TDC Needs New Formula for Special Events

Special events at the beach are wonderful for Bay County.  The biggest events, Spring Break and Thunder Beach,  drive huge amounts of tourists to Panama City Beach.

Smaller events bring in good revenue for the bed tax collectors (and beneficiaries), such as the Ironman and Gulf Coast Triathlons, Emerald Coast Cruizin’ car show, and hopefully, the new Panama City Beach Seafood, Wine, & Music Festival.

There are a few other small events, but we need many more small and large in order for the tourism economy to thrive year-round.  It is  — and should be —  a top priority  for the TDC/CVB to enable and promote special events.

But with special events come special interests, and special interests have no place in our government spending decisions.

Therefore, in order for the TDC to be fair to all event planners, promoters, the bed tax collectors (and beneficiaries), and the citizens of Bay County, they must avoid any conflict of special interests.

Here are a few ways to make this happen:

1. Put bed tax dollars into infrastructure that holds special events, such as stages, fairgrounds, parking lots, ball fields and other outdoor venues. Make it a great place for a promoter to put on an event and succeed.

2. Provide additional support for safety and trash-control during events.

3. Maintain infrastructure.

4. Instead of paying to promote events to tourists, promote Panama City Beach to potential event promoters.

5. Provide marketing research staff to survey event attendees. This tells the individual businesses which events bring what tourists, and helps them do their own marketing/advertising/event sponsorships accordingly.

6. Provide Public Relations support and website exposure for all events.

There! Good! No complaints from anyone.

Hopefully bed tax collectors will agree there needs to be a new policy.  But whether you do or not, here are some clear examples of what has happened recently to prove why it is unwise for the TDC to put funding into promoters’ pockets.

1. There is a process in place that a promoter must go through to be considered for TDC event funding.  As pointed out in recent PCBDaily.com articles, that policy has not been followed.  Therefore, it’s unfair to some, very fair to others and no fair to the rest of us.

2.  The promoters are sometimes more shifty than thrifty.  Some claim they don’t need TDC money, then get it anyway.  Some disappear.  Some make promises they have no intention of keeping.  It’s no fun watching – or participating in – a government body that must make spending decisions on people / events that really do not have to be accountable.

3. Events can fail.  The Circus by the Sea proposal was unique in that they approached the TDC for a $100K “loan” that would be paid back upon success.  Most everyone on the TDC and in the business community, including myself, was certain the circus would be a success.  Unfortunately it was not.  That money is gone, unless the Circus by the Sea miraculously figures out how to market its event and fill its tent.  We would have been better off buying 100,000 Lotto tickets.

Hey… Lotto Tickets with Bed Tax Dollars!  Not a bad idea compared to the way Special Event money has been handed out lately.

Powerboats to Shred Panama City Beach

We asked for cool events, and we’re getting them.  Actually, this has been here before, and I (for some reason) was unable to make it.  I’ll be there this year, giving you as much coverage as possible.  This is one of the things that makes our area SWEET!  Who doesn’t like ridiculous power mated with lightweight boats that sometimes fly out of the water traveling 200 mph?  Press release below:

PANAMA CITY BEACH, Fla. (September 16, 2008) – The tranquil waters of the Gulf of Mexico make way for high-speed adventure for the nation’s largest powerboat race.  Catch the 2008 Super Boat National and Florida Championship Race, Fri., Oct. 3 – Sun., Oct. 5, in Panama City Beach, Fla.  You’ll see the biggest, fastest powerboats and top drivers in the U.S. race to claim the National Championship title.

This premier super boat event draws the 23 leading teams across the country for a six-mile race through emerald-green seas at speeds of up to 200 miles per hour.  With boat parades, awards, parties and more, it’s an action-packed weekend for the entire family.

The Super Boat National and Florida Championship Race is the culmination of the Super Boat Grand Prix national series. Winning teams will compete for the international title in the Super Boat World Championships, Nov. 2 – 9, 2008, in Key West, Fla.

The Super Boat Grand Prix is sanctioned by Super Boat International Productions, Inc., as the leading series in the extreme sport of professional powerboat racing.  Now in its 18th year, the Grand Prix attracts top-ranking competitors and enthusiasts across the country for 10 events along America’s East Coast, from Miami Beach to the Hudson River.

