Calypso added to No Lend List

Calypso condominium denied financing

Update: July 2017:  Normal condo loans are available at Calypso again.

In October 2016 Calypso was added to the no lend list for the banks that finance condos in Panama City Beach. One of the considerations for providing normal condo loans to gulf front condominiums in Panama City Beach is pending litigation.  Any litigation banks feel could severely impact a condominium association can cause condominiums to be added to this list.  In October of 2016 the bank that buys the majority of the Panama City Beach condo loans on the secondary market added Calypso to this list.

Calypso Condominium, Condo Financing

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Panama City Beach spring break rentals expected to fall again

Panama City Beach bed tax

Tax reports from the TDC (Tourist Development Council) showed a 40% decrease in March tax revenue for 2016 compared to the prior year. Hotels and rental management companies are forecasting even lighter spring break traffic this year. What was previously considered a peak rental month is now another quiet rental month for many condo owners in Panama City Beach.

This is a very touchy issue in Panama City Beach.  I just thought it would be helpful to present the data for condo owners.

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Beach Renourishment in Panama City Beach

The Panama City Tourist Development Council has voted to recommend the Weeks Marine company be awarded the beach renourishment project. On January 4, the council voted to approve the company for the project and increase the project budget to $17 million, up from $12 million. The final vote will be held by the Bay County Commission.

The project will add 900,000 cubic yards of sand to four beachfront areas, including Pinnacle Port, the Calypso condominium to the Tidewater Beach Resort area, Treasure Island Resort Condominiums, and the County Pier/Chateau Motel area. Work is expected to begin early in the spring with a projected May 1 completion date.

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January 2017 market update

Panama City Beach condo sales review of 2016

A look back at 2016 condo sales in Panama City Beach

The 2016 Panama City Beach condo market was a bit of a mixed bag. The average sales price per square foot for condos built in the area after 2001 are down less than 1% from last year. This year saw some floor plans increase in price while others were flat or fell lower. There is still a healthy demand for condos as the area continues to improve and mature. Strict financing requirements are providing a healthy market free from speculators and flippers.

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

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Front Beach Road Project segment 2

The long overdue road improvement project on Front Beach Road in Panama City Beach, scheduled to begin over a year ago, is now ready to start after delays related to state permitting issues. The delays finally ended in July and the Panama City Beach City Council has agreed to take over control of the segment of road where the project is being completed. The part of road in question goes from 500 feet west of Richard Jackson Boulevard to South Thomas Drive. There are several condominium complexes that will benefit from this road project including: Long Beach Condominium, Twin Palms, Ocean Ritz, Grandview, Marisol, Majestic Beach Resort, and Ocean Villa. The project, a $14.2 million endeavor, was awarded to GAC contractors.  The goal of the project is to improve underground utilities in the area while also adding landscaped medians, sidewalks and new transit lanes.

Front Beach Road Project

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