Steel Dirt – New Publix Taking Shape

Growing from a field of dirt, a steel and concrete structure is forming the shape of the future of Publix on Back Beach Road. With the hot summer months over, the crews are thankful to have the bulk of their work during what is arguably one of the best times of year in Panama City Beach.

With the thriving commercial development on Back Beach Road, especially around the area of Beckrich and Alf Coleman, it would seem the area is preparing itself for an influx of new visitors by way of condo rentals, vacation rentals, or new home purchasers in Panama City Beach. St. Joe is certainly ambitious in their prospective development at the end of Beckrich. The Breakfast Point subdivision promised to bring thousands of new homes to our area when there are people here to fill them.

The new 5400 square foot Publix will be replacing the old 4500 square foot grocery located at the corner of Beckrich and Middle Beach Road. The look will be similar to the new Publix on Thomas Drive and the Publix right next to Sandestin.

In addition to the new Publix, a much needed Office Depot will be opening a store in this new shopping complex.

Construction time is around 9 months and the new store should be open by summer 2009.

Airport Moves Forward on Terminal, saves $10 mil

The Panama City – Bay County International Airport Authority has approved the design and construction of the terminal building at its new airport now under construction in West Bay.

The new terminal design includes several improvements and cost saving measures planned to keep the project on budget.

At the request of the Airport Authority Board, the general contractor, Walbridge, worked with the airport’s architect (HNTB), engineer (PBS&J) and construction manager (KBR) to identify cost savings in order to bring the cost of the terminal building within budget.

Through value-engineering, the construction team was successful in lowering the cost by $9.8 million to $58.8 million.

The new terminal will be 125,000 square feet and have 7 gates. The airport aims to have the first LEED certified Terminal Building in the nation, with a state-of-the art storm water management system, extensive use of sustainable materials and a landscaping plan that will not require supplemental irrigation.

“From the beginning of this project we have been focused on two things. First, we want to build a world-class facility capable of serving our region for decades to come with more flights and lower fares. And second, we are closely managing this project to ensure our community gets the best value for every dollar we spend,” said Joe Tannehill, Airport Authority chairman.

“We challenged the decision team to identify cost savings while improving the overall design of the terminal. I’m proud to say they delivered,” said Tannehill.

Last month, the Airport Authority announced its intentions to construct a 10,000-foot main runway, subject to obtaining necessary permits and approvals. The Authority also had approved a thicker runway and centerline lighting to accommodate a 10,000 foot runway.

Construction of the $318 million state-of-the-art airport began in January 2008 and is now nearly three months ahead of schedule. The runway has been graded and paving is scheduled to begin in early October, four months ahead of schedule.

The new commercial airport, the first built in the United States since the mid-1990s, is scheduled to open in May 2010.

Tons of People + Festival = Good Time

The parking lot was packed, being filled by a line of cars wrapped all the way up Pier Park Drive next to Palmetto Trace. The parking attendants looked exhausted from waving their flashlights and talking to drivers at 9 pm. There were still people pouring in when I left tonight.

Looking at license plates on the way out, every other car was from either Alabama, Georgia, Mississippi, and South Carolina. The draw looked healthy, and so far, without seeing any actual numbers, the attendance looked good.

Between Beach Bouncers, carnival rides/attractions, funnel cakes, and cotton candy, there was plenty to keep the kids busy. With roaming clowns and people passing out candy, every kid was singing of gum drops and cherry planes.

At the opposite side of the camp, a band rocked the main stage with common covers such as Foxy Lady and Sweet Home Alabama. Opening for the main act, the growing crowd was being pumped up for .38 Special.

We didn’t get to try any of the endless varieties of food, but I’m sure most, if not all, was good. Vendors ranged from Beef ‘o Brady’s to Boatyard. Shopping was abound in plenty with anything from really cool hanging chairs to little wooden figurines just a quick negotiation away from a comfortable place on your mantle.

The party was definitely hoppin tonight, and will continue to entertain thousands tomorrow. The gates open at 11 am with stilt walkers, balloon artists, face painters, sand sculpting, Hands on Art, live kid’s concerts, Gallagher’s Gymnastics presentations and much, much more.

