The Beach Show – Buy in SPLASH for Only $217/foot

This week’s features:

Deal 1 – 2 Bed in SPLASH for only $217/foot
Deal 2 – 2 bed at Tropic Winds for $269,900
Deal 3 – 3 bed at Tropic Winds for $359,900

The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.

Remember, it doesn’t cost anything to work with us if you are a buyer.

Click the “more” tag for show notes.

Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Continue reading “The Beach Show – Buy in SPLASH for Only $217/foot” →

Laketown Wharf – Corus Bank "Unlikely to Survive '09"

The future of Laketown Wharf in Panama City Beach is again dealt a blow of uncertainly as the owning bank, Corus shows increasing signs of weakening. Friday, they reported a quarterly loss of $260.7 million and stated that more than a third of their “$4.1 billion in outstanding loans were nonperforming.” On the bright side, Mike Dulberg, Corus’s CFO reported that they have $758 million in capital and $4 billion in liquid assetts and the vast majority of its $7.6 billion in consumer deposits is federally insured.

In the article, Daniel Cardenas, senior vice president at Chicago brokerage Howe Barnes Hoefer & Arnett Inc., was quoted:

“The company is in dire straits. Barring a surprise injection of private capital and/or a dramatic rebound in condo values, Corus appears unlikely to survive 2009.”

The article was published in the Wall Street Jounal Commercial section in limited “subscriber only” format, but I found it elsewhere, in full:

Condo King Corus Weights Its Options

Seahaven Condos Sold for 60% Off and More

Suffering through a shadowy frigid 50 degree temperature, bidders and spectators alike gathered in anticipation in the hottest condominium auction to hit Panama City Beach. The party was held under the covered portacache at Origin in the Towne of Seahaven just 1/2 mile east of Pier Park on Panama City Beach.

Even as late as 12:40 pm, the crowd looked sparse, of course, maybe it appeared to be spread thin as the area was large and people were scattered all over. A childhood technique comes to mind to give the appearance of a eaten dinner – spread the food around a little to make a lot look like a little, and break for an early desert.

Bidder registrations were at a scant 30 something when I arrived on the scene at 12 noon, although I was unable to get a definitive number. I was able to confirm after the auction had begun that a total 54 had registered to bid.

“I’m looking to buy 40 cents on the dollar,” said one registered bidder, indicating the smell of blood in the air. “I’ll probably offer $200,000 for a 2 bedroom,” said another bidder, “not sure if I’ll get it, but I’ll try.” He later signed the paperwork for a 3 bedroom for his original budget of $200k. At the end of the day, his purchase was the least per square foot purchase of all the condos offered for sale at the auction. He bought a 1963 square foot condo for $112.07 per square foot, after the buyer’s premium. “It’s always a little risky bidding first,” he said, “but nobody was bidding, so I just through out a number and I actually got it.”

It took a while for the crowd to wake up, but once they did, a feeding frenzy much like what was seen at Palazzo ensued. The market price seemed to be set by a few winning bidders, then the National Auction Group began working with interested parties to negotiate and sell a total of 37 condos.

What I found interesting was that at some point, the actual auction stopped but real estate continued to sell. The National Auction agents seemed to change modes from auctioneers to negotiators bringing offers and deals back and forth between attendees and the developer. In fact, only 9 condos actually sold auction style – all the others happened after the fact.

As the cold wore on and the crowd again grew scarce, condo sales were still being picked off one by one. The average price per square foot sold after the buyer’s premium was $166 with a range from $112/sf to $196/sf.

I should note that if you were following the live updates that I was posting as the auction was happening, all the sold prices stated were BEFORE the 10% buyers premium. The action was just happening too fast for me to take notes, send in updates AND do another calculation.

Out of the condos that were sold when I left only 3 were pool/center view, indicating that with the lower than expected prices, the developer is reserving the ‘premium’ units for a higher price.

Talking with Neel and Mike Bennett several times throughout the auction, they both expressed their concern for the market and the desire of a higher price being commanded from their product offering. Many owners are upset because of the auction as it certainly makes clear the value of these beautiful condominiums at Origin in the Towne of Seahaven.

Being an owner, it certainly hurts to know how upside down we are right now, but at least we know – and “knowing is half the battle,” as a wise G.I. Joe commercial once said.

