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January 2017 market update

Panama City Beach condo sales review of 2016

A look back at 2016 condo sales in Panama City Beach

The 2016 Panama City Beach condo market was a bit of a mixed bag. The average sales price per square foot for condos built in the area after 2001 are down less than 1% from last year. This year saw some floor plans increase in price while others were flat or fell lower. There is still a healthy demand for condos as the area continues to improve and mature. Strict financing requirements are providing a healthy market free from speculators and flippers.

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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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