Full schedule of events for Saturday, October 11th at the Panama City Beach Seafood, Wine & Music Festival

Gates Open – 11a – Marketplace, food, Family Fun Days activities, amusements, all open
Family Fun Days 11a-3p – Stilt Walkers, Balloon Artists, Face Painters, Bouncer Village, Sand Sculpting, Hands on Art by Visual Arts Center, live kids concerts, Gallaghers Gymnastics presentations, and more
Lunch With Sponge Bob – 11:30am-12:30pm – Coca Cola Tent (dining tent) $5 per child up to 12 years old, $8 per person 13+ (includes Pizza & Coca-Cola)
Steve’s Kazoo Krew Band – 11a-12:30pm – Coca Cola Stage (dining tent)
Terrance Simien & The Zydeco Experience Band – 12:30p-1:30pm – Colonial Bank Stage in KIDS VILLAGE
Half Price Temp Tattoos @ Tat Shack – 12:30p-1:30pm – KIDS VILLAGE
Sand Sculpting for Kids with master Sand Sculptor Mark Flynn – 1:30-2:30p – KIDS VILLAGE
On-Call Jazz Band – 1:30pm-4pm – Coca-Cola Stage (dining tent)
Gallagher’s Gymnastics Team performance – 2:30pm – Colonial Bank Stage in KIDS VILLAGE
Chef Exhibition – Chef of Reggae J’s – 3pm – Chef & Wine Tent
Grand Wine Tastings – 4p-6p – Wine Garden @ Chef & Wine Tent
De Lions of Jah Reggae Band – 4p-6:30pm – Clear Channel Stage (mainstage)
Chef Exhibtion – Chef Conrad of Boatyard – 4pm – Chef & Wine Tent
Chef Exhibition – Chef Paul of Firefly – 5pm – Chef & Wine Tent
Panhandle Star Competition Top 5 finalists – 6:30pm-7:30pm – Clear Channel Stage (mainstage)
Terrance Simien and the Zydeco Experience – 7:30p-8:45pm – Clear Channel Stage (mainstage)
Blues Traveler – 9pm-11pm – Clear Channel Stage (mainstage)

Runway Paving Started at New Airport

Construction of the airport continues to proceed several months ahead of schedule with nearly 45% of the heavy civil construction portion of the job complete with only 35% of the time used.

The project is still about 3 months ahead of schedule.

There are currently 203 workers and 138 pieces of equipment on site.

Asphalt paving on Taxiway D is started on Monday, October 6, 2008.

Asphalt paving on the north end of Runway 34-16 is expected to begin on Thursday, October 9, 2008.

The earthwork in the General Aviation area is 99% complete.

The utility package for the airport property will be finished and released the beginning of the week of October 13, 2008.

The mandatory pre-bid meeting for the utility package is scheduled for Wednesday, October 15, at 1:00 p.m. at the current airport. Bid packages are due to the Airport Authority Office by Friday, October 31, at 1:00 p.m.

Sea Urchins and Seaweed

I happened upon this scene one day while exploring Shell Island with the kids. Sea Urchin “shells” are the extremely fragile exoskeleton of the spiny urchins that remain after the urchin dies. These break easily with the slightest pressure. To have so many washed up unbroken and in horizontal line was simply amazing.

Photo Description: Interwoven with seagrass, the urchins shells aligned along the bayside shore of Shell Island.

Visit my photoblog Sand between Your Toes to see more nature photos of Panama City Beach and the Emerald coast.

Teddy Meeks

The wonder of Shell Island

One of the Emerald Coast’s finest treasures

No trip to Panama City Beach, Florida, is complete until you’ve taken a day trip to Shell Island. This undeveloped 700-acre barrier island is just a short boat shuttle from St. Andrews Bay. The island is actually a part of St. Andrews State Park. The sugary sand is so white you’ll think you are seeing snow! Lazing on the beach, snorkeling, nature walks and shell collecting are just some of the ways you can enjoy this pristine wildlife sanctuary.

You can spend an hour or all day here, but there are no facilities other than a snack boat stationed near the shore. So “go” before you go! You may wish to pack a picnic lunch and beverages, but leave your sleeping bags and tents back at your condo! If you miss the last shuttle at 5 p.m., you’ll be bedding down on a sandy beach with the local wildlife. And I don’t mean college kids.

Some of the locals I speak of consist of the world’s largest population of bottlenose dolphins, just offshore. Don’t be surprised if while you snorkel, fish or sit on your wave runner, that some of these beautiful, docile creatures swim up to you. Do keep your distance and just enjoy their antics. Try to resist petting or feeding them, it’s illegal. But take as many photos as you like.

