Panama City Beach - I keep running across articles about Panama City Beach Condo real estate. Here is an excerpt from one of the articles. Their top five are Panama City Beach, Pocono Mountains, Pennsylvania, The Crystal Coast, North Carolina, Lake Tahoe, California and Great Smoky Mountains, Tennessee.
CREDIT-CRUNCH-SQUEEZED homeowners and investors are unloading their second homes en masse, offering up desirable vacation properties at some pretty steep discounts.
"When the market is down and there's blood in the streets, someone else's misfortune could work in your favor," says Ken Kamen, president of New Jersey-based Mercadien Asset Management. Buying now entails some risk, however. After all, prices could drop even further. But for those looking to hold a property long term for a family vacation spot or eventual retirement retreat should feel confident that they'll recoup the investment, he says.
Here is one of the places where vacation-home bargains abound:
1) Panama City Beach, Florida
There's something for everyone in this Panhandle town where white "sugar sand" beaches along the Gulf of Mexico give way to inland attractions, including six championship golf courses and an active restaurant and nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2 million-plus for single-family homes of five bedrooms or more, according to vacation rental site HomeAway.com.
Why Buy Now: Besides the weather (temperatures rarely dip below the 60s, even in January) a new international airport is slated to open in the next couple of years. With it comes low-cost carriers and an abundance of nonstop flights. (Currently, flying from New York involves at least one connection and travel time of anywhere from 4.5 to 13 hours. In comparison, a nonstop flight from New York to Orlando takes about two hours.) That ease of access should help boost tourism — and property values, says Anil Pereira, CEO of secondspace.com a property-finding service. "It'll be more feasible to own a second home there," he says. "People will be able to fly in for the weekend."
Best Panama City Beach Condos for Rent
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Tuesday, December 9, 2008
Saturday, August 9, 2008
Panama City Beach - Auction This Week
Panama City Beach Condo auction. It could be called the summer of the auction in Bay County, with real estate auctions popping up on what seems like a weekly basis.
A Dallas-based firm has scheduled an auction Tuesday for five area properties, but with a different wrinkle. Hudson & Marshall of Texas Inc., one of the country's leading foreclosure auction companies, will be auctioning off one Wewahitchka and four Panama City Beach bank-owned foreclosure properties. The auction, scheduled for 7 p.m. at Panama City Beach's Hampton Inn, is one of several Hudson & Marshall will conduct between Aug. 12 and 17 in Florida.
Hudson & Marshall spokeswoman Crystal Wright said the company will auction off nearly 700 homes during that time frame, with auctions scheduled for properties in Ft. Walton Beach, Jacksonville, Gainesville, Tampa, West Palm Beach, Fort Myers, the Miami/Fort Lauderdale area and Orlando. "Over the last two years, we've been pretty heavy across the country," Wright said.
Bay County's foreclosure filings rose 201 percent in the second quarter of 2008, with 504 filings compared to 167 in the same quarter of 2007, according to figures released by Irvine, Calif.-based foreclosure tracking firm RealtyTrac. There were 81 Bay County foreclosure filings in the second quarter of 2006, according to RealtyTrac. By comparison, Florida's 2008 second-quarter foreclosure filings rose 181 percent compared to the second quarter of 2007, and 24 percent compared to the first quarter of 2008. Filings include default notices, auction sale notices and bank repossessions; some properties with multiple mortgages received more than one notice. Wright said she didn't remember Hudson & Marshall holding any previous auctions in the Panama City area. However, the company has held several foreclosure auctions in Florida this year and auctioned off 500 homes throughout the state, the bulk of those homes in the Orlando area, from April 7-13. "So, obviously, the numbers have increased," Wright said, referring to the 700 Florida homes scheduled for foreclosure auction this week.
With foreclosure rates so high across the country, Hudson & Marshall has kept a busy schedule, Wright said. A look at the company's Web site shows it has a packed August auction schedule, with auctions planned in Florida, Georgia, Indiana, Illinois, Missouri, Texas, Nevada, Colorado and Arizona. Wright said each state's foreclosure rate and economic climate is different. She said the continuing rise in foreclosures and auctions have been driven by resetting adjustable rate mortgages and enduring fallout from bad subprime loans. Hudson & Marshall's auction Tuesday is a reserve auction, Wright said, with the banks holding the right to accept, reject, or counter any bids.
A full list of properties and additional information about Hudson & Marshall's auction can be found at the company's Web site, www.hudsonandmarshall.com.
Anyone have an idea when the market will bottom out?