I’ve been criticized in the past for sticking up for the developer, but in this case I stick up for them not because they are friends, but from a business stand point. The reality is that even though we are significantly upside down, our hurt doesn’t hold a candle to that of the developer. We’d all like the market to be a lot better than what it is now. Everyday we have to fight for an appetite because of all the money we’ve lost. The fact is that there is nothing we can do about it, we are were we are. For the developer, the best thing to do is get rid of as much inventory as he can – that is the only way he can move forward. If he doesn’t do it, the bank will, he can’t hold onto unsold condos forever.

This auction is another testement to what I’ve been telling everyone for months – Now is the time to be buying real estate. Prices are better now then they’ve been in several years.

Below is the unit number/price breakdown for all the condos sold when I left Saturday. I’m hoping to have some final numbers soon, and will post them when I do.

It is my understanding that the Bennetts (developer) are still taking deals. If you need more information on this, or help purchasing a condo, feel free to contact me at jason@pcbdaily.com or 850-319-1172.

Sold condos – all numbers are after 10% buyer’s premium with the bold units being the ones that are on the inside of the horseshoe.

Unit #	Type	SF	Price	Price/SF
1033/1035	3 Bedroom Lock B	1781	$297,000	$166.76
1133/1135	3 Bedroom Lock B	1781	$297,000	$166.76
1433/1435	3 Bedroom Lock B	1781	$297,000	$166.76
1701	3 Bedroom D	1963	$220,000	$112.07
429	2 Bedroom B	1427	$221,100	$154.94
1432	2 Bedroom E	1293	$210,000	$178.65
501/503	2 Bedroom Lock A	1306	$220,000	$168.45
535/537	2 Bedroom Lock A	1306	$220,000	$168.45
1425/1427	2 Bedroom Lock C	1303	$176,000	$135.07
1232	1 Bedroom A	815	$137,500	$168.71
1031	1 Bedroom B	881	$143,000	$162.32
1331	1 Bedroom B	881	$143,000	$162.32
1407	1 Bedroom B	881	$137,500	$156.07
729	Studio B	541	$93,500	$172.83
809	Studio B	541	$93,500	$172.83
733	Studio A	475	$93,500	$196.84
805	Studio A	475	$93,500	$196.84
933	Studio A	475	$93,500	$196.84
1234	Studio A	475	$93,500	$196.84
423	Studio C	465	$60,500	$130.11
525	Studio C	465	$75,900	$163.23
1023	Studio C	465	$75,900	$163.23
1125	Studio C	465	$75,900	$163.23
719	Studio D	562	$75,900	$163.23
819	Studio D	562	$75,900	$163.23

Seahaven Auction Details

29 Seahaven Condos to be Sold at Absolute Auction on December 13th

For the National Auction Group, one successful project often leads to others. That has been the case in Panama City Beach this year where the company will conduct its third auction on Saturday, December 13th. This one will feature 29 luxurious condominium homes in the Gulf-view Origin at Seahaven community. The auction will be absolute, meaning regardless of price, and bidders will be able to select from 61 condos. The Gadsden, Alabama-based company specializes in the marketing of one-of-a-kind, high-end properties. In two previous Panama City Beach projects this year they sold more than $26 million worth of condos.

The 17-story Origin at Seahaven community is brand new and located near Pier Park. Water views are tantalizing and are close to the most popular beach restaurants, attractions and night spots. All are crafted from the finest materials and with painstaking attention to the smallest details. The wide array of offerings includes studio units as well as spacious one, two and three bedroom units, and one four-bedroom penthouse condo. All have to be seen to fully appreciate.

The Origin tower is one of the first phases of the carefully planned Towne of Seahaven, a 53-acre pedestrian village with 1,400 +/- feet directly on the Gulf of Mexico. Expected facets include hotels, town homes, a town hall and a Main Street marketplace, an events plaza and a water park. In other words, the value of the luxurious condos will surely escalate over the next few years.

All of the condos feature attractive African mahogany two-panel doors; kitchens with Whirlpool appliances, granite and porcelain countertops and custom cabinets; ceiling fans in both the living areas and master bedrooms, and washers and dryers in the two-bedroom and larger units. Included in the purchase are electronics, linens, window treatments, kitchenware, accessories and high speed internet access.

Rental-ready furniture packages are available for purchase.