The island itself plays host to a number of wild birds. Pelicans abound here, as well as sand pipers, gulls, and piping and snowy plovers. The warm clear water is teaming with sea urchins, and colorful tropical fish. You will certainly want to snorkel here.

The rock jetties provide safety and shelter to a wide variety of animal life. Graceful sea hares and slugs, as well as hermit crabs, can be found in as little as 2 inches of crystal clear water, near the rocks. You may also be fortunate enough to see the loggerhead sea turtles and endangered green sea turtles. If you find a nest, be sure to alert your shuttle captain, in case it hasn’t been recorded. The Choctawhatchee beach mice may also pay you a visit.

If you are fortunate enough to go shelling here, please collect only uninhabited shells. We want the sea creature population to continue thriving. So many shells, so little time! You can find sand dollars, conch shells, olive shells, horseshoe crabs, blue, ghost and stone crabs, moon snails and fighting conchs, just to name a few. A great time to collect shells is after a storm. I’d suggest bringing along a mesh collection bag, along with collection sticks (a long wooden or plastic handle with a net on the end, for collecting shells).

Other items you’ll want to pack in your beach bags are, bottled water, snacks, sunscreen, cameras, snorkel gear, towels, and the most important of all, vinegar. I don’t mean to alarm you, but I want you to be aware. From time to time, the Gulf coast will have a migration of jellyfish and it’s a good idea to inquire before you head out into the water. I’ve never been stung, but the ocean is their turf, and jellies have more rights to this natural habitat than you do. The water is very clear and most likely you’ll see them before you encounter them. Jellies can float anywhere along the whole coast of Florida, but stings are generally minor to nil. Keep your eyes out for the occasional man-of-war jelly. Their sting can ruin your day, but I’ve found few of them here. Application of vinegar, followed with a rinse of seawater, not fresh, will help neutralize the sting. I never head to the beach without it. Always head warnings from officials, and pay attention to the beach flags. Purple flags signify dangerous marine animals in the area, such as rays, jellies, sharks, etc. I’ve yet to see a purple flag flying in the wind, but maybe I was lucky.

Back to the sand. The pure white sand of Shell Island will not burn your feet! The bright white powder-soft sand was stunning. It’s so clean it squeaks as you walk through it barefooted. Because of its color, the sand stays comfortable under your feet, even on the hottest days. Sea oats and grasses help keep the sand from eroding and it’s strictly prohibited to pull it up anywhere in Florida. There are no shelters here, so if you burn easily, you may also want to bring along sunscreen and an umbrella.

Shell Island is what this slice of Florida’s Panhandle used to be. Before man brought the condos, merchants and restaurants here, the residents flew and swam and crawled along these virgin shores. We are so fortunate to be able to share, if only for a day, the warm sand and temperate waters with the creatures of Shell Island and St. Andrew’s State Park. I look forward to returning next summer. I’ll bring my picnic lunch, my towel and my camera. I’ll go if for no other reason than to capture one precious moment in time, while I can. I pray that the true natives of this land continue to enjoy their home.

Taste of THE Beach

Taste of THE Beach Partners Announce Unparalleled Regional “Wine.Dine.Donate” Event

Santa Rosa Beach, Fla. – Wine enthusiasts and aficionados, gourmets and gourmands, philanthropists and successful friends will combine talents and passions to create an unparalleled 4 day gala, “Taste of THE Beach-Wine.Dine.Donate” November 6-9, 2008. This 4 day extravaganza will be held on the Northwest Florida gulf coast, also referred to as THE Beach, which is blessed with pristine white-sand beaches and emerald-colored waters. It’s also home to a world class resort community where the residents sport a casual and relaxed attitude, yet are obsessed with great wine, great food, and philanthropy.

Spectacular charity wine events and the names Napa, Naples and Nashville are often thought to be synonymous. When thinking premiere events, one usually does not think the Florida Gulf Coast. But this is no usual event.
What’s the secret? A unique fusion of pure sophistication and southern charm combined with the fun and relaxed ambiance of the seaside. Add to the mix the world’s greatest vintners, culinary masters, exhilarating auctions, and the opportunity to positively impact the lives of needy children and you’ve got the recipe for success. Robert Davis, Founder of Seaside, states “We are pleased the Seeing Red Wine Festival will be incorporated into Taste of THE Beach. Seeing Red has been one of this area’s leading culinary and vinicultural events for many years and this relationship will allow us to take this event to the next level. Even in its formative years, it attracted wine and food luminaries like Robert and Margrit Mondavi and Lidia Bastianich and offered dinners and wine tastings that were extraordinary. We hope that broadening the alliance with THE Beach will allow this event to attract the international sponsorship and clientele for whom the event and the venue will offer enormous appeal”.

