My how prices have fallen.
Celedon Condo in Panama City Beach Florida has seen prices plummet as a result of Foreclosures and Short Sales over the last year. A 2 bedroom 2 bath with 1,157 sq.ft. recently sold as a foreclosure for $227,000. To give you some perspective on how far prices have dropped since the height of the market I can tell you unit 502 which is also a 2 bedroom 2 bath with 1,157 sq.ft. floor plan sold in 2004 for $630,000!
Right now unit #1002 is on the market as a short sale with a list price of $235,000 and who knows what final price the bank may take. As you can see prices have come down dramatically and sellers are feeling the heat but if you have ever considered owning a property at the beach now is the time to get some great deals.
Should I Sell?
Maybe. if you can afford to hold on to your property unitl the market comes back (could be 6-8 years) you probably should. The thing is if you can’t or don’t want to wait that long then I would say sell today, or at least talk to your financial advisor and see what they think.
To find out where you stand with regard to the value of your property in today’s market simply call John Skinner at Keller Williams Realty’s AT THE BEACH TEAM and we will be happy to give you a detailed market analysis of your properties value.
Should I Buy?
If you want to buy a condo sometime in the next 6-8 years and can afford to buy now then I think you should give it serious consideration. Foreclosures and Short Sales have brought the market back to to a place where it makes sense to buy, mortgage rates are still very low and the inventory of property for sale is robust. RIGHT NOW, but it won’t always be like this so if you are waiting for something better be very careful.
Call John Skinner at 850-543-5763 to explore all your options and begin your search today!