Panama City Beach Condo Market Analysis After The Palazzo Auction

The Palazzo condo building had a successful auction Saturday, August 2, 2008, with around 50 units selling. Some have heralded the event as an indication that the bottom of the condo real estate market is finally here. However, a closer analysis may have a much more sinister conclusion.

Let’s analyze the current market value of the Palazzo 2BR/2Ba units the day before the auction. The current market value defined as the highest price that would attract a buyer, given a defined marketing period.

Continue reading “Panama City Beach Condo Market Analysis After The Palazzo Auction” →

50 Palazzo Condos Sold at Auction on Panama City Beach

That’s right, you read correctly. 50 condos sold at the Palazzo Auction held on Panama City Beach totaling over $17 million in sold real estate. “The numbers were a little low, but we sold a ton and I feel confident that we did better now than we could of, say, six months from now”, said Developer Ron Durham.

What started out as a cloudy, looks like its gonna’ rain, day turned into a beautiful, not too hot with gorgeous deep blue skies, day. In attendance were over 250 people with 126 registered bidders from 14 states and Canada. Required at registration was a check for $15,000 per one-bedroom condo, $25,000 per two-bedroom condo, and $35,000 per three bedroom condo.

Continue reading “50 Palazzo Condos Sold at Auction on Panama City Beach” →