“With the 17 year success of the Seeing Red Wine Festival, partnering with Coastal Vision 3000, it will only enhance the event and expose Seaside to an international audience that will make the event more successful,” says Cara Roy, Chairman of the Merchants of Seaside. “Having events with proven success is an integral part of building Taste of THE Beach, and to be recognized for our 17 years of success of the Seeing Red Wine Festival is quite an honor. We are excited about this partnership and pleased to share our successes to help build THE Beach brand,” agrees Kristin Kramin-Banker, Executive Director for the Merchants at Seaside.

The Destin Charity Wine Auction Foundation (DCWAF), Coastal Vision 3000 (CV 3000), and Walton Area Chamber of Commerce (WACC) have created a partnership to host the Taste of THE Beach-Wine.Dine.Donate.

The DCWAF mission is to connect wine enthusiasts to raise money for children in need. This organization is no stranger to wildly successful wine and culinary events. In just over 2 years they have raised over $1,000,000 for local children’s charities. Their reach is international and has included such wine celebrities as France’s Laurent Drouhin of Joseph Drouhin & Domaine Drouhin and Marc Perrin of Chateau de Beaucastel, Williams Selyem’s Bob Cabral, Dan Kosta of Kosta-Browne, Oregon’s Grace and Ken Evenstad of Domaine Serene, Australia’s Dan Philips and David Galzignato with Duckhorn Wine Company. Participating world-renowned chefs have included Chris Wilson of Emeril’s New Orleans, Tory McPhail of Commander’s Palace and legendary chef extraordinaire Norman Van Aken of Norman’s, to name a few.

“As a long time business owner in Northwest Florida, I can’t imagine a better way to positively impact our community,” exclaims Chan Cox, Owner of Chan’s Wine World.

Some of Northwest Florida’s most respected business leaders have joined to create Coastal Vision 3000, a membership organization of regional stewards representing hospitality, real estate, tourism and economic development interests in Okaloosa, Walton, Bay, Santa Rosa, Escambia and Gulf counties. The stewards of Coastal Vision 3000 are committed to working together to create an internationally recognized, branded destination, to help ensure the long-term economic growth of our region. They have committed to work together to participate in a regional brand-building campaign, to support the work of our region’s tourism and economic development professionals, and to attract additional domestic and international air service to the region.

“It is our pleasure to be a part of and support a Taste of THE Beach and host a portion of the event at the Emerald Grande resort at HarborWalk Village. Emerald Grande’s location on the Destin Harbor will give guests a taste of one of the cornerstones of THE Beach area. Where the energies come together – THE Beach, the bay, the nightlife, the shopping, the boating and the fishing,” says Peter H. Boss, CEO of Legendary, Inc.

“This event will be another confirmation to the area residents and business people, to show how well our organizations and our counties work together, with no borders. The commitment we have as stewards of Coastal Vision 3000 is to grow our market and support the area as one branded name that we can be identified with nationally and internationally,” says Mike Chouri, General Manager for the Hilton Sandestin Beach Golf Resort and Spa.

The Walton Area Chamber has taken a strong leadership role on the Emerald Coast to facilitate a vibrant and cooperative business involvement. Their membership is found in eight states and eight counties throughout Florida.

EVENTS AND VENUES

Thursday, November 6, 2008
Kick-Off Reception at the Emerald Grande on the Destin harbor for celebrity vintners and chefs and other VIP’s.

Friday, November 7th, 2008
5pm to 8pm – Enjoy wine and food while strolling through the all-new Pier Park in Panama City Beach.

Saturday, November 8th, 2008
12pm to 4pm – Join us for Seeing Red-a wine and food walkabout at the quintessential coastal community, Seaside, FL.
Evening—Retail tent and wine tasting at Water Color’s outdoor Mountain Film Festival.
Wine celebrity dinners will be held in the area’s finest restaurants throughout the Gulf Coast. Celebrity vintners will be paired with celebrity guest chefs at each of these locations to create an unforgettable evening.

