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Limited lending options at Shores of Panama

I recently wrote an article covering the financing options available for condos in Panama City Beach. The article illustrated a condo loan program at Gulf Bank for 3- and 5-year ARMs with as little as 20% down. Shores of Panama lost that financing option at the beginning of March 2013.

Updated March.31.2015 - Shores of Panama association board of directors voted to keep their same insurance provider and coverages.  This means it is unlikely that this building will have normal condominium loans offered for another year.  This is the largest obstacle preventing common lending options at this location.

Shores of Panama

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May 2015 market update

May 2015 Panama City Beach condo sales update

As of April 2015, average per square foot prices are back in line with trends seen in recent years. A look at current performance of older versus newer condos reveals opposing trends: condos built before 2001 are seeing a 19% sales volume increase to prior year while condos built since 2001 are realizing a 9% decline in sales volume. The numbers reveal a shift toward the absorption of older condos. This newly developing trend is attributable to significant price increases in the newer condo market.

Panama City Beach real estate, Panama City Beach condos for sale

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March 2015 market update

Panama City Beach condo sales update for March 2015

Unsurprisingly, 2015 has been off to a slow start for selling condominiums. Today, sellers are demanding for higher sale prices on their condo listings. This in turn is resulting in few buyers who are willing to spend those prices. With no supply of distressed sales, this is the new real estate market in Panama City Beach.  Foreclosures and short sales rarely happen anymore and when they do reach the market, these properties are sold at the retail price.

Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates

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2014 - Year in Review

January 2015 Panama City Beach condo sales update

Condos see third year of price increases

In 2012 condos showed promising signs of prices beginning to bounce back. In 2013 condo sales prices clearly showed the market had rebounded. What was interesting about 2013 was that even after two years of price increases, the sales volumes didn't fall off. The reason for this was that inventory was running low on some of the floor plans at their current pricing levels.  Meanwhile other floorplans that had not seen absorption for years were beginning to pick up the slack. The lack of inventory really became apparent in 2014. Even though we had price increases of 10% in both 2013 and 2014, our sales volumes were off by 21% when compared to the previous two years. I expect this trend to continue in 2015.

Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates, Calypso Condominium, Year in Review

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October 2014 market update

October Panama City Beach condo sales update

We're seeing an overall theme of gradually increasing prices with sales volume falling back from the past three years' sales levels. This happens in waves (different floor plans in different buildings). There have been steady price increases over the last three years, and a large part of our sales volume occurred in floor plans located in the newer and most popular buildings.

Real Estate Market Updates, Calypso Condominium, Panama City Beach condos for sale, Panama City Beach real estate

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Refinancing your condo in Panama City Beach

Many Panama City Beach condo owners who purchased their property from 2004 to 2009 want to refinance their condominiums. Since most banks do not provide loans for the area's condos, consumers do not know where to seek refinancing. Often, lenders, who are usually inadequately versed in condominium financing, give property owners incorrect information. Then, lenders encourage credit worthy condo owners to apply for a refinance, which is later turned down by the underwriters. As a Panama City Beach condominium owner, you need accurate information and knowledgeable lending contacts, so you can get your property refinanced.

This article specifically covers refinancing.  If your considering purchasing a condominium, you may want to read our article on Condominium loans in Panama City Beach.

Condo Financing

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