Episode #8 – 3 Br Waterfront Condo for $289k

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Click the “more” tag for show notes and pictures.

Call us at 866-994-1770 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Show Notes

Deal 1 – Handyman Special

  • List Price: $79,900
  • Square Feet: 1,320
  • Price/SqFt: $60.53
  • 3 Bedrooms, 1 Bath
  • Built in 1974
  • This is a Handyman’s Special and definately needs a little love, but for the price, it may be an awesome fit for you. This kitchen is damaged, but there is still some granite to work with. The carpet would probably need to be replacing and some work would need to be done on some of the walls. There is a pretty rough mother-in-law house out back that appears to have plumbing and electricity to it. This is a foreclosure listing being sold by the bank.

Deal 2 – Sunnyside Dedicated Beach

  • List Price: $219,900
  • Square Feet: 1,776
  • Price/SqFt: $123.82
  • 3 Bedrooms, 2 Bath
  • Built in 1970
  • This is an awesome home in the beautiful Sunnyside Beach Area. This home is one block from a dedicated beach, which means no one will ever build on this beach. This is regarded as one of the nicest (and quietest) dedicated beach areas on Panama City Beach. This home needs a little work, but not much. It has a spacious floor plan with a neat, renovated master bathroom. This would make a great rental.

Deal 3 – Waterfront Wild Heron Condo

  • List Price: $289,000
  • Square Feet: 1,711
  • Price/SqFt: 168.91
  • 3 Bedrooms, 3 Bath
  • Built in 2004
  • We are no strangers to Wild Heron, and that community is so HOT right now with over 12 closings in there so far this year. Of course, with prices like this, its no wonder, these condos are top notch, from the ground up. And the community is second to none in Panama City Beach, truly one-of-a-kind with superb amenities that emulate a lifestyle that at one point would cost you close to a million dollars to buy into. This condo is a one-owner, live in that has been spectacularly taken care of. This is a short sale listing, that is actually Karen’s listing, and I’ve been told the bank is being very communicative.

Call us at 866-994-1770 to see these properties or for anything else you need regarding real estate in Panama City Beach.

Episode #4 – Wild Heron Condo for $215k

This week on The Beach Show, we have a 2 bed 2 bath condo on the water in Wild Heron for only $215,000, we have a huge, awesome 3 bed 3 bath end unit condo in Tidewater that’s fully furnished for only $459,000, and we have a 2 bed 2 bath fully furnished condo in Sterling Reef for only $185/foot.

The Beach Show, your ONLY internet TV show all about real estate on Panama City Beach

Show Notes

Deal 1

  • List Price: $215,000
  • Square Feet: 1,301
  • Price/SqFt: $165.26
  • 2 Bedrooms, 2 Bath
  • Built in 2004
  • This awesome condo in Wild Heron is right on the water with fabulous views from the living area, the patio and the master bedroom. This condo is a split floorplan with a very nice kitchen. The Wild Heron community offers tons of amenities including pools, hot tubs, very great fitness center, business center, kayaks, canoes, and so much more. Not to mention that it is just absolutely gorgeous. This is a rare opportunity to own a waterfront condo in Wild Heron for only $215,000!

Deal 2

  • List Price: $459,000
  • Square Feet: 1,670
  • Price/SqFt: $274.85
  • 3 Bedrooms, 3 Bath with Bunk Area
  • Completed in 2007
  • This is a great opportunity to own in one of the nicest condominium developments in Panama City Beach. Tidewater is a well designed, packed with amenities resort and this condo is ready for you to rent. Being sold fully furnished, the sellers have appointed it very nicely and already have $39,000 in rental income on the books for 2009. The amenities include a huge 70 seat movie theater that plays feature films over the summer, two big lagoon pools on either side of the building, a huge fitness center and exclusive “owner’s-lounges” that come with a full kitchen, couches and flat screen tv’s that are only accessible to the owners at Tidewater. You can see the rental page at

Deal 3

  • List Price: $200,000
  • Square Feet: 1,076
  • Price/SqFt: $185.87
  • 2 Bedrooms, 2 Bath
  • Completed in 2005
  • This two bedroom two bath gulf-front condo in Sterling Reef comes fully furnished and rental ready for only $200,000. If you are looking for something right in the middle of all the action that’s ready to rent as soon as you close, this is the one for you. This is a short sale listing and we should note that there is a third party short sale negotiator involved that requires a 1.5% buyer fee paid to “The Short Sale Guru”, which, if sold for $200k would only be $3,000, still cheaper than anything else listed in this building.