The list of community amenities is both endless and extraordinarily impressive. Residents and their guests enjoy a fully-equipped fitness center, his and her saunas, a theater with stadium seating for 24, a spectacular Zero-Edge swimming pool overlooking the Gulf, a heated and covered spa, observation decks, grilling terraces with built-in commercial grade stainless steel grills and a game room. Origin at Seahaven also features 24-hour security, climate-controlled storage units, high-speed elevators, on-site property management and beautiful tropical landscaping.

“These are truly wonderful condominiums,” said National Auction Group president William Bone. “And being part of the new Towne of Seahaven makes them even more special. This is a remarkable opportunity to bid on spectacular residential fantasies and to purchase an incomparable beach lifestyle.”

These lavish condos are available for viewing daily, by appointment, from 10:00 a.m. to 5:00 p.m. To schedule an appointment, please call 877-636-6550 or 256-547-3434. Bidders will be required to bring $7,500 in personal check, business check or certified funds to bid on the studio units; $10,000 for the one-bedroom units; $12,500 for the two-bedroom condos; $15,000 for the three-bedroom units and $20,000 for the four-bedroom penthouse condos. Closing will be within 30 days. The auction will take place at Origin at Seahaven community which is located at 15100 Front Beach Road.

The National Auction Group (nationalauctiongroup.com), Inc. is the country’s largest seller of private, one-of-a-kind real estate properties such as estates, ranches, farms, commercial properties and recreational facilities. Recognized for its creative and aggressive marketing strategies which are carefully planned, promoted, scheduled and implemented, the National Auction Group’s team of talented professionals is skilled at developing plans of action customized to the needs of each client.

Florida Home and Condo Sales Up ?24% in September

Florida existing home and condo sales were up in September 24%, the highest year over year increase in almost three years.

A total of 10,817 existing homes sold in the state of Florida in September, that is 2,092 more than sold during September 2007. The last time the state of Florida reported a higher year over year gain was in 2005.

The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months). This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.” – Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness.

Although the sales are up 24% this year, that increase can largely be attributed to the sharp decline that the housing market suffered at the end of the summer 2007 with the subprime mortgage meltdown. In July of this year, only six more existing homes sold in the state of Florida than did in July 2007.

Florida’s median home price in September was $175,100, down 22% from the same period a year ago, at $224,700. However, September’s median home price is still 10.3% higher than 2003’s number of $158,800.

During the September time period, year over year, existing condo sales experienced an 11% increase, from 2,595 to 2,878. The statewide median condo sales price was $153,800, down from $197,000 in September 2007 or a 22% decrease.

Panama City/Bay County reported 111 total existing home sales for September 2008, down from 117 (5%) homes sold during the same period 2007. Existing condo sales were down 28% September 2008 from 2007, from 67 to 48. The average sold price for Bay Couty was $213,770 in September 2008, down 19% from $264,122 during the same period 2007.

If you take out the top 10 highest priced from both time periods (September 07 and September 08), the average sold price was $193,848 in 2008, down 6.7% from 2007’s number of $207,942.

So, housing prices are still falling, but velocity sales are picking up. I suspect they will continue to pick up, and hopefully that rate will be exponential. As prices continue to fall, more and more people will be able to justify making a purchase.

Source: Florida’s existing home, condo sales increase in September 2008

Shores of Panama Selling at Near Auction Prices

In an effort to drop inventory levels, The Shores of Panama Condominiums in Panama City Beach are selling brand new condos at like-auction prices.

Just to save you some time scrolling (since that is inevitably what you will do first to find the price), I’ll just give you the price up front: $253 per square foot, on average. Now, let me tell you about why I think this is a great deal.

If you haven’t been to Shores of Panama, you really have to check it out to appreciate it. Short of going to Edgewater or Boardwalk, it really is one of the few ‘true’ resorts in Panama City Beach. Featuring resort amenities such as 2 full service spas with massages, facials, steam rooms, and saunas, two tiki bars serving lunch and dinner, conference areas, a 14,000 square foot pool, indoor heated pool, and tons more.

The sense of arrival is spectacular as you pull into the covered grand portacache. The scene includes elegant fountains and a quaint cafe with the entrance being accessed through oversized solid doors. The colors are warm and the mood relaxing.

As you walk into the large lobby, you have a view directly onto the lushly landscaped pool area and out into the emerald green Gulf of Mexico. The lobby is finished off with huge chandeliers and large-tile floors. The granite counter tops are large and majestic, and the furnishings look and feel expensive.

