PANAMA CITY BEACH — Marina Landing is not unlike
many of the deluxe condominium projects that blossomed in Panama City
Beach in the pre-Katrina construction boom.
The 87 units in the 16-story high-rise at the foot
of the west end of the Hathaway Bridge were designed and built with
quality in mind: tiled entryways and living rooms, granite kitchen
countertops and stainless steel appliances, window walls with spectacular
water views and spacious balconies. Buyers even have the option to lease a
boat slip at a 41-slip marina on the property with access to West Bay and
the Gulf of Mexico.
Unfortunately, Marina Landing units went on sale at
the time the area condo market went into a deep freeze, and sales have
been poor, developer Wes Burnham said this week. When first offered last
summer, prices ranged from $534,500 for a two-bedroom unit up to $917,000
for a three-bedroom end unit. Penthouse units on the 15th and 16th floors
ranged from $764,000 to $2.09 million.
Burnham said a number of prospective buyers backed
out of their sales, and only several dozen units have gone to closing.
So, Burnham and colleagues
Wally Nall and Bob Reich have decided to bring in a
nationally prominent auction firm to sell the condos to the
highest bidder. The auction will be held June 26 at Marina
Landing with no minimum bid required. Burnham added that if
the auction sparks a large enough response, he might expand
the pool of condo units on the auction block from 25 to as
many as 55.
"There are going to be some
bargains," said William Bone, president of National
Auction Group. "There are no minimum bids and no
reserve (prices). The auctioneer will say, ‘What is my
bid,' and the audience will decide."
The upcoming sale marks the second
major real estate auction in Panama City Beach in three
months. In March, the estate of the late developer Charles
There
will be an auction of 25 Marina Landing waterfront condominiums by
National Auction Group Inc. at 1 p.m. June 26. A pre-sale inspection
will occur beginning June 12, with properties available for viewing
daily by appointment from 10 a.m. to 5 p.m.
Faircloth held a one-day auction for more than 150
Faircloth properties in Bay County, most on the Beach.
Given current economic conditions, real estate
auctions have become popular among developers as a sales tool, Bone said.
"We have a long history of successful (auction)
projects," he said. Last month, the company successfully sold off a
number of resort condos in Gulf Shores, Ala., for $13 million.
Needed to participate
The June 26 auction will be open to the public, but
those wishing to participate must register in advance and bring secure
deposits on the day of the event, Bone said.
For two-bedroom, two-bath condos, the buyer must
provide 10 percent down with $25,000 per condo being in certified funds,
personal or company check. For three-bedroom, three-bath condos, the
requirement is 10 percent down with $35,000 per unit being in certified
funds, personal or company check. Closing on all sales must occur in 30
days.
A pre-sale inspection will occur beginning Thursday,
with properties available for viewing daily by appointment from 10 a.m. to 5
p.m. Broker participation is welcome, subject to certain guidelines, he
added. Those interested can call (800) 650-0882.
Bone said he expects a good turnout based on recent
auctions his firm has conducted, but admitted a national advertising
campaign for the Marina Landing sale has not yet sparked strong interest
from international investors or even "people in Atlanta."
"Most of our calls are coming from the Panama
City area," Bone said. "It's not often you get to buy something
good at your own price."
Burnham said he and his partners are confident the
auction will bring in buyers.
"Using
the auction process to attract qualified purchasers to a property is
gaining in popularity," he said. "We're excited and optimistic
about the upcoming event."
Condo
auction at a glance
@ What: Auction of 25 Marina Landing waterfront
condominiums by National Auction Group Inc.
@ Where: 6422 W. U.S. 98, Panama City Beach
@ When: 1 p.m. June 26. Registration begins at
10 a.m.
