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Condominium loans in Panama City Beach

As times change, so do condominium loans in Panama City Beach. The reason is because most buyers are people who purchase these properties as secondary residences or investment properties. The type of loans that banks grant for secondary residences are different from those offered for primary residences especially after the mortgage meltdown of 2008. Before the mortgage crisis, most lenders sold their condominium loans to Fannie Mae, Freddie Mac and any other bank or financial institution that was willing to take them on the secondary market.

Condo Financing, Panama City Beach condos for sale

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Panama City Beach Condo Market Overview - February 2024

Market Crash, Correction, or Stability?

A Few Buildings Have Crashed

Market downturns are characterized by a significant decline in property values, often exceeding a 20% drop from peak prices within a year. In Panama City Beach, a handful of condominium buildings have experienced such downturns, primarily because of a series of questionable decisions made by their associations in previous years that are now impacting those particular properties.  The Shores of Panama stands out as a notable example, with several articles highlighting ongoing issues for over five years.

Shores of Panama, Panama City Beach real estate, Panama City Beach condos for sale, Ocean Villa, Real Estate Market Updates

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Panama City Beach Florida 2024 condo insurance

Condo owners in Panama City Beach are confronting a formidable challenge, wrestling with a steep increase in association dues primarily driven by escalating condominium association insurance costs and the need for structural reserve inspections. These insurance rate hikes coincide with private condominium association insurance carriers discontinuing coverage within the state of Florida.

Condo Association Insurance, Long Beach Condominium, Panama City Beach real estate

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Panama City Beach Florida Condo Association Dues 2024

The topic of association dues is often a contentious aspect of living in a Florida condo association. Owners frequently express their dislike for these dues, yet they are a crucial part of condo living. In Panama City Beach, Florida, condos are currently facing financial challenges. These include rising insurance costs, new structural mandates, and the effects of inflation. The financial management of these buildings varies; some have a better grasp on their financials than others.

Panama City Beach Florida Condo Association Dues, Panama City Beach condos for sale

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August 2020 Market Update

Condo pricing is 1.9% lower for the year. Even with Covid, the condo market is holding its own. A decade of strict lending requirements created a market of financially sound owners. Panama City Beach will navigate 2020 with ease, but don’t expect average values to be significantly higher this year.

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

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PreConstruction Condo Sales In Panama City Beach 2020

Update 6/12/21:   We are now at prices where preconstruction number should have worked for developers.  Calypso is selling condos above 475 per square foot.  One of the remaining challenges for developers is financing construction.  I will have a new article soon.

Original Article: Three years after my 2017 Preconstruction Condo Sales in Panama City article, not much has changed. We are still years away from new preconstruction condo projects breaking ground in Panama City Beach. Recent sales include a Calypso 2 bedroom + bunk floor plan for $477,000, and a Palazzo 2 bedroom + bunk floor plan for $465,000. It will be quite some time before we see enough buyers willing to pay $570,000 for the same floor plan in a preconstruction project. That is roughly the price point needed for preconstruction to be profitable. I believe resale pricing needs to increase at least another 20% before we see any measurable preconstruction reservation and contract demand. It is also important to understand Calypso and Palazzo are on the west side of Panama City Beach.

Panama City Beach PreConstruction

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