Panama City Beach Real Estate - Auction notes…

Posted on March 14, 2008
Filed Under Investor Insights |

Panama City Beach Real EstateI attended the Real Estate auction at the Marriott in Bay Point, Panama City Beach and it was packed with buyers of all types.

The room was quite crowded and the most common subject was: “I’ve never seen so many people for an auction”.

As I watched the bidding, it was evident from the start many of the bidders were hoping to get excellent deals on some of the offered properties.  And it seems they just may have.

Of course, while some of the properties were offered as Absolute sale and some were offered with reserve, many of the offers still need to be accepted by a judge overseeing the disposition of the auctioned estate as well.

Here are just a few of the accepted bids I witnessed:

Gulf Front town homes - Most accepted bids were under $400,000.  Some as low as $300,000.

Gulf Front Condos (not beach resort hi-rise but small 3-10 unit complexes) - Accepted bids ranged from $285,000 - $390,000.

Multi-units (triplexes and quads) within 1 block of the beach had accepted bids of less then $300,000!

But IMO, what was by far the best deal I witnessed was: 15 Acres on Panama City Beach Parkway (business 98) that went for $225,000 an acre!  Land in this area has been selling well over $400,000 an acre and at times has reached as high as $750,000 an acre.

If you would like more information on how you can be a bidder at a real estate auction in your area, call me at 850-774-6582 or  contact me directly.

It is a wonderful experience and if you’ve not had the pleasure of experiencing one first hand I’d like to suggest you do so.  I believe you will enjoy it.

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Comments

One Response to “Panama City Beach Real Estate - Auction notes…”

  1. Sue on March 14th, 2008 9:17 pm

    Very interesting that seems to be working in Panama City.

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