Pictures

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.

Condo Auction in Mexico Beach

tranquilharborTen condominiums in the prestigious and new Tranquil Harbour community on Florida’s beautiful Mexico Beach will be sold by absolute auction (regardless of price) on Saturday, May 2nd. The beautifully-designed units will be auctioned by The National Auction Group, Inc. of Gadsden, Alabama, an elite team of highly-trained specialists in the marketing of one-of-a-kind, high-end properties. The company has established a significant track record in recent months, selling more than $87 million worth of condos on the Gulf Coast from Panama City to Gulf Shores since last May. Also to be sold separately on auction day are a dozen lots on beautiful Cape San Blas.

Situated directly across from the Mexico Beach Pier, Tranquil Harbour consists of two three-story towers with all units enjoying mesmerizing water views. Options include two, three and four bedroom units. Each of the 10 condos is beautifully-designed and richly-appointed with the first class amenities one would expect at such a superb resort community. Featuring unique designs that are both attractive and functional, all units come with an assigned boat slip with quick access to the Gulf, as well as covered parking and expansive storage areas.

Tile floors and granite countertops add special touches of quality while the over-sized, open rooms with crown moldings and nine-foot ceilings offer plenty of windows to take full advantage of the wonderful vistas. In the kitchen are top-of-the-line GE Profile or equivalent appliances including microwave, self-cleaning oven, dishwasher and side-by-side refrigerator, as well as an undermount stainless steel sink. All condos have solid core interior doors, designer light fixtures, ceiling fans in living rooms and bedrooms and high quality faucets and plumbing fixtures.

Bathrooms feature framed vanity mirrors, a separate shower in the master baths, cultured marble vanity counter tops and tubs and raised height cabinets.

cape-san-blas-lots-aerial-1Located on the Florida panhandle, Mexico Beach is a community on the edge of the Gulf of Mexico but miles from anything else. Along this stretch of scenic Highway 98, there are no high-rises and no rush-hour; just breathtaking views of sea oats, white sand and the emerald Gulf water. You may stop for a family of beachgoers crossing the road, but never for traffic lights.

Visitors take part in swimming, kayaking, fishing, recreational diving, eco-tours or just plain old relaxing with a beach chair and a good book. When it comes to supper time, if you haven’t caught your own dinner, you can visit one of the many restaurants, either on the beach or across the street.

Nature lovers relish the bird watching and aquatic animals. Look for bald eagles in the winter months and loggerhead turtle hatchlings in the late summer. Dolphins dive through the waves all year long. Visitors can also explore the shops of Mexico Beach for souvenirs, artwork, antiques and fine clothing. For golf enthusiasts, St. Joseph’s Bay Country Club, just to the east of Port St. Joe, offers 18 holes of challenging play.

The 12 residential lots are on Cape San Blas which is located between Port St. Joe and Apalachicola and has been called one of America’s “Top 10 Beaches.” Several of the lots are located directly on the Gulf of Mexico amidst spectacular sand dunes and have breathtaking views of the aquamarine water that is unique to the Florida Panhandle.

“For someone looking for a good buy on a vacation get-away, business retreat or resort rental property, the condominiums and facilities at Tranquil Harbour offer an extraordinary opportunity to the discriminating buyer to purchase luxurious and picturesque accommodations on Florida’s Emerald Coast,” said William Bone, president of The National Auction Group, Inc.

The properties will be open for inspection by appointment beginning April 17th from 10 a.m. to 5 p.m. by calling 1-800-503-0010 or (256) 547-3434. Beginning April 17th, call on site at (256) 504-5201 and (256) 504-6858. Those bidding on the condominium units will be required to pay 10% on auction day and must have $5,000 in certified funds for each two bedroom unit; $10,000 for three-bedroom units and $15,000 for the four-bedroom units. The Gulf front and Gulf-view lots will require $5,000 each. The auction will take place at Tranquil Harbor which is located at 101 36th Street in Mexico Beach.

Click Here for a printable fact sheet

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

Where we are in the current real estate cycle

MarketWatch.com published a great article speaking into why now may be a good time to buy real estate.

The bottom of the market is not a date, but a band of time or season,” Shore says, and therefore what constitutes the bottom for the entire country is meaningless for those looking to buy and sell homes in their own communities. “If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver’s seat during the buying process, you will also reap the gains of price appreciation once you become a home owner,” adds Shore.