In Panama City Beach, the National and Florida Championship Race promises to get the heart pumping during three days of high-speed fun (see schedule below for days, times and locations).  Land lovers will enjoy plenty of onshore action.  Take an up-close look at some of the world’s fastest and largest powerboats, and meet their owners and racing teams in the Dry Pit Area of the Race Village, located in Pier Park on Front Beach Road in the center of town. The Mayor’s Welcome Party kicks off the event festivities, Fri. 7:00 p.m. On Sunday, all competition boats will begin the entry into the water starting at 11:00 a.m. from the marina at Marina Landing Condominiums on the northwest side of St. Andrews Bay and cruises out to the Gulf of Mexico.

On Sunday, spectators line the pristine shoreline of Panama City Beach for prime viewing of the main racing events, starting at 12:00 noon.  Competitors will maneuver the six-mile rectangular Official Offshore Race Course between the Dan Russell City Pier and the M.B. Miller County Pier. During the event, the 50-foot Super Boats slice across the emerald-green waters of the Gulf of Mexico, propelled by up to four engines that allow them to reach speeds upwards of 200 miles per hour in less than a minute.  The winners of each race will go on to compete for the international title in the world’s largest powerboat race, the 2007 World Championship Race.

The 2008 Super Boat National and Florida Championship Race event is presented by the Bay Area Sports Association, Inc. (BASA). A collaboration of local community and corporate partnerships, the not-for-profit organization was established to encourage, support and promote recreational, amateur, Olympic and professional sports activities within the Greater Panama City area.  BASA also supports charitable initiatives through local events to raise funds for youth sports in Bay County.  In line with this mission, participating Panama City Beach restaurants will donate ten percent of all food and beverage sales on Sunday’s Race Day to the association.

A full schedule of Super Boat National and Florida Championship Race activities can be found online at http://www.superboat.com and as listed below:

Panama City Beach Event Schedule
Friday, October 3, 2008
• 9:00am – 5:00pm – Registration/Information at Race Village, Pier Park East
• 7:00pm – Mayor’s Welcome Party at Sharky’s Seafood Restaurant, Front Beach Road

Saturday, October 4, 2008
• 9:00am – Mandatory Drivers’ Meeting at Pier Park East
• 10:00am – 5:00pm – Registration/Information at Race Village, Pier Park East
• 9:00am – 5:00pm – Dry Pits at Pier Park East
• 10:00am – 5:00pm – Testing & Launching, location TBA
• 10:00am – 5:00pm – Practice runs on official offshore course, Front Beach Road between County Pier and City Pier
• 7:00pm – 9:00pm – Racers’ Party at Jimmy Buffett’s Margaritaville restaurant, Pier Park

Sunday, October 5, 2008
• 7:30am – 8:30am – Physicals: Pier Park East
• 8:00am – 5:00pm – Launching/ Recovery, location TBA
• 9:00am – Mandatory Drivers’ Meeting at Pier Park East
• 10:00am – Pilots Briefing at Panama City – Bay County International Airport
• 11:00am – Wet Pits.  All boats will enter the water at Marina Landing Condominiums on Northwest side of Hathaway Bridge/U.S. Hwy 98, St. Andrews Bay.
• 12:00pm – Start of Race, start and finish line at Sharky’s Seafood Restaurant, Front Beach Road
• 5:00pm – Awards Ceremony at Sharky’s Seafood Restaurant, Front Beach Road

Laketown Wharf Busts, Leaves Developer Crying

We’ve all heard the rumors about what is happening with Laketown Wharf.  Jerry Wallace, the developer, once positively referred to the area around Laketown Wharf as a “condo canyon” and himself as the Trump with a drawl.  I bet he doesn’t feel so Trumpish now.

I was VERY critical of this development from the get-go, extremely worried what this “behemoth” would do to the image of our area.  A largely vacant, 750 condo, elephantine monolith, Laketown Wharf actually had great aspirations, with some possibility of success had it come unto creation mid 2004.  With huge swimming pools, a Balagio-style fountain/light show, a 650-seat live performance theatre, 5 restaurants and 1,000’s of square feet of retail space, it was planned to be almost a small town.  And, it is actually kind of awesome, even though it is not on the beach.