“In its eighth year, WaterColor’s outdoor Mountain Film Festival celebrates the best in independent thinking – where adventure is celebrated, history is important, and people are passionate about what they believe. It attracts an audience seeking a culturally rich, conversation-inspiring experience in which to discuss films, share ideas and be inspired, all under a dramatic canopy of stars. By being a part of the ‘Taste of THE Beach, we will have the opportunity to pair incredible wines with incredible film in an incredible setting and present an even greater event for all to enjoy”.

Sunday, November 9th, 2008
10am to 1pm-The Rosemary Wine Event blends premium wines, gourmet food, and Gulf Coast culture into a sophisticated, educational, and entertaining event.

3:00 pm- At the luxurious Hilton Sandestin Beach Golf Resort and Spa guests will be treated to distinctive wines from internationally acclaimed vintners, poured and paired with fine cuisine created by a selection of the area’s top restaurants. While wining and dining, attendees will enjoy live music and the excitement of a silent auction. The night will culminate with a high-energy and entertaining live auction that will include rare and distinctive wines, themed get-a-ways and other spectacular, one-of-a-kind items.

“For the past six years the Walton Area Chamber has hosted The Taste of The Emerald Coast, this new partnership with Coastal Vision 3000 and Destin Charity Wine Auction Foundation will all us to take this event to new heights and serve as a catalyst for driving destination travelers to our region,” says Lori Kelley, Chair of the Walton Area Chamber.

“The 2008 Taste of THE Beach Wine, Dine and Donate, is yet another great example of this undiscovered region coming together for the common good of all. We are excited that Bay County will be able to show travelers some of the impressive cornerstones in the region. Pier Park is a great community partner and perfect venue for a quality experience,” exclaims Paul Wohlford, Edgewater Beach Resort.

Guests will plan their social calendars around attending this extraordinary event, arriving from all over the United States. Special accommodations packages and group airfare discounts will be available. Ticket packages will be offered for the entire weekend or for individual events.

The proceeds will benefit the lives of children in need. Taste of THE Beach-Wine.Dine.Donate is committed to supporting charitable programs that improve the physical, emotional and educational lives of underprivileged and at-risk children in Northwest Florida.

“This partnership exemplifies how charitable, business and governmental organizations can successfully work together for everyone’s benefit. We’re honored and thrilled to be a part of it, and look forward to using this success to make a difference in a child’s life,” says Todd Vucovich, Executive Director for the Destin Charity Wine Auction Foundation.

For more information, you may reach the chamber at: 850-267-0683, 63 South Centre Trail, Santa Rosa Beach; or 850-892-3191, 95 Circle Drive, DeFuniak Springs. Find out more, and check out the newly launched Walton Area Chamber Channel, at http://www.waltoncountychamber.com.

Discount Tickets to Music Festival

The Panama City Beach Seafood, Wine & Music Festival kicks off the weekend festivities Friday, October 10th at Frank Brown Park on Panama City Beach.

The festival will feature musical entertainment from .38 Special, Blues Traveler, and Craig Morgan with tons of stuff to do with the kids in between.

Schedule of Events

FRIDAY: 4pm-11pm – 38 Special @ 9pm

Gates Open – 4pm – Marketplace, Bouncer Village, Food & Amusements all open
Sand Sculpture Ribbon Cutting – 4:45pm – Sponsored by Pineapple Willy’s
Jones & Company Band – 4pm-7pm – Clear Channel Stage (mainstage)
Grand Wine Tastings in Wine Garden – 4p-6p
Chef Exhibition in Chef Tent – 5pm (Chef John from Hammerhead Fred’s)
VIP Tent Open – 5p-11p (VIP passes required)
Panhandle Star Competition (Top 10 finalists) – 7p – Clear Channel Stage (mainstage)
King Cotton Band – 8p – Clear Channel Stage (mainstage)
38 Special – 9pm – Clear Channel Stage (mainstage)

**Unlimited amusements & bouncers arm bands are available for one price through Saturday – see amusements ticket booth and/or bouncers ticket booth for details

