109 Panama City Beach condominium units sold in July 2013, making up for the slight drop in June's sale volume. Despite a shrinking inventory, sales are falling in line with those of past years even with higher selling prices. For the past year we have been watching this trend of higher pricing work its way through each building and floor plan.
Calypso no longer qualifies for Fannie Mae mortgages for new condominium buyers. Calypso condominium first received a Special Approval Designation from Fannie Mae on June 10, 2011. This permitted lenders to make 30 year fixed rate mortgages in this building that could be resold to Fannie Mae. This latest approval only applies to refinance transaction of existing Fannie Mae owned loans. This is different than past letters that provided Fannie Mae loans to new buyers.
Most condominiums in Panama City Beach only have 5 year arm adjustable mortgages available to them. The advantage to Fannie Mae loans is that they tend to have a slightly lower interest rate and a 30 year fixed interest rate.
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There's a persistent rumor that homeowners are required to pay a 3.8 percent federal healthcare tax for home sales under the new Affordable Care Act. This is an unfounded rumor, little more than an urban legend,
The truth is that the Affordable Care Act does impose a 3.8 percent tax on some types of non-wage income and investment profits, starting in 2013. This only applies to individuals with an adjusted gross income of $200,000 or couples with a $250,000 AGI, however, not to all homeowners.
*Adjusted Gross Income is the net number you pay taxes on after deductions
People often have general questions when considering Panama City Beach condos for sale. A common question is; What expenses come with a condominium in Panama City Beach? Expenses that come with a condominium include taxes, insurance other utilities and association dues.
The dues charged by a condominium association can vary, but there are some universal fees that all condominiums in Panama City Beach charge. Condominium association fees include water, sewer and basic cable. Furthermore, some provide high-speed internet for homeowners. For most maintenance and insurance questions there is a general rule of thumb. The