On the 12th of September, Jerry Wallace, developer of Laketown Wharf and President of Laketown Wharf, Inc. signed over the remaining unclosed units to Corus Bank, the institution that originally financed the construction of the project.  With only 8% of the 750+ condos built actually closed, the only option was to hand the rest back to the bank.

At this point, a new chapter is created in the life of Laketown Wharf.  The sad part is that the image of a huge traffic crossing point on the beach is now completely up to a financial institution that may or may not have our best interests in mind.

As of two weeks ago, it had looked like the grounds were being neglected, but after going by today, I noticed that some of the pools had been filled back up.  The water-features were not on, nor were any of the fountains and the whole place looked like a ghost town.

We’ll be following this closely.

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PCBDaily Twitter Weekly Updates for 09-16-2008

  • I’m preparing for my appearance on Lee Sullivan’s News View show tonight. See me on TV! Channel 28 WPGX #
  • I’m sitting outside thinking about how remarkably pleasant it is outside right now. #
  • Beware of price gouging at gas stations. 3.95 a gallon at some 3.65 at others. #
  • Hrcn ike has sent storm surge under beach houses and is currently eroding our beach. Check pcbdaily.com in an hour for video #
  • Stuck in the rain on my motorcycle at pier park. Trying to get to an airport meeting. Shoot! #
  • The skies are beautiful and clear, but man is it hot! #

Grand Lagoon National Cancelled for this year

Well, I hope this is not a sign for times to come for Bill Spann and his new fishing tournament, the Grand Lagoon National.  The first year out of the hole the competition was postponed, postponed again, and now totally cancelled all together.

Regardless of what some told me, I truly thought it was to be a good addition to this years Panama City Beach festivities.  With Spann’s experience, and after a couple of conversations with him, it was very apparent that this was not his first rodeo.  He has been doing this very type of event for years, and has always put on a good show.

This year, so far, has certainly not been without peril, with regards to the weather.  With 6 tropical storms and/or hurricanes to have come into our Gulf waters this hurricane season, planning anything for our area is challenging at best.  Jack Bishop remarked at the last TDC meeting that it is always risky planning event during this time of year.  The last couple years have been very calm, but this year has been very active.  We can only speculate what is to come next year.

So at this point, what comes of the $50,000 the TDC gave The Grand Lagoon National to help it “get off the ground”?  That money was to be an “investment” that had some promise of return with a potential of profit.  I’m sure that money has been spent as some festivities did take place, but no revenue was generated through registration fees.  Does the TDC stand to recover that money next year?  Will the Grand Lagoon National receive $50,000 next year as allocated in the FY2008-2009 budget?

Quiet Tropics

Gary Gnu

To quote Gary Gnu from the Muppets, “No gnus, is good gnus”.  I am happy to report there there are no tropical cyclones active in the Atlantic Basin at this time.  It’s about time.

People all across Texas, Louisiana, and the midwest are still trying to clean up from Ike.  Thousands of people from the Houston are still in shelters.  Others are still waiting for food, water, and electricity.  Galveston is trying to clean up and assess the damage.  It will be some time.  Officials think it will be months before the city reopens as the main gas and electric lines to the island were severely damaged.  They are also warning of mosquito borne illnesses.  “Galveston can no longer safely accommodate its population,” City Manager Steve LeBlanc said. “Quite frankly, we are reaching a health crisis for people who remain on the island.”

Ike’s effects have been far reaching.  In the midwest, there has been major flash flooding.  Where we grew up in Northwest Indiana is suffering badly.  They had received a lot of rain and then when Ike’s reminants came through it was just too much.   Several hospitals, schools, and churches are under water.  Bryan’s parents churc has about 6 feet of water.  The high schools fooIt’s sad because those people don’t have flood insurance as this is extremely abnormal for that area.

For us locally, things are pretty good.  The waters have receded and the beach seems ok.  According to the paper this morning, there is still a threat of rip currents.  It looks as if there is still a red flag flying this morning.

See Me on TV!

Former Panama City Beach Mayor Lee Sullivan has been gracious enough to invite me on his weekly News View Show aired on WPGX every weekday evening at 9 pm.

Last Tuesday he had the current Panama City Beach Mayor, Gayle Oberst, on the show discussing beach tourism, the local economy, the TDC efforts, and the bed tax, just to name a few.

