Tag: island reserve auction

Live Auction Updates – CLICK HERE

Ok, so here’s how I think the technology is going to work for the live updates.  I’m going to try and post updates to THIS POST that you are reading, newer updates will be at the top (below where it says “here are the updates”).  I’ll precede each new update with the time to hopefully prevent confusion.  If for some reason, this doesn’t work, then I’ll be emailing in updates that will create a new post each time.

It will look a little chaotic, but at least you’ll have the updates, and I’ll clean it up later.  I’m getting ready to head over there right now.  (1049)

Here are the updates

0152: sold all 1 bedroom condo. Sold 3 bedroom townhome for 205k. That’s 87/foot after buyers premium. Sf is 2576.

Then sold another 3 bedroom townhome for 200k before premium. That guy took 5 at that price

Then they put one 4 bedroom townhome up and it sold for 200k. At 3019 sf, that’s 72 a foot after buyers premium

Auction is over. They sold 125 condos total.

0138: 1 bedroom unit #3-105 sold for 73k before buyers premium that’s 74/foot after buyers premium. Next bid is at 66k right now and . . . Sold for 70k. Guy’s buying 8. The one bedrooms being sold are 1071/foot

0135: sold all the absolute 2 bedrooms. Starting 1 bedrooms. Starting at 70k

0124: so much of a frenzy, they started the bidding again for the 2 bedrooms. Now selling the last 5 available absolute for 87k before buyers premium

0116: again there are live pictures at http://www.twitter.com/pcbdaily

Hoards of people were jumping at 77k for 2 bedrooms. They are taking a break. Said they have a lot more condos to sell

0109: hit a sweet spot, a frenzy has begun. People are practically arguing over what they are getting. One guy said he’d take what was left at this price. The magic number for the 2 bedrooms? 77k. That’s 64 bux a foot after buyers premium. Wow

0101: unit number 5-207 2 bedroom sold for 77k before buyers premium.

1255: 2 bedroom 6-207 sold for 95k before buyers premium. That’s 79/foot after buyers premium.

1251: 2 bedroom unit number 7-301 sold for 100k before buyers premium.

1245: first 2 bedroom sold for 125k. All e bedrooms are 1325 sf. This sold for 103/foot after buyers premium. Unit # 6-103.

Also 5-101 sold for 117k.

1239: just sold 3 bedroom for 160k unit # 6-314. All three bedroom condos are 1761 square feet. 99/foot. Starting to sell 2 bedroom condos

1236: just sold unit 6-111, 3 bedroom for 172k.

1231: lady right behind me just bought 3 bedroom 3-108 for 200k. 1761 square feet. 124/ foot after buyers premium. Next bidding starting at 160k for 3 bedroom.

1228: at 1761 sf, that’s $133/foot after buyers premium

1223: 3 bedroom started at 150k sold for 214k

1220: charity auction over will start selling condos in a sec

1211: “its auction time, 1200 noon central roebuck time” said john roebuck. “Don’t wait, buy now”. We just prayed, that’s very cool that they did that.

They are reading the terms now. Should take a few.

1207: auction hadn’t started yet, but they are asking the staff to take their positions. Again, keep an eye on http://www.twitter.com/pcbdaily for live pictures

1153: just talked to a reader of pcbdaily, and he was telling me his sweet spot was close to $50/foot. Wow

1147: seats are filling up, people still arriving, parents are here with kids to enjoy the show

1138: a little more than half the seats are filled right now with right around 200 registered bidders. That’s a pretty darn good turnout. To see a picture, go to http://www.twitter.com/pcbdaily

1051:testing

1052: testing two

1053: testing 3

1129: wow, parking lot is full, I had to park on the third level of the parking deck

100 Condos up for Auction at Island Reserve – Absolute!

Tucked away right off Front Beach Road in Panama City Beach lies a hidden treasure of a resort with a plethora of amenities completed and waiting for you to enjoy.  The Island Reserve Resort is a well kept secret, maybe that’s why only 42 were sold and 257 are up for auction, 100 of which will be sold absolute.

On May 16, 2009, 100 condos will be sold absolute by Roebuck Auction Group.  Now before you guys bash us for publishing an advertorial, here me out. If the price is right, this could be a sweet deal for you.  And the fact that they are selling 100 condos absolute, everything is completed (including the amenities) and only 42 are off the developer’s books means the price will probably be right.  So, what is that price, you say?  We shall see, my friend, in the near future.

On with the resort.

My tour began in the 4,200 square foot half court basketball gymnasium with 35 foot tall vaulted ceilings overlooking the 1 acre lagoon pool.  Attached to the gymnasium is a fitness center, private theater room and club game room filled with a pool table, card table, bar and a sink.

When I walked out to the pool, I envisioned families playing and kids running about the spacious pool deck.  The pool area is very open.  The 1 acre lagoon pool features lanes on one end for laps and a beach entry on the other for the kids to play in the shallow water.  In addition to a waterfall feature, there is also a fenced area (using the nice black fencing, of course) with water spouts for the kids to play in.  This is very cool, as this way parents don’t have to worry about their little kids wandering into the pool when they play in this area.

The whole resort was designed like  small community with plenty of areas to spend time outside.  The landscaping was a little rough, but crews are working to revamp everything by auction day.

Up for auction are condos randing from 1 to 3 bedroom and townhomes either 3 or 4 bedrooms.

I went in a 2 bedroom condo and 3 bedroom townhome and both were well laid out and spacious.  The town homes come with 2 car garages, wine coolers and icemakers along with 3 floors to spread out in.

The draw back to purchasing thid kind of property a couple years ago was that you had to wait for the amenities to be finished.  Island Reserve is complete now.  The amenities are in place and begging to be used.  The condos and townhomes are done and move in ready.

Sure, this resort is not beachfront, but it is a resort with all the fit and finish and with the absolute auction, the prices should be good.  If you are in the market for something, I’d stop by and take a look.

In 2006, a 1 bedroom condo sold for $426,000, a 2 bedroom sold for $516,000 and a three bedroom sold for $616,000.

Here are the square feet of each size condo (heated and cooled):

  • Condos
    • 1 bedroom w/ study, 1 bath: 1069 sf — — — > 32 total units, 15 absolute
    • 1 bedroom, 2 level, 1.5 baths, 2 levels: 1520 sf — — — > 24 total units, 12 absolute
    • 2 bedroom, 2.5 bath: 1,325 sf — — — > 125 total units, 40 absolute
    • 3 bedroom, 2.5 bath: 1,761 sf — — — > 52 total units, 25 absolute
  • Townhomes
    • 3 bedroom, 3.5 bath, 2 car garage, 3 levels: 2,874 sf — — — >6 total units, 6 absolute
    • 4 bedroom, 4.5 bath, 2 car garage, 3 levels: 3,019 sf — — — >2 total units, 2 absolute

Click here to view floorplans.