P.C. Real Estate: Sales Up, Prices Down

Hello everyone, in case you missed it, the following article was in the Nov. 18th New Herald and makes interesting reading for both buyers and sellers.

P.C. real estate: Sales up, prices down

Nov. 18--PANAMA CITY -- Panama City is better off than some other areas in the state hard-hit by the recession, but recovery will be slow, experts say.

"I really think the future of Panama City is looking better than a lot of other places," said Tim Becker, University of Florida's Bergstrom Center for Real Estate Studies director.

At 8.9 percent, unemployment locally remains lower than the state's 11 percent average. While other areas had a narrowly defined economic base, Bay County has tourism and military, Becker said. Plus, the area had less commercial building during the early 2000s, which helped the area when the real estate crisis hit, Becker said.

Property is selling again, too. Panama City's existing home and condominium sales shot up this quarteroverlastby12and13percent, respectively, according to Florida Association of Realtors numbers released last week. Increases are even higher compared to a year ago. Panama City existing condo sales were down 6 percent during the second quarter but increased 28 percent this quarter over 2008.

Sales are up, but median prices are down. The median home price was $151,500 for October, down about 12 percent from the same time last year, according to Metro Market Trends, a data collection and analysis company. That also is lower than the median price of $154,400 reported in September.

Home prices appear to be reaching the bottom, said Marla Martin, Florida Association of Realtors spokeswoman. Sales are up, in part, because of distressed sales and the tax credit for new homeowners. Bay County is working through a glut of distressed property, said Darren Haiman, Bay County Association of Realtors president-elect.

Until unemployment numbers improve, the economy is not recovering, said Alex Charfen, The Distressed Properties Institute CEO and co-founder. Realtors expect a swath of homeowners with loan payments set to balloon next year to file for foreclosure.

No one knows for sure what will happen, Becker said, but with Southwest Airlines choosing the new international airport, the area is poised for a better recovery, Becker said.

Companies are looking to locate in Panama City, said Janet Watermeier, Bay County Economic Development Alliance executive director. The Nemo Project is expected to bring hundreds of jobs in the next three years. At least one company has shown interest in Port Panama City's new intermodal distribution center.

Homes are more affordable than ever and the community is pulling together to bring in high-wage jobs, Watermeier said.

"This won't happen overnight," Watermeier said. "Hopefully, this is going to happen slow and steady."

ON BEHALF OF MY TEAM AND FAMILY, I WISH YOU ALL A WONDERFUL, SAFE THANKSGIVING HOLIDAY! I AM THANKFUL FOR YOUR FRIENDSHIP, BUSINESS AND REFERRALS. Karen

Karen Branham, e-Pro, SFR, Associate Broker
THE BRANHAM TEAM
"We Make Dreams Happen"
Coldwell Banker United, Realtors
726 Thomas Drive, Suite B
Panama City Beach, FL 32408
Email: karen.branham@cbunited.com
Website: www.karenbranham.com
Direct: (850) 832-8626

Tax Credit For Homebuyers Extended

It was a unanimous vote in Washington - how rare is that! The very important and much needed extension of the $8,000 Tax Credit for first time home buyers will now follow into 2010. All qualified buyers will be able to continue to enjoy this $8000 tax credit through April of next year. Many of our clients were under pressure scrambling to beat the deadline so this will benefit those that did not move fast enough and those buyers that could not close by November 30 of 2009.

Interest rates are hovering around 4.5% and sales prices in the Panama City area are close to some of the lowest prices we've seen in years. This critical combination, along with the tax credit, is the perfect formula for buying property in the Panama City area. Southwest announcing last week their commitment to flying out of our new International Airport is another reason. This is one of those moments where you stop and think "maybe NOW is the right time to become a homeowner!".

In addition to the $8000 Tax Credit, our friends in Washington also authorized a tax credit up to $6,500 for repeat homebuyers. This is awesome as well. For more info and details on the tax credits, please visit http://www.federalhousingtaxcredit.com/today.


Karen Branham, Broker Associate, E-Pro, SFR
THE BRANHAM TEAM
"We Make Dreams Happen"
karen.branham@cbunited.com
850-832-8626

Ironman 2009 Returns to Panama City Beach

It's that time of year again when approx 2,000 athletes hit the sand to compete in Ironman 2009 held at the Boardwalk Beach Resort on Sat. morning, Nov. 7, 2009. Ironman is one of the most grueling events in the world of sport, and also one of the most inspiring. Ironman starts with a 2.4-mile swim, then a 112-mile bike, and finishes with a complete marathon of 26.2 miles all in succession. These incredible athletes have just 17 hours to finish the event which kicks off at 7 a.m. and wraps up at midnight.

Ironman began in 1977 and presents the ultimate test of body, mind and spirit for professional and amateur athletes. And as Ironman has emerged into the mainstream sports light, the Ironman experience continually transcends pure sport. It centers on the dedication, courage and perseverance exhibited by athletes who demonstrate the Ironman mantra that “ANYTHING IS POSSIBLE.™” Some of the athletes we see will be coming off of chemo or have battled cancer as recently as this year. This is a dream come true for many of them.

Good luck to all our athletes, including friend and financial advisor, Alan McCurley from Panama City Beach who is competing in his first full Ironman at the age of 40. Go Alan!

Yes, we'll have a little bit of traffic for the day but to think about what these incredible athletes have done all year to get here is truly amazing. Whether you want to volunteer race day or cheer them on from the sidelines, it is a truly an exciting day for all! The athletes really appreciate our encouragement and volunteers to make it an awesome event. If you never watched the race before, come out for an hour. Hope to see some of you on the streets Saturday and everyone, be safe out there!