Best Panama City Beach Condos for Rent
A Dallas-based firm has scheduled an auction Tuesday for five area properties, but with a different wrinkle. Hudson & Marshall of Texas Inc., one of the country's leading foreclosure auction companies, will be auctioning off one Wewahitchka and four Panama City Beach bank-owned foreclosure properties. The auction, scheduled for 7 p.m. at Panama City Beach's Hampton Inn, is one of several Hudson & Marshall will conduct between Aug. 12 and 17 in Florida.
Hudson & Marshall spokeswoman Crystal Wright said the company will auction off nearly 700 homes during that time frame, with auctions scheduled for properties in Ft. Walton Beach, Jacksonville, Gainesville, Tampa, West Palm Beach, Fort Myers, the Miami/Fort Lauderdale area and Orlando. "Over the last two years, we've been pretty heavy across the country," Wright said.
Bay County's foreclosure filings rose 201 percent in the second quarter of 2008, with 504 filings compared to 167 in the same quarter of 2007, according to figures released by Irvine, Calif.-based foreclosure tracking firm RealtyTrac. There were 81 Bay County foreclosure filings in the second quarter of 2006, according to RealtyTrac. By comparison, Florida's 2008 second-quarter foreclosure filings rose 181 percent compared to the second quarter of 2007, and 24 percent compared to the first quarter of 2008. Filings include default notices, auction sale notices and bank repossessions; some properties with multiple mortgages received more than one notice. Wright said she didn't remember Hudson & Marshall holding any previous auctions in the Panama City area. However, the company has held several foreclosure auctions in Florida this year and auctioned off 500 homes throughout the state, the bulk of those homes in the Orlando area, from April 7-13. "So, obviously, the numbers have increased," Wright said, referring to the 700 Florida homes scheduled for foreclosure auction this week.
With foreclosure rates so high across the country, Hudson & Marshall has kept a busy schedule, Wright said. A look at the company's Web site shows it has a packed August auction schedule, with auctions planned in Florida, Georgia, Indiana, Illinois, Missouri, Texas, Nevada, Colorado and Arizona. Wright said each state's foreclosure rate and economic climate is different. She said the continuing rise in foreclosures and auctions have been driven by resetting adjustable rate mortgages and enduring fallout from bad subprime loans. Hudson & Marshall's auction Tuesday is a reserve auction, Wright said, with the banks holding the right to accept, reject, or counter any bids.
A full list of properties and additional information about Hudson & Marshall's auction can be found at the company's Web site, www.hudsonandmarshall.com.
Anyone have an idea when the market will bottom out?
Best Panama City Beach Condos for Rent
Sunday, March 9, 2008
Panama City Beach Real Estate Auction
Want to try to get a good deal on some prime Panama City Beach real estate Friday may be your day.
According to the Panama City News Herald:
One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth offers nearly a quarter-billion dollars worth of prime gulf beachfront land to the highest bidders.
Faircloth, who died Oct. 6, spent decades buying and selling Beach property and left behind a massive inventory of undeveloped land and finished condos and homes along the 22-mile beachfront.
“This will be the largest auction in the history of the area,” said project manager Thania Krafthefer of Roebuck Auctions Inc., a nationwide firm headquartered in Memphis, Tenn., with a regional office in Destin. “There is extraordinary, phenomenal interest in this property.”
The auction firm has announced more than 150 separate Faircloth properties in Bay County will be offered for sale Friday March 14, 2008. The auction is scheduled to take place at the Bay Point Marriott Gulf Resort beginning at noon.
Krafthefer said her firm was told several months ago the holdings have a combined market value in the neighborhood of $250 million, although the resort condo market has experienced falling prices and appraised values in recent years.
Good luck!
Jerry
Panama City Beach Condos for Rent
According to the Panama City News Herald:
One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth offers nearly a quarter-billion dollars worth of prime gulf beachfront land to the highest bidders.
Faircloth, who died Oct. 6, spent decades buying and selling Beach property and left behind a massive inventory of undeveloped land and finished condos and homes along the 22-mile beachfront.
“This will be the largest auction in the history of the area,” said project manager Thania Krafthefer of Roebuck Auctions Inc., a nationwide firm headquartered in Memphis, Tenn., with a regional office in Destin. “There is extraordinary, phenomenal interest in this property.”
The auction firm has announced more than 150 separate Faircloth properties in Bay County will be offered for sale Friday March 14, 2008. The auction is scheduled to take place at the Bay Point Marriott Gulf Resort beginning at noon.
Krafthefer said her firm was told several months ago the holdings have a combined market value in the neighborhood of $250 million, although the resort condo market has experienced falling prices and appraised values in recent years.
Good luck!
Jerry
Panama City Beach Condos for Rent
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