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Calypso added to No Lend List

Calypso condominium denied financing

In October 2016 Calypso was added to the no lend list for the banks that finance condos in Panama City Beach. One of the considerations for providing normal condo loans to gulf front condominiums in Panama City Beach is pending litigation.  Any litigation banks feel could severely impact a condominium association can cause condominiums to be added to this list.  In October of 2016 the bank that buys the majority of the Panama City Beach condo loans on the secondary market added Calypso to this list.

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Front Beach Road Project segment 2

The long overdue road improvement project on Front Beach Road in Panama City Beach, scheduled to begin over a year ago, is now ready to start after delays related to state permitting issues. The delays finally ended in July and the Panama City Beach City Council has agreed to take over control of the segment of road where the project is being completed. The part of road in question goes from 500 feet west of Richard Jackson Boulevard to South Thomas Drive. There are several condominium complexes that will benefit from this road project including: Long Beach Condominium, Twin Palms, Ocean Ritz, Grandview, Marisol, Majestic Beach Resort, and Ocean Villa. The project, a $14.2 million endeavor, was awarded to GAC contractors.  The goal of the project is to improve underground utilities in the area while also adding landscaped medians, sidewalks and new transit lanes.

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September 2016 market update

Condo Sales update for Panama City Beach May 2016

After three consecutive years of price increases (2013 - 10.6%, 2014  10.4%, and 2015  7%), the fourth year failed to materialize. 2016 is a mixed year for condo sales prices in Panama City Beach. On average the sales prices are down 1.8% this year. Buildings and floor plans individually have been a mixed bag.

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Ocean Villa sales history

Ocean Villa sales history

Looking at the entire sales history of Ocean Villa, I compared the two bedrooms there with four other buildings that were constructed by the same developer and had identical floor plans. The graphs show a comparison of recent sales, the entire history, sales volume, and annual percentage change. Condos on the west side of the beach tend to demand a slight premium to those located in central Panama City Beach.

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