Today, when I’m on, we’ll be discussing all the fun stuff we cover on pcbdaily.com.

Be sure to join us for 30 minutes of fun and “attitude”!

Again, it airs at 9 pm on WPGX.  I have Dish Network so the channel for me is 28.  I hope you get a chance to see it, and hopefully I won’t look like a fool!

Pier Park Gearing up for Winter

Talking with Felecia Cook, Pier Park’s marketing director, a few weeks ago, I had inquired as to what they were doing to keep ‘the park’ active during the off-season.  “We have tons of stuff planned, we will be very active all winter.”

Below is the schedule of events so far planned.

2008- 2009 COMMUNITY EVENT PLAN:

September

  • Sept. 20th- Tiles in the Park- Over 300 tiles will be installed in the C building area from local children who painted them with the Visual Arts Center and the Boys and Girls Club
  • Sept. 20th – Fire Flies and Kites in the Park- an art activity creating Fire Flies and kites for children with the Visual Arts Center
  • Sept. 24th through 28th- Thunder Beach- Pier Park to host bike show on property
  • All Month- Comcast Presents On-stage at Pier Park- Local singing, acting, instrumentals, dancing groups to perform at Pier Park

October

  • All Month- Oktoberfest at Pier Park – A fall celebration for families, hosted by Hofbrau Beer Garden
  • Oct. 3rd- Breast Cancer Awareness Ribbon Hanging- Ribbon Celebration in combination with Vera Bradley and Irene & Co. we will be hanging large pink bows on the palm trees in the promo area and Irene & Co. will add ribbons purchased by those donating to the fund.
    Breast Cancer Awareness to be celebrated all month
  • Oct. 3rd, 4th & 5th- Super Boat National Championship Boat Show- Power boats parked for display on our property
  • Oct. 4th- Bay Medical Sweeny Todd Blood Drive- Mobile blood center set up for donations in front of Blender Clothing/ Radio remote from Wave 100
  • Oct. 4th- Jelly Bean Mobile- Candymaker to host the Jelly Bean Mobile on property for kids
  • Oct. 10th, 11th, & 12th- Seafood, Wine and Jazz Festival at Frank Brown Park- A highlight of the fall season, showcasing arts, crafts, local restaurants, and regionally and nationally renowned musicians performing on two stages during three days, 28th Annual.
  • Oct. 11th – Emerald Coast Triathlon- Pier Park property will be involved.
  • Oct. 17th- Heart Walk- Charity walk through Pier Park for the American Heart Association
  • Oct. 18th- Girls Inc. Half Marathon- Charity marathon beginning and ending at Pier Park
  • Oct. 25th – Kids Festival- Stories, crafts and games for children
  • Oct. 31st- Malloween – Pier Park fall activities such as, costume competitions, crafts, and more.

November

  • Nov. 1st- Ironman Florida Triathlon- Pier Park Property will be involved
  • Nov. 3rd through 8th- Emerald Coast Cruzin – Classic Cars and the 35th Anniversary of American Graffiti.  America Graffiti cast members, parade of cars, car competitions, “50’s Dress Up night, and more. Parade to be held through Pier Park on Wednesday Nov. 5th
  • Nov. 7th- Taste of the Beach – A multi-regional initiative spear-headed by Coastal Vision 3000 to promote this region and brand it as “The Beach”.  Pier Park will represent Bay County by hosting one of the four “Taste of the Beach” events planned to promote this new initiative.
  • Nov. 14th, 15th & 16th- Madonnari – Italian street painting festival hosted by the Visual Arts Center
  • Nov. 28- Black Friday– Stores open at 5am for the busiest shopping day of the year
  • All Month- Food Drive- this will be done to benefit a local food bank

December (Dates to be determined)

  • Holiday Concert Series – All public and private schools, child centers, and churches will be invited to come to Pier Park to sing/ play their holiday cheer.
  • Tree Lighting Ceremony- Pier Park will become the “downtown” of PCB and all holiday activities.
  • Christmas at the Beach Parade- Pier Park Drive will be the focal point of the Holiday Season.
  • Santa at the Beach Photos- Family tradition restored to the beach by inviting Santa and his reindeer to join us at Pier Park.
  • Santa at the Beach Pet Photos- Family tradition restored to the beach by inviting Santa and his reindeer to join us at Pier Park and introduce him to your special family members.
  • Toy Drive- this will be done to benefit a local charity group for bay county.
  • New Year’s Eve Beach Bash- This will be the first of an annual tradition here at Pier Park.

