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.
In 2015, we saw the prices of condominiums increase for the fourth consecutive year. Even as prices rose, sales volumes remained strong. The vast number of sales were condos built since 2000, but there was a continued increase in annual sales volumes for older units because of the price increases on newer condos.
We noticed over the year that most of the condos that sold have floor plans that bring a lower price per square foot. For instance, a two-bedroom floor plan in which the bedrooms are not located on the water will sell for considerably less than a two-bedroom floor plan in which the master bedroom is positioned on the water. Below are several graphs that demonstrate the trend that we are seeing.
Here is a sales history of Splash Condominium in Panama City Beach, Florida. The graphs included are: The first outlines the complete history, and the second depicts Splash sales from 2009 to the present. The third shows the percentage difference from the prior year. Together, these graphs provide a clear picture of the price differentials over time.
Condominium prices have increased 5.6 percent this year. That is down from the 6.1 percent we were up in the June Market Update. It is not that prices have fallen, but that the majority of condos selling are of floor plans that bring a lower per square foot price. For example: A 2-bedroom floor plan with both bedrooms off the water is going to sell for considerably less than a 2-bedroom with a master bedroom on the water.
Earlier in the year the Sterling Breeze association board undertook the task of seeking assistance from an Architectural and Engineering (A&E) firm that specializes in the restoration of condominiums. The board retained Pendleton + Bowman, which is becoming a reoccurring theme for local condos doing restoration projects. They handled the Long Beach condominium and are currently also working on the Grandview restoration.
In October 2014 Grandview East condominium came to a settlement in its lawsuit over building construction deficiencies. The deficiencies included existing stucco, sliding glass doors, windows, and railings. September 2015 Grandview East will close off the building for 8 months to complete these renovations to the building.
