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