Shores of Panama Files Bankruptcy

In an effort to continue operations after over 100 purchasers initiated the process to get out of their contracts, the Shores of Panama has filed for protection under Chapter 11 Bankruptcy.
The Shores of Panama consists of 709 condos in a 22 story building on Front Beach Road. When they were marketing and selling this project, huge emphasis was placed on the expansive resort-style amenity area. Situated right across from Laketown Wharf, the Shores of Panama is a beach-front U-shaped building.

Florida statue requires that condo developers stipulate in their purchase and sale contract that the building must be completed and ready to close within 24 months of the buyer signing the contract. If the buyer is unable to close within that time due to default on the part of the developer, the developer must offer reasonable compensation to the buyer and or allow the buyer to be released from the agreement. Much of the Shores of Panama resort was not ready to close within 24 months, therefore giving many buyers an out on their contract.

Charles Breland, the developer, is currently in arbitrary talks with the prime contractor, CJ Jordan Residential LLP of El Paso, TX for allegedly failing to perform in the agreed time-frame. Breland has accused CJ Jordan for the one year delay in construction.
As reported by the News Herald 550 condos closed with the developer reserving around 150 for future sales.

All information as reported by the News Herald.

For more information on Shores of Panama located in Panama City Beach Florida please see the following link:
http://www.panama-city-beach-florida-condominiums.com/shores-of-panama/

For other condominiums:
http://www.panama-city-beach-florida-condominiums.com/condominium-review/

For condominiums in Destin:
http://www.destin-florida-condominiums.info/destin-condo-review/

For condiminiums along 30A:
http://www.30a-florida-mls.com/

Market Trends for Panama City and Panama City Beach Florida

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Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report

For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:

www.RandBCoastalRealEstate.com
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For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida

www.Panama-City-Beach-Florida-MLS.com

www.Panama-City-Beach-Florida-Condominiums.com

www.Panama-City-Beach-Florida-Commercial-Real-Estate.com

We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!

Prices Are Down, But will time tell a different story?

Daily Real Estate News February 28, 2008

Too Much Recession Talk, Big Builder Says“Ceaseless talk” about recession is driving the housing market into a hole, says Robert Toll, chairman and CEO of luxury home builder Toll Brothers Inc.“For home buyers, we believe this drumbeat, coupled with concerns over mortgages, the direction of home prices, and foreclosures, has kept pent-up demand on the sidelines," Toll complained in a statement.Toll noted "glimmers of hope" in a few markets, including Naples, Fla., and the Washington, D.C., suburbs. The company also reported a decline in cancellations so far this year. It had 257 cancellations so far during the current quarter, down from 436 a year ago and 417 in the fourth quarter of fiscal 2007. But signed contracts dropped 37 percent from a year earlier to 647.The average price of a home sold in the latest quarter amounted to $634,000, down from $646,000 in the fourth quarter and $730,000 in the year-ago period. Toll blamed the decline on a shift in the product mix and more incentives.Source: Dow Jones Business News, John Spence (02/27/2008)

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