Here is a sales history of Splash Condominium in Panama City Beach, Florida. The graphs included are: The first outlines the complete history, and the second depicts Splash sales from 2009 to the present. The third shows the percentage difference from the prior year. Together, these graphs provide a clear picture of the price differentials over time.
Condominium prices have increased 5.6 percent this year. That is down from the 6.1 percent we were up in the June Market Update. It is not that prices have fallen, but that the majority of condos selling are of floor plans that bring a lower per square foot price. For example: A 2-bedroom floor plan with both bedrooms off the water is going to sell for considerably less than a 2-bedroom with a master bedroom on the water.
Earlier in the year the Sterling Breeze association board undertook the task of seeking assistance from an Architectural and Engineering (A&E) firm that specializes in the restoration of condominiums. The board retained Pendleton + Bowman, which is becoming a reoccurring theme for local condos doing restoration projects. They handled the Long Beach condominium and are currently also working on the Grandview restoration.
In October 2014 Grandview East condominium came to a settlement in its lawsuit over building construction deficiencies. The deficiencies included existing stucco, sliding glass doors, windows, and railings. September 2015 Grandview East will close off the building for 8 months to complete these renovations to the building.
Loan rates for condominiums edged up one-quarter of a point last week following an unexpectedly strong May jobs report that caused bond yields to go up. Rates were briefly at 4.5% on a five-year ARM before falling back to there normal range. I think interest rates will have to go higher before we see any effect on Panama City Beach's condominium market. You can get more detailed loan information in my condominium loans in Panama City Beach article.