If you are looking for a Panama City Beach condo, loan options may be different than you would expect for a secondary residence. I have written the following article, Condominium loans in Panama City Beach, to explain why. The article's main point is that qualified buyers who put at least 20% down can get a 5-year ARM or a 15-year fixed-rate mortgage. As of February 2017, qualified buyers can expect to get a 5 year arm amortized over 30 years with a rate of roughly 4.5%.
Close to $12 million in damages have been awarded by a jury to the Shores of Panama Resort Community Association following a lawsuit against some of the association's former directors.
One of the claims made by the association was that they were prevented from owning the beach located behind the condos by the former directors. They have also contended that they were deprived of rental revenues from services offered at the beach.
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.
The Shores of Panama is a waterfront condominium located in Panama City Beach, FL along the Gulf of Mexico. The construction of this development was finished in 2007 with 709 condominium units on 23 floors. Each floor offers 31 units with a good selection of floor plans from studios up to three bedrooms.
The Shores of Panama development has a Mediterranean atmosphere with its unique architecture, covered parking, open lobby and 468 feet of waterfront footage along the Gulf. This condominium is predominantly known for its lagoon pool area. In addition, the covered entrance welcomes its residents and their guests in a grand fashion. Buyers currently have limited lending options at Shores of Panama. For more info info on the loans available click here.