Shores of Panama condominium is a long, complicated, ever changing story. So rather than get into it, I will just post two graphs. Here are some other articles about Shores of Panama.
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.
After three consecutive years of price increases (2013 - 10.6%, 2014 10.4%, and 2015 7%), the fourth year failed to materialize. 2016 is a mixed year for condo sales prices in Panama City Beach. On average the sales prices are down 1.8% this year. Buildings and floor plans individually have been a mixed bag.
Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates, Calypso Condominium
The average 2016 sales prices for most condominium floor plans are continuing to increase, though they are doing so at a much slower rate than in prior years. But not all condominiums have seen price increases this first quarter. Some condos are experiencing decreasing average sales prices and a few that have yet to see a sale this year.
Our sales volumes are also down 10% compared to the 2015 January through April time period. It is important to note the current pricing levels we are seeing in many buildings. If you look at many of the condominium preconstruction prices, deduct the 20% down payment, deduct closing costs and ignore all of the upkeep costs, this is roughly the same price at which the majority of condos are selling.
Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates, Calypso Condominium
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.
Panama City Beach real estate, Panama City Beach condos for sale, Ocean Villa, Real Estate Market Updates, Calypso Condominium