SATURDAY: 11a-11pm – Blues Traveler @ 9pm

SUNDAY: 11a-9:30pm – Craig Morgan @ 8pm

Gates Open – 11a – Marketplace, food, Family Fun Days activities, amusements, all open
Family Fun Days – Stilt Walkers, Balloon Artists, Face Painters, Bouncer Village, Sand Sculpting, Hands on Art by Visual Arts Center, live kids concerts, Gallaghers Gymnastics presentations, and more
Lunch With Sponge Bob – 11:30am-12:30pm – Coca Cola Tent (dining tent) $5 per child up to 12 years old, $8 per person 13+ (includes Pizza & Coca-Cola)
Steve’s Kazoo Krew Band – 11a-12:30pm – Coca Cola Stage (dining tent)
Terrance Simien & The Zydeco Experience Band – 12:30p-1:30pm – Colonial Bank Stage in KIDS VILLAGE
Half Price Temp Tattoos @ Tat Shack – 12:30p-1:30pm – KIDS VILLAGE
Sand Sculpting for Kids with master Sand Sculptor Mark Flynn – 1:30-2:15p – KIDS VILLAGE
Timeless Band – 1:30p-3:30pm – Coca-Cola Stage (dining tent)
Gallagher’s Gymnastics Team performance – 2:30pm – Colonial Bank Stage in KIDS VILLAGE
Chef Exhibition – Chef of The Back Porch – 3pm – Chef & Wine Tent
Chef Exhibition – Chef Debbie of Breakers – 4pm – Chef & Wine Tent
Grand Wine Tastings – 4p-6p – Wine Garden @ Chef & Wine Tent
Todd Allan Herendeen Band – 3:30p-5:30pm – Clear Channel Stage (mainstage)
Chef Exhibition – Chef of Saltwater Grill – 5pm – Chef & Wine Tent
Panhandle Star Competition Top 2 finalists perform – 5:30pm-6pm – Clear Channel Stage (mainstage)
Southern Satisfaction Band – 6:15p-7:45pm – Clear Channel Stage (mainstage)
Craig Morgan – 8pm – Clear Channel Stage (mainstage)
Festival officially over after Craig Morgan show – estimated time 9:30pm

*schedule subject to change without notice

Tickets can still be bought today (10/9/2008) at the advance ticket discount price. Save up to 35% and buy your tickets now! Click here to buy tickets.

New Feature – Photos from You

At the request of some of the readers of pcbdaily, we’ve added a new feature that will showcase readers’ photos of Panama City Beach. Teddy Meeks has been gracious enough to share his nature photography of our area, and this is an opportunity for some others to share their talent as well.

The pictures can be of anything Panama City Beach related, as long as it is PG, of course. For more information or to submit your photos, visit photos from you.

To kick this off, Lori Duncan has submitted a couple of photos from the west end.

Colorful

Although Hurricane Fay brought some seaweed and ink sea slugs to our beaches, the water really took on some brilliant colors in its aftermath.

Hungry Bird

Daniel gets face time with a local beggar.

After the Storm

Sunsets are always beautiful on the Emerald Coast. This one was taken from the beach at Pinnacle Port, on the west side of Panama City Beach, a couple of days after Hurricane fay.

If you have photos you want displayed in this feature, click here to submit you photos.

Real Estate Market Conditions on Panama City Beach – September

September 2008 Report – Panama City Beach

Slightly over 4.5 % of the total Beach inventory for detached single family homes sold in September, down from slightly over 5% in August. If all things hold steady, there is over 19 months of inventory on the market. As of Oct 04, 2008 there were 750 DSF listed in the Bay County Association of REALTORS® MLS System for Panama City Beach. Out of the 34 homes that sold in September, 9 were foreclosures, 1 was a short sale, 3 were builder sales and the rest were typical sales. September 08 was 17% slower than August of 08 in total DSF’s sold, 34 compared to 41. The foreclosure rate of sales for detached single family homes on the Beach fell slightly to 26.5% of all the sales for September compared to 30 % in August. The absorption rate decreased slightly from 5% to 4.5% but the overall inventory of DSF also fell from 780 to 750. Out of the 35 homes 1 canal front home sold. There were no other waterfront sales. The average price per square foot was $142, including all 34 homes. However, if we nixed the top and bottom 5 the average price per square foot actually rose to $147.16. The average days on the market for all 34 homes was 206, a 12.5% decrease compared to August, which was 236. As of October 4th there are 66 DSF under contract (about 8.8 %) and 750 listed. This is a 3% improvement over August . These numbers overall are more positive than negative and reflect a slight strengthening. This is no time for elation but any sign of encouragement is welcomed.

