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.
Splash Condominium, Individual condo sales histories
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.
Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates
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.
Loan rates for condominiums edged up one-quarter of a point last week following an unexpectedly strong May jobs report that caused bond yields to go up. Rates were briefly at 4.5% on a five-year ARM before falling back to there normal range. I think interest rates will have to go higher before we see any effect on Panama City Beach's condominium market. You can get more detailed loan information in my condominium loans in Panama City Beach article.
Panama City Beach real estate, Panama City Beach condos for sale, Real Estate Market Updates
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.