I have been very used to seeing deals at 60 -70 cents on the dollar in Panama City Beach. These are not really around every day like it seems as I believe you have to try and get to today's market value before you can substaniate a deal. However, I am previewing a foreclosure this morning for a customer that is a guilf view home with a beach club that was purchase for $1,050,000 less than one year again and has been foreclose on and can be purchase in the low $400,000's! WOW! I had a cusomter on a similar deal last week on a gulf-front condo....acutally only about 20% off...and his fiance' axed the deal. Oh well, the same day the unit went back under contract for $40,000 more...I tried to tie it up, but didn't have the means to close quick...I dont' know about you, but this is a VERY exciting time in real estate...
I specialize in the gulf front market in Panama City Beach, Florida.We are garnering a lot of national attention as there is a new, international airport (first one in the U.S. in 20 years) currently under construction andis expected to be open in late 2009 or probably more realistically in early 2010. I am also on the Planning and Zoning Board in PCB and am heavily involved in a new "Front Beach Road" CRA project that encompasses bringing form based code to over 4,000 pieces of property. Please keep my contact information handy if you have anyone interested in our area. Investors have been gone for about two years as speculation was rampant in 2004-2005 and there are now very few opportunities for positive cash flow, however, new amenities like a $200 Million, gulf-front shopping, dining, entertainment complex (Pier Park developed by the Simon Group) combined with the international airport have investors poking around again and are generally impressed with the ability to get new, gulf-front units the $250/sq. ft. range. Contact me at 850.527.0221 or Craig@PelicanProperty.com .
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