Shores of Panama Auction Results

Shores of Panama’s December 2019 auction advertised 99 Luxury Condominiums being auctioned off on December 4, 2019; 20 selling absolute with no reserve. All 20 of the absolute units had final bids as shown below. As of 1/19/2020 only 16 of the 20 absolute condos have sold and 20 other bulk owner units have been recorded as sold in Bay County Records. So out of the 99 advertised condos, it looks like 36 have sold to date. We will follow up later and update this number.

Shores 1 Bedroom Sales History

All sales

2017-2020 Sales

Shores 2 and 3 Bedroom Sales History

All Sales

2017-2020 Sales

Shores of Panama 2019 Auction Results

Auction prices and MLS listings during the auction did not include the 10% buyer’s premium that needs to be paid at closing. We added the buyer’s premium below so you can easily see the true purchase price. If your auction price was $200,000, but you had to pay an additional $20,000 buyers’ premium at closing; you closed at $220,000.

The bulk owners still own 169 condos in Shores. Several bulk owner listings are on the market asking roughly 10% higher than the recent auction sales prices. Examples would be 1410 asking $187,050 and 1126 asking $215,000. It will be interesting to see the monthly absorption rate of the remaining Shores of Panama condos for sale later this year. I believe the largest impact on Shores of Panama pricing in 2020 will be the association dues (covered in my article Shores of Panama Association Dues 2019) and building condition. The remaining 169 bulk owner inventory will influence pricing, but to a much lesser degree.

Type R 3-Bedroom 3-Bath

Under Contract at Auction

1528 sold at $355,000 + 10% buyers premium = $390,500 Has not closed yet

2128 sold at $290,000 + 10% buyers premium = $319,000

No recent resales to compare these sales to.

Type L 2-Bedroom 2.5-Bath

Under Contract at Auction

1723 sold at $235,000 + 10% buyers premium = $258,500

Recent Resales

720 sold at $310,000 + 0% buyers premium = $310,000

720 was nicely furnished with tile throughout. 1723 was on a higher floor with basic furniture.

K & B 2-Bedroom 3-bath are almost identical floor plans

Type K 2-Bedroom 3-Bath Under Contract at Auction

1224 sold at $225,000 + 10% buyers premium = $247,500 Has not closed yet

1319 sold at $220,000 + 10% buyers premium = $242,000

1324 sold at $218,500 + 10% buyers premium = $240,350

1424 sold at $210,000 + 10% buyers premium = $231,000 Has not closed yet

2024 sold at $210,000 + 10% buyers premium = $231,000 Has not closed yet

2124 sold at $211,000 + 10% buyers premium = $232,100

2221 sold at $216,000 + 10% buyers premium = $237,600

Type B 2-Bedroom 3-Bath Under Contract at Auction

2104 sold at $206,000 + 10% buyers premium = $226,600

Recent Resales

1007 sold at $257,500 + 0% buyers premium = $257,500

507 sold at $257,500 + 0% buyers premium = $274,000

804 sold at $310,000 + 0% buyers premium = $310,000 (redone kitchen and tile and furniture)

Type N 1-Bedroom 2-Bath

Under Contract at Auction

1426 sold at $165,000 + 10% buyers premium = $181,500

1527 sold at $171,000 + 10% buyers premium = $188,100

1625 sold at $166,000 + 10% buyers premium = $182,600

1627 sold at $164,000 + 10% buyers premium = $180,400

2126 sold at $166,000 + 10% buyers premium = $182,600

2225 sold at $166,000 + 10% buyers premium = $182,600

Recent Resales

2325 sold at $202,500 + 0% buyers premium = $202,500
325 sold at $225,000 + 0% buyers premium = $225,000
527 sold at $230,000 + 0% buyers premium = $230,000
2326 sold at $250,000 + 0% buyers premium = $250,000 (nicely decorated)

Type A 1-Bedroom 2-Bath

Under Contract at Auction

1809 sold at $147,000 + 10% buyers premium = $161,700

Type F 1-Bedroom 2-Bath

Under Contract at Auction

1710 sold at $155,000 + 10% buyers premium = $170,500

1810 sold at $151,000 + 10% buyers premium = $166,100

Recent Resales

910 sold at $195,000 + 0% buyers premium = $195,000

Have questions about buying or selling condos in Panama City Beach?

You can reach me, Christopher Arnold, at 850-625-5113.  You may also want to read my other recent Shores of Panama Articles:

Shores of Panama Oversimplified

Shores of Panama Association Dues 2019