This oil has a lot of people – buyers and sellers – spooked that is for sure. I keep hearing people say that nothing is going to sell and nobody would buy a condo in Panama City Beach while there is oil in the Gulf of Mexico and washing up on our beaches.
Let’s see what the facts tell us. In the last 7 days there have been 25 condos in Panama City Beach went under contract. Not a ton but still almost 4 per day.
Are they all foreclosures and short sales? Most, of the 25 properties to go under contract 9 were short sales or foreclosures. So more than 60% were distressed sales.
Are they just low end properties? I wouldn’t say that – the low list price was 64,000, the high was $599,000 and the average list price for the 25 was $183,384.
The Bottom Line? There are a lot of really good deals out there so if you are a buyer this is your time. If you are a seller be prepared to get down and dirty so you can compete with the short sales and foreclosures.
Want More Information? Keller Williams Realty’s At The Beach Team sells more area real estate than most so if you are interested in buying or selling Destin Area Real Estate simply call or text John at 850-231-1400 or send an email to JohnSkinner@AtTheBeachTeam.com