Quantcast wmbb.com - Condo to auction half of its units
Click Here

--- Advertisement ---

Condo to auction half of its units
06/23/08 - 10:57 AM
 RSS Feed
Panama City Beach, Fla:

If you’ve crossed the Hathaway Bridge in the past year, odds are you’ve seen the Marina Landing.  “This is probably the most beautiful condo on the whole coastline,” says Project Manager Ward Pell.

Some consider the condo undiscovered.  The 16 story building has 87 units, only 30 of them occupied.

“When you build something of this magnitude, it is disappointing,” Pell said.

The project finished two years after the 2004-2005 housing boom, just in time to see the market slow down.

“People can not close on their units,” says Site Director Sue Levin.  “This has happened to a number of developers and it isn’t just here it’s all over.”

A two bedroom condo initially sold for nearly 600-thousand dollars at Marina Landing.  Now those unclaimed condos will hit the auction block.  When bidding opens for 45 condos, half of them will have no minimum price.  Which means bidding could start at a dollar, but it’s unlikely a dollar would get you all the amenities.

Pell says the condo is getting exposure to buyers from all parts of the nation.  “It’s an opportunity for people in California to see it, an opportunity for people in New York.  We did a great accelerated marketing program for them and we hope that people can appreciate the beauty of this building and Panama City Beach.”

Registration for the Marina Landing auction is Wednesday from 10 to 5 and Thursday from 10 to 1.  The auction begins Thursday at 1.

User Comments
WMBB.com requires that you be a registered site member to post comments and content.
Why Register?
First, we are not being sneaky and gathering your email or other information to sell to telemarketers or e-mail spam companies.

Registration on this site is required simply to allow us to keep people who would post discriminatory, threatening and harassing messages and comments from doing it again.

By having user registration, we hope to provide you with a better user experience. Please view WMBB.com's full Terms & Conditions