This expensive look and feel isn’t just skin deep, either. The entire709 condominium building was constructed using concrete tunnel form, firmly planting the entire structure on the beach. With an all concrete structure, residents can stay, and own with the peace of mind that their property is safe.

As you walk out into the pool area, you are greeted with palm trees and other native plants to this area. The 14,000 square foot pool weaves in and out of the various nooks and crannies that give this huge pool character. Flowing under two bridges, the pool gives the swimmer constant views of the Gulf of Mexico and is serviced by two tiki bars.

The 2 full service spas, separated for men and for women, provide massages, facials, steam rooms and saunas and are available to guests and residents. There is a spa located on each side of the U-shaped building. The fitness center features high-end Life Fitness brand cardio equipment, fitted with individual flat panel TV’s.

The large indoor heated pool and hot tub offers residents and guests an opportunity to enjoy a swim regardless of the weather.

With 3 elevator systems, you never have to walk too far to get up to your floor.

Centrally located in Panama City Beach, Pier Park, restaurants, Wal-Mart, and pretty much everything else you’d want while you were on vacation are just a few short minutes away.

Ok, so we’ve established that the Shores of Panama is a true resort, but lets talk numbers.

Recently, beachfront condos have sold for around $200/sq ft at auction.
The price here is $253 per square foot, but you get so much more. I walked around some of the other condos that have sold at auction, and they simply just don’t compare to the package you get at the Shores of Panama. Others that have recently sold, really are just a building with a pool.

As far as rentals, the pros at Oaseas Resorts have you covered. Last season, 65% of the guests who visited the property re-booked for next year. With an Oaseas Resorts office on site, getting in touch with them should be no problem.

For more information:

866-912-6375
info@resortvest.com
www.resortvest.com

Bank Says Laketown Wharf will be 'taken care of'

One of the Corus Bank investors sent me an email with the Quarter 3 report of Corus Bank that has a paragraph that briefly speaks into their Laketown Wharf holding. The paragraph gives some indication as to their plans of the building in the near future.

The remaining component of nonperforming assets is OREO, which consists of three properties as of September 30, 2008. The largest is a condominium project located in Panama City, Florida, which Corus took possession of in September 2008. At the time Corus took possession, the outstanding loan balance of $96.5 million was transferred to OREO on the balance sheet. Prior to the transfer, Corus recorded a charge-off of $30.2 million. While certificates of occupancy have been received for the entire project and over 60 units have been sold, management estimates that an additional $10 million will be necessary to complete all work on the building. The Bank also intends to pay an additional $5 million to furnish approximately half of the unsold units and make them available for rent. The ultimate goal, however, is to sell all of the individual units.

I found this extremely interesting, and actually quite encouraging. Not that a huge bank would ever let a holding this large “go to the birds”, I’ve seen stranger. It is very important to the image of Panama City Beach that Laketown Wharf maintains a good image and that something does indeed happen with this property, whether the remaining condos are sold for whatever they can be sold for, or rented.

Talking to a friend today, I was told that Laketown Wharf has no formal agreement with anyone for beach access. I hope that Corus can negotiate a permanent solution for the guest, tenants and owners to have access to the beach.

The rest of the report provides interesting insight into how a large bank is handling the current economic condition of our great country.

The report seems to indicate the banks willingness to finish the job and do what it takes to move forward. A property they took possession of in California, they will be funding, finishing, marketing, and selling.

Condo Market after Ocean Reef Condo Auction

The Ocean Reef auction on October 18, 2008 concluded with a reported 35 sales. Sounds good but they still have over 140 unsold units in their inventory. The 2BR/2Ba units sold for $225,500, including the auction fee, which is about 20% less than recent sales of very similar Emerald Isle 2BR/2Ba units. This tells us that there are a few buyers out there willing to buy at a 20% discount. The Palazzo auction in August told us there were a few buyers out there willing to buy at a 10% discount. The question is whether buyers will demand more than a 20% discount at the next auction.

We reported in July that there were over 1,300 unsold, high-quality developer units in beach-side buildings in Panama City Beach. The Palazzo auction sold 50 units in August, the Ocean Reef auction sold 35 units in October, and Sterling Breeze closed 30 units in-house since July. That still leaves around 1,200 unsold developer units that need to be sold. 1,200 unsold developer units most likely means more auctions and lower prices.

