Fed cut rates by .75%

The Federal Reserve cut interest rates by .75% in their regularly scheduled meeting on Tuesday, March 18, 2008. Stating that the economic outlook is not good, the Fed indicated that more rate cuts could be on the way.

The short-term rate is now down to 2.25%, down from 5.25% in September. The Dow went down at first, but then rose to an astonishing gain of 420 by the time the markets closed.

Many economists were predicting a full point cut and were surprised with the 3/4 cut.

For the entire article, click the “more” link.

 

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2007 Panama City Beach Condo Market (cont.)

In an effort to answer some questions about the analysis he provided on the condo market in Panama City Beach, Sam Portmans from CondoSaleTrends.com offered the following:

In order to have an intelligent discussion about market value, market trends, and the data used to evaluate the market, we have to agree on the definition of market value.

There are two relevant types of value, Current Market Value and Speculative Value. Current market value is what lenders and the banking system have agreed to use. When the definition of current market value is boiled down to its essence, it is the highest price that will attract a buyer over a defined marketing period. Implicit in this definition, is that there is always a buyer at market value. Say you have given yourself six months to sell your unit. After six months it has not sold and your Realtor tells you that there are just no buyers out there. What he is really telling you is that there are no buyers out there willing to purchase at above the current market value. If your unit has not sold in six months, it is priced too high to sell. There are always buyers at market value. Buyers don’t care what you paid or what you think your unit is worth. Buyers pay market value 99 percent of the time.

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RedBrick Pizza – review, it was awesome!

My family and I had the opportunity to dine at RedBrick Pizza last week and had a great experience.  Eating there brought back childhood memories of eating pizza with my parents and brother at a local pizza joint in Dallas.  I remember the good times and the pizza always being awesome.

Inside RedBrick, the environment was cozy.  All the tables on the outside wall had their own little tv’s hooked up to Dish Network and a wall control that would change the channel.   This is awesome for families with little kids because you can put on cartoons and keep them from wanting to run all over the place.

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Coastal 3000 – The Beach, the projected new brand for our area

Yesterday morning I went to a chamber event with Andy Phillips, the Vice Chair of Coastal 3000, presenting what is to be the Brand for our area – The Beach. The idea is for business and community leaders to team up and create a brand for our area to boost national awareness of our pristine beaches.

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Charles Faircloth Estate Auction a Success

Well, success is a relative term. I think they sold everything, but are they going to be able to pay off his debts with what they made? I doubt it. Up for auction was around 150 total properties that ranged from off-the-beach townhomes to multi-acre beach-front tracts. Auctioneers John Roebuck and Chris Camp blew through the properties in right around 3 hours.

Click the “more” link for a list of some of the big properties sold and a sampling of some of the small ones.

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Are Spring Breakers ruining our Beaches?

Spring Break is in full swing and along with that comes droves of college kids looking for a good time that mostly includes drinking endless amounts of alcohol, walking around our streets with open containers, and leaving their garbage all over the place.

Click the “more” link for pictures and a comment about how PCB is being ruined as a family spot.

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Notes and Comments from the TDC/CVB 3-11-08 Board Meeting

7 of the 9 board members were present. Absent were Marty McDaniel and Mayor Oberst.

SEA TURTLE LIGHTING ORDINANCE UPDATE

  • Doug Sale, the TDC/CVB’s legal counsel, updated the Board on what has occurred since the 12/21/07 meeting (http://www.pcbdaily.com/?p=108) when the Board passed the recommended turtle lighting ordinance. Sale advised that the Army Corps of Engineers asked the TDC to reconsider the portion of the recommended ordinance that deals with existing development. The Corps are not comfortable continuing with the 2008 beach renourishment due to the lack of approval from U.S. Fish & Wildlife. Sale reiterated his prior opinion that the TDC would eventually prevail if the TDC fought the Corps in court; however, this would likely stop all renourishment during what may be a long process.

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