Panama City Beach Real Estate Market Conditions
Panama City Beach Real Estate Information | Market Conditions | Boating and Fishing

 

I have received communication from a RiverCamps property owner that this property owner has received a one year extension on their start to build date.

Many of the RiverCamps properties were sold with start to build dates. Some were not and those lots that do not have start to build dates are competition to those that do. Even the ones w/ out start to build dates are NOT selling. After the original purchase, from the close dates building had to commence by x date after close. After building started the home had to finished w/in one year.

If the start to build date was not met there was a significant fine that could have been assessed. The start to build date has put the crunch on RiverCamps investors who purchase w/ the intent to sell before the build date. They never intended to build.

The market has slowed…and as far as RiverCamps is concerned the market has vaporized so property owners who did not plan to build were faced w/ building or trying to sell before the build date and possibly sell at a loss.

Making the situation more difficult…any buyer who wanted to purchase a RiverCamps lot had to honor the original start to build date. Most recently many of the properties were coming up on their start to build dates.

My understanding is there was a RiverCamps property owner revolt of sorts. They banded together and requested that St. Joe give them a one year extension. St. Joe granted this request.

The one year extension will give current owners a little breathing room. Will it help them to sell their lots? That remains to be seen. My gut tells me it won’t help much… if at all.

The market for RiverCamps is the way it is because of a large inventory of RiverCamps lots for sale and an overall excess of vacant land and lots inventory in Bay County in general. Excess inventory prices come down.

To see all the MLS Inventory Data numbers for 2006 CLICK HERE!

Keeping it real…sellers of RiverCamps lots are faced w/ a number of objections from potential buyers and what I list below are a few that have been expressed to me from prospective buyers:

• the majority of the lots are in the flood plain
• therefore many of the homes have to built up on pilons or stilts, this limits the potential buyers pool to those who are willing and physically able to walk up stairs to get in their homes
• this type of home has increased costs per sq. ft to build
• before building the home plans must get RiverCamps approval
• with the start to build date still in effect the market for resale RiverCamps property will NOT be vacant land investors…further limits potential buyers pool
• RiverCamps already has a significant HOA fee. From an investors perspective if you add to the HOA fee, taxes and insurance…RiverCamps becomes less attractive

So if you agree with the above and you may not…the buyer type for a RiverCamps lot is some one who is willing to purchase, build and live in RiverCamps either on full time basis or as a second home. Some one who is willing to live in the woods, get along w/ mother nature and what goes w/ living in the woods in Florida low country.

This is a limited buyers pool made especially more difficult when you look at the overall market in our area. Inventories in all property types are coming down however, they are still VERY high and there is excess. The competition is stiff.

To see all the MLS Inventory Data numbers for 2006 CLICK HERE!

I would like to add that I love the RiverCamps concept. I am like many VERY frustrated that they are not selling. Even St. Joe w/ all the money they put behind advertising on a national basis is not having much luck in the resale market.

I live just across Crooked Creek from RiverCamps. I love it here! The outdoors, the water access, fishing etc… RiverCamps has many amazing amenitites! The River House, the boat basin, the boat ramp and hiking trails to name a few!

I have one listing in RiverCamps. It is 6508 Sundew Marsh Trail W, Lot 60, MLS# 359358 and the lowest priced lot in there at $155,000.00 and I would LOVE to sell it!

Kind regards, Captain Mike Foate- By Land or By Sea!
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CAPTAIN MIKE’S CELL: 850-596-4236
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Captain Mike Foate-REALTOR®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413

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