The local condo market continues to trend downward. The chart later in this post indicates that sale prices as of October 2008 are down 15% compared to October 2007. New lows are set almost every month in high quality beach-side buildings. There are numerous examples of list prices that are below the lowest reported sale price of a particular model unit. Foreclosure proceedings in high quality beach-side buildings have accelerated in every quarter over the past year. The number of monthly, arms-length, market-rate sales from the 70 buildings within our database continues to decline. The market dynamics at play in our local market and just the market inertia will most likely drag prices lower.

Is there any good news here? If your basis for news is the year 2005, then market values have declined 50% and the world is coming to an end. However, if your basis is the year 2002 then story is more upbeat. Let’s look at the 744 square foot, 1BR/1Ba units in Long Beach Towers. These units were selling in 2002 for around $175,000. Currently, they are selling in the $215,000 range for a 23% increase since 2002. The rate of inflation in constant dollars over the same period was 21%. Not bad when you consider any other long lived item (vehicles, equipment, etc) you purchase almost always depreciates over time.

It is unreasonable to assume that residential property will always increase in value at a rate higher than the inflation rate. If you extend price increases at a 2% to 3% rate above the inflation rate over a 30 year period, people will be spending more than 75% of their income on a place to live. That is not a sustainable scenario.

Is this a good time to buy? If price is your main consideration, the operative question becomes “is it a good time to buy today relative to what point in time”. Certainly, today is a better time to buy than six months ago. But is it a better time to buy today than six months from now? The answer you will get depends on the agenda of whom you ask. Speculation in this kind of market is not for the faint of heart.

The following is an update of our usual, no spin data from http://www.condosaletrends.com which we hope will help you in your investment decisions. As always, if you lie to yourself about things concerning money, you lose.

We recently updated our Panama City Beach condo sales data through mid October 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 since July appear to be trending lower than past years.

The market trend line is illustrated below. It is structured to show a sale price trend measured in terms of the percentage sale price as of a particular date. The starting date used was May 1, 2007 so we could show the price trend for the preceding 19 months. We chose units from a variety of buildings of different ages and sizes that had a sufficient number of sales as to be statistically significant. The units used in the analysis were:

Boardwalk Beach; Opened in 2005; 1,380 SF; 2BR/2Ba
Calypso; Opened in 2006; 1,226 SF; 2BR/2Ba
Celadon; Opened in 2004; 846 SF; 1BR/2Ba
Grandview; Opened in 2005; 1,492 SF; 3BR/2Ba
Gulf Crest; Opened in 2003; 1,388 SF; 2BR/2Ba
Emerald Isle; Opened in 2005; 1,146 SF; 2BR/2Ba
Treasure Island; Opened in 2005; 1,370 SF; 2BR/2Ba
The Summit; Opened in 1983; 912 SF; 1BR/1.5Ba
Regency Towers; Opened in 1975; 1,114 SF; 2BR/2Ba
Sterling Reef; Opened in 2005; 1,076 SF; 2BR/2Ba
Splash: Opened in 2006; 1,074 SF; 2BR/2Ba
Seychelles; Opened in 2006; 883SF; 1BR/2Ba

The May 1, 2007 market value for each type of unit was determined by analyzing sales data from January 1, 2007 to June 19, 2007. The sale price of each type of unit is only compared to the typical sale price of that particular type of unit as of May 1, 2007. In other words, a unit type with a May 1, 2007 market value of $400,000 is represented as 1 or 100%. An October 2007, $380,000 sale of that type of unit is depicted as .95 or 95% of the May 1, 2007 sale price. The sale prices and sale dates were charted with a price trend line for each type of unit. The chart contained in the price trend analysis is a trend line of the trend lines of the sale prices of each type of unit from the 12 buildings. Foreclosure sale prices that were unrealistically low were not included. There were 177 sales used in the chart. The analysis does not try to skew the price trend in any direction. The data is just the data.

The data indicates that the rate of price decline has been mostly steady over the past 19 months. Compared to October 2007, it appears that typical prices have declined approximately 15% over the past 12 months. Price stabilization is not indicated.

Sam Portman
www.condosaletrends.com

35 Condos Sold at Ocean Reef Auction

Expectations were high, and so was the attendance. After the wildly successful Palazzo auction, many came interested in seeing “where the market was”, and many more came to have an opportunity at getting a good deal. At the end, many agreed that the market was at the bottom and that prices wouldn’t come down much more, if any, from this number. On the other hand, many more still agreed that the market still has some room for correction.

