July 2013 Market Update

This past May, 120 condominium units were sold in Panama City Beach. Interestingly, the numbers for May 2013 were identical to April 2011. This number is an increase from the 94 units sold in May 2012. Similar numbers were shown for June with 106 units being sold in 2013 compared to 95 the year before.

Long Beach has been one of the most popular two-bedroom floor plans in Panama City Beach. These units have two master bedrooms with views of the water and a comfortable living space in between. However, despite these obvious perks, the Long Beach condominium association has had a history of litigation and higher than average association dues. More information regarding these issues will be covered in a future blog post.

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August 2013 Market update

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.

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Calypso Loses Fannie Mae Approval

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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Pre 2013 articles

You can see a full preview of all articles written prior to 2013 by clicking here.  You can also see the list of article titles on the right hand side of this page.

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Obamacare real estate tax will only affect top 1%

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

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  • 7940 Front Beach Rd #108
  • Panama City Beach, FL 32407
  • 850.249.0307