Real Estate Market Conditions on Panama City Beach

August 2008 Report – Panama City Beach

Slightly over 5% of the total Beach inventory for Detached Single Family Homes sold in August, 2008. If all things hold steady, there is slightly over 19 months of inventory on the market. As of Sept 08, 2008 there were 780 DSF listed in the Bay County Association of REALTORS® MLS System for Panama City Beach. Out of the 41 homes that sold in August, 12 were foreclosures, 1 was a short sale and the rest were typical sales. The foreclosure rate of sales for detached single-family homes on the Beach is slightly under 30% of all the sales for August 2008. Out of the 41 homes, 1 Gulf front home sold, 1 Bay front home sold, and 4 canal front homes sold. The average price per square foot was $173.48, including all 41 homes, however if we nixed the top and bottom 5 the average price per square foot leveled off at $143. The average days on the market for all 41 homes were 236. As of September 08 there are 43 DSF under contract (about 5.5%) and 780 listed.

Slightly over 3% of the total Beach inventory for condominiums sold in August 2008. This indicates a 33 month inventory of condominiums on the Beach and the statistic is basically the same for Gulf front condo’s. As of September 08 there were 1620 total condominium listings, 1106 of which are Gulf front.  Out of the 53 total condominiums that sold in August 2008 only 9 were foreclosures or slightly under 17%. If Gulf front condos were considered alone, all 37 sold for an average of $285.72 per square foot. If all condo’s are taken into consideration, the average price per square foot slips to $246.20. There is no significant difference of average days on the market between Gulf front and non-Gulf front, both being about 166 days. As of September 08 there are 83 condos under contract out of 1620, or slightly over 5%, and out of that there are 43 Gulf front out of 1106 listed, a bit less than 4%.

About 6.5% of the total Beach inventory for Multi Family Homes sold in August 2008, leaving approximately 15 months of inventory listed. There are 62 active listings, four of which sold in August. Of the four, one was a foreclosure (25%). Two of the four units were very old and in disrepair. This should be considered when acknowledging the average price per square foot at $74.32. There is only 1 unit currently under contract and the average days on market is 134.

About 3.5% of Attached Family Homes sold in August for a total of 10 sales out of 279 listings. There were no foreclosures involved and the average days on the market was nearly a year– 341 days. The average price per square foot was $138.80. There are currently 19 units under contract.

Sold Listed Avg DOM Avg $/sf Mos of Invtry Absbptn Rt Forclosure Undr Cntrct
DSF – August 2008
41 780 236 143 19 5% 30% 43
Condo – August 2008 (All)
53 1620 166 246 33 3% 17% 33
Condo – August 2008 (Gulf Front)
37 1106 166 286 33 3% 0 43
Multi-Family – Beach
4 62 134 74.32 15 6.5% 25% 1
Attached Single Family – Beach
10 279 341 138.8 28.5 3.5% 0 19

There are some things to keep in mind. 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 to buy.

Guessing the bottom of the real estate 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 08, 2008 and were the product of the Bay County Association of REALTORS® MLS System.)

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

Gas Gouging – RIP OFF

So, yesterday, on the way out of town, my wife and I filled up for $3.63 a gallon.  That is a stupid high price (I refuse to be conditioned!), but that’s where we are, right?  $100 a barrel.

Well, in light of the current situation in the Gulf with hurricane Ike and all, the supply of gas in our area has temporarily been affected.  This morning we drove around to a few gas stations and the ones that still had gas left were priced at $3.95/gallon for regular.  Thinking it was insane to see the price jump 33 cents overnight just because of a little supply problem, we decided to keep looking.  I refused to pay $3.95 a gallon, just on principle.

Well, our trusty Tom Thumb gas stations, as usual, can be relied upon.  Out of the two that I went to, one was out of gas, but the other was still priced at $3.63 a gallon.  I could have kissed the manager for being honest when others were being greedy.