental desk. While an on-site rental desk would classify a project as a condo-tel the absence of one does not make it immune. If they have a website that advertises rentals it is a condo-tel. If an owner is required to rent per the bylaws it is a condo-tel. If it has daily maid service it is a condo-tel. So if a project doesn’t have any of these things then it is okay with Fannie and Freddie and fixed-rate financing is available? Not necessarily.

There is another classification we use for condominiums and this is the term ‘warrantable.’ Warrantable refers to whether it can be warranted as sellable to Fannie or Freddie meaning it meets their criteria for an acceptable condominium project. So what makes a condominium ‘non-warrantable’? If the developer is still in control of the HOA it is non-warrantable. If more than 50% of the units are investor owned it is non-warrantable. If one entity owns more than 10% of the total units it is non-warrantable. If the project has pending litigation against it or if a large percentage of owners are delinquent in their HOA dues, or any number of other factors cited by the appraiser can lead to a project being classified as non-warrantable. Every once in a while we come across a project that we can warrant but they are rare to say the least.

Between a project having one or more condo-tel attributes or having one or more of the non-warrantable attributes, you can see that most every condo here on the beach has no secondary market financing available. This is why a few banks like Vision have developed alternative vehicles to get these properties financed. Our portfolio 3/1 and 5/1 ARMs are not a panacea. Yes, they carry a certain amount of risk and the rates are at a premium over the current thirty-year fixed-rates, but, in the absence of a secondary market, these ARMs are the best alternative for providing financing to the buyer while protecting the bank from interest rate risk and meeting our future capital requirements. It is our hope that in there will eventually be a thawing in the secondary market for condos and that our products can provide a bridge to that future. In the meantime, we will continue to lend on these properties because we have a vested interest in seeing them sell and we have a firm belief that the collateral is sound.

Twitter Weekly Updates for 2009-07-14