Panama City Beach Condo Sales 2008 Trend and Forecast
The condominium boom of 2004 and 2005
has come and gone, leaving many speculators
and distraught investors standing in the
shadow of empty properties.
In 2008, many condo projects still have unsold units. High fuel costs, a weakening economy,
and the stagnant real estate market pose
threats to current property owners and future investors. Panama City Beach Guide invited
Sam Portman, a real estate analyst, to
present an overview of the first six months
of 2008.
His analysis is shown below. The bullet
points to the right highlight some of his
conclusions.
Though Portman forecasts trouble ahead,
especially for those who are overextended,
it may be shopping time for shrewd investors.
Qualified buyers can expect increased
negotiating power, and real estate will
continue to be a good investment. One
can only hope the market’s recent woes
will encourage a more realistic assessment
in development and financing.
- Steady price decline around 15% in
the past 13 months
- No empirical evidence that the market
has stabilized
- Significant evidence that the pain is
not over yet
- 1,300 unsold developer units in Aqua, Origin of Seahaven, Shores of Panama, Tidewater, Emerald Beach, Grand Panama, Sterling Breeze, Palazzo,
and Ocean Reef
- Does not include approximately 1,400 unsold units in Laketown Wharf, Magnolia Bay, and Marina Landing
- Expect sale prices for Panama City Beach condos to decline another five to ten percent over the next 12 months