There was an estimated 400 in attendance with 126 registered bidders from 17 states and 2 countries. When asked at the beginning who was from Panama City Beach, few raised their hands indicating this type of selling forum definitely attracts out-of-towners.

“I was wanting to move back to the states in 2006, but the prices were way too high, this may be my chance to come back, ” said Jerry from the Dominican Republic before the auction hoping to get a good deal.

“I’m hoping to get in at around $140,000 to $150,000 on a two bedroom,” said one local agent, who was also a registered bidder, “I won’t go much higher than $150,000.”

Before the auction began, the energy was great. There were people everywhere with not one empty seat and many people standing anywhere they could find an unoccupied piece of concrete. Bidder packets were being shuffled, pads were being prepared for note taking, and calculators were at the ready.

“You have to factor in the 10% buyers premium in all price per square foot calculations,” said one bidder, “the final auction price, is not the final sold price.”

The auction started with the 4 bedroom configuration on the block at an ambitious $500,000 that was quickly corrected to $300,000. The first bid came in at $310,000. The first 4 bedroom condo sold for $340,000, $374,000 after the buyer’s premium, or $233.75 per square foot.

“That number has got to come down, there’s no way all of them will sell at that price,” said the guy sitting next to me.

The very next condo was started at $310,000. After no bids, a member in the audience yelled “$305,000.” Two minutes later, the feeding frenzy started. $305,000 was the magic number, with 8 four-bedroom 1,600 square foot condos selling at that price. After the 10% buyer’s premium, the final price was $335,500, or $209.69 per square foot.

The two bedroom, 1,146 square foot condos were next. Talking around, this was the most desirable size. The majority of the buyers were price-point buyers, wanting to get in for as little as possible.

The two bedroom auction started at $300,000, was brought down to $225,000, then $210,000, then $205,000 – SOLD! The magic number for the two bedroom configuration was $205,000, $225,500 after the buyer’s premium or $196.77 per square foot. 16 two bedroom condos were sold for $205,000.

Including the pre-sold condos, all-in-all, 35 condos were sold generating an estimated $8.839 million. Initially, the developer offered 31 condos for sale.

After the price was set at $205,000 for the two bedroom, the auctioneers said the developer wouldn’t sell for less than that. At this announcement, approximately half the audience rose from their seat to exit. The line for those wanting their deposit checks back crossed the entire length of the pavement. Many were disappointed that not all of the condos were sold like a true auction, many didn’t want to pay more than their targeted $140k-$150k price range, and still others understood, but were still looking for a sweeter deal.

The real question here is whether we are at bottom. The sold price at Ocean Reef was less than Palazzo, but many agreed that Palazzo was nicer and justified the higher price.

One thing is for sure, if you are a developer and you want to dump some condos, auction seems to be a good choice. “Panama City has turned out to be an incredible market for condos. This clearly demonstrates the pent-up demand and shows that there’s no reason for condo developers to sit on unsold inventory when they can be sold efficiently and quickly by auction,” said William Bone, President of National Auction Group.

Condo Auction Today at Ocean Reef

Get your checkbooks ready, because there is sure to be some good deals to be had today.

At 11 am, Ocean Reef Condominiums will be putting 31 beachfront condos on the auction block. National Auction Group, the same auction company that sold 50 condos at Palazzo August 2nd of this year, will be putting on the show onsite.

With over 63 to choose from, 31 will sell regardless of price. The sizes up for auction are either 2 or 4 bedroom configurations ranging in square feet from 1,100 to 1,600.

Registration will start at 9 am with the auction to begin at 11 am.

Get Live Auction Updates

I will be in attendance, and for those of you that can’t make it, I will be sending live updates to all of you that are “following” pcbdaily on Twitter. The way it will work is that I’ll be “texting” my Twitter account from my cell phone updates on prices sold per square foot and any other exciting information happening at the auction. When I do this, everyone that is “following” pcbdaily on Twitter will be notified of the updates. When you sign up on Twitter, you can set up a cell phone on your account to be notified automatically whenever I submit any updates to my Twitter page (you can turn this feature on and off at will, actually), or you can set up to be notified by email. You can also see pcbdaily’s Twitter updates in the sidebar of the website under the heading “Twitter”.

Click here for a full list of auction terms, etc.