Waiting for the right time to buy puts you at risk of missing it and getting caught in a market on the upswing. Plus, for some first-time buyers, owning simply makes better economic sense than renting. In such areas as Los Angeles, rents are getting close or surpassing a mortgage payment. And you don’t receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned a home of your own.

Continue Reading >> >>

Real Estate Market Conditions on Panama City Beach – September

September 2008 Report – Panama City Beach

Slightly over 4.5 % of the total Beach inventory for detached single family homes sold in September,  down from slightly over 5% in August. If all things hold steady, there is over 19 months of inventory on the market. As of Oct 04, 2008 there were 750 DSF listed in the Bay County Association of REALTORS® MLS System for Panama City Beach. Out of the 34 homes that sold in September, 9 were foreclosures, 1 was a short sale, 3 were builder sales and the rest were typical sales. September 08 was 17% slower than August of 08 in total DSF’s sold, 34 compared to 41.  The foreclosure rate of sales for detached single family homes on the Beach fell slightly to 26.5% of all the sales for September compared to 30 % in August. The absorption rate decreased slightly from 5% to 4.5% but the overall inventory of DSF also fell from 780 to 750. Out of the 35 homes 1 canal front home sold. There were no other waterfront sales. The average price per square foot was $142, including all 34 homes. However, if we nixed the top and bottom 5 the average price per square foot actually rose to $147.16. The average days on the market for all 34 homes was 206, a 12.5% decrease compared to August, which was 236. As of October 4th there are 66 DSF under contract (about 8.8 %) and 750 listed. This is a 3% improvement over August .  These numbers overall are more positive than negative and reflect a slight strengthening. This is no time for elation but any sign of encouragement is welcomed.

2.6 % of the total Beach inventory of condominiums sold in September. This indicates a 38.5 month inventory of condominiums on the Beach and the statistics are basically the same for gulf front condo’s.  As of October 6th there were 1582 total condominium listings, 1090 of which are gulf front.  Out of the 41 total condominiums that sold in September only 4 were foreclosures (or slightly under 10%), one of which sold at auction, 5 were short sales (about 12 %), the other 78% were conventional sales. If gulf front condo’s were considered alone, all 25 sold for an average of $264.35 per square foot. If all condos are taken into consideration, the average price per square foot slips to $224.42. The average days on market for all condo’s sold is 134 and for gulf front only, 143 . As of October 6th there are 90 condos under contract out of 1582 total for the beach, or slightly over 5.6 %, and out of that there are 40 gulf front out of 1090 listed, a bit less than 3.7%.  The numbers in September trended negative for condos. The absorption rate decreased from 3% to 2.6%, the average price per square foot declined for all condos about 9% and for gulf front 9.25%. There were less than half as many foreclosures sold but a significant growth in short sales or pre-foreclosures. The silver lining is that the overall inventory decreased by 38 units.

No inventory for multi-family homes sold in September. There are 65 active listings and 2 under contract as of October 6th.

About 2.6% of attached family homes sold in September for a total of 7 sales out of 266 listings. This leaves about 38 months of inventory on the market.  There were 3 foreclosures sold out of the 7 and the average days on market was 88. The average price per square foot was $178.52. There are currently 19 units under contract. This sector of the market, though slipping a bit in absorption rate by about 1%, improved strongly in price per square foot, 22.5%, and decreased in average days on market by 26%. That is the bright spot in the market this month. It ought to be noted, however, the product that sold was a newer product across the board than last month’s sold inventory.

Sold Listed Avg DOM Avg Price/SF Mo’s of Inv Abs. Rate Forcl Undr Const
Detached Single Family
34 750 206 147.16 19 4.5% 26.5% 66
Condo’s Total Panama City Beach
41 1582 134 224.42 38.5 2.6% 10% 90
Condo’s Gulf Front Only
25 1090 143 264.35 27.7 3.6% 40
Multi-Family
0 65
Attached Single Family
7 266 88 178.52 22.5 2.6% 42% 19

There are some things to keep in mind. One, these are snap shot reports not movies. There can be huge swings month to month which may yield either despair or elation depending on whether there is a sharp increase or decrease.

Second, these reports relate to posted listings and sales in the Bay County Association of REALTORS MLS System. Some sales occur “for sale by owner” or at auction.   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.

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

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