2.6 % of the total Beach inventory of condominiums sold in September. This indicates a 38.5 month inventory of condominiums on the Beach and the statistics are basically the same for gulf front condo’s. As of October 6th there were 1582 total condominium listings, 1090 of which are gulf front. Out of the 41 total condominiums that sold in September only 4 were foreclosures (or slightly under 10%), one of which sold at auction, 5 were short sales (about 12 %), the other 78% were conventional sales. If gulf front condo’s were considered alone, all 25 sold for an average of $264.35 per square foot. If all condos are taken into consideration, the average price per square foot slips to $224.42. The average days on market for all condo’s sold is 134 and for gulf front only, 143 . As of October 6th there are 90 condos under contract out of 1582 total for the beach, or slightly over 5.6 %, and out of that there are 40 gulf front out of 1090 listed, a bit less than 3.7%. The numbers in September trended negative for condos. The absorption rate decreased from 3% to 2.6%, the average price per square foot declined for all condos about 9% and for gulf front 9.25%. There were less than half as many foreclosures sold but a significant growth in short sales or pre-foreclosures. The silver lining is that the overall inventory decreased by 38 units.

No inventory for multi-family homes sold in September. There are 65 active listings and 2 under contract as of October 6th.

About 2.6% of attached family homes sold in September for a total of 7 sales out of 266 listings. This leaves about 38 months of inventory on the market. There were 3 foreclosures sold out of the 7 and the average days on market was 88. The average price per square foot was $178.52. There are currently 19 units under contract. This sector of the market, though slipping a bit in absorption rate by about 1%, improved strongly in price per square foot, 22.5%, and decreased in average days on market by 26%. That is the bright spot in the market this month. It ought to be noted, however, the product that sold was a newer product across the board than last month’s sold inventory.

Sold	Listed	Avg DOM	Avg Price/SF	Mo’s of Inv	Abs. Rate	Forcl	Undr Const
Detached Single Family
34	750	206	147.16	19	4.5%	26.5%	66
Condo’s Total Panama City Beach
41	1582	134	224.42	38.5	2.6%	10%	90
Condo’s Gulf Front Only
25	1090	143	264.35	27.7	3.6%		40
Multi-Family
0	65
Attached Single Family
7	266	88	178.52	22.5	2.6%	42%	19

There are some things to keep in mind. One, these are snap shot reports not movies. There can be huge swings month to month which may yield either despair or elation depending on whether there is a sharp increase or decrease.

Second, these reports relate to posted listings and sales in the Bay County Association of REALTORS MLS System. Some sales occur “for sale by owner” or at auction. The average days on market for a property to sell is based upon a selling price that is competitive with the average sale price per square foot of the units that have sold. One must even fine tune it further because the average sales price per square foot that sold ought to be more tailor fit for a particular property based on age, condition, and location.

Buyers should note that there are far more seller-sold deals moving in this market than there are foreclosures. It would be foolish to simply look at foreclosures as de facto, the best deal of all. Many sellers are equally or perhaps more motivated than many of the banks that own property. All of us need to realize that there is simply far too much inventory on the market and both REALTORS® and sellers would do the market a favor if they could pull inventory that is simply overpriced. The only way value will build again is when the absorption rate improves and inventory decreases.

If you’re overpriced now you have very little chance of moving your property. In this market, one should sell only if one must; it is not a wise time to sell if it is discretionary. Buyers should be strongly encouraged by these market conditions.

Guessing the bottom of the market is like guessing the bottom of the stock market. We have been in a three year price correction. Our airport is well underway, we have had major improvements, businesses have come to our area, our property taxes have been lowered, Lord willing we will escape hurricane season with little damage, our election cycle will be soon over, the dollar is beginning to strengthen once again, even insurance rates have been eased in most cases, interest rates are near historical lows and the war is seeming a bit more victorious than defeatist in the most recent months.

All these positives must weigh in against the challenges that we have faced both locally and nationally and we all hope, with good reason, that in fairly short order the momentum will shift and affect our market positively. (The statistics provided above were all true as of September 2008 and were the product of Bay County Association of REALTORS® MLS System.)

Scott Seidler GRI
Broker-Associate
Prudential Shimmering Sands Realty
850-774-5007
ScottAndSonjaRealEstate.com