Tucked away right off Front Beach Road in Panama City Beach lies a hidden treasure of a resort with a plethora of amenities completed and waiting for you to enjoy. The Island Reserve Resort is a well kept secret, maybe that’s why only 42 were sold and 257 are up for auction, 100 of which will be sold absolute.
On May 16, 2009, 100 condos will be sold absolute by Roebuck Auction Group. Now before you guys bash us for publishing an advertorial, here me out. If the price is right, this could be a sweet deal for you. And the fact that they are selling 100 condos absolute, everything is completed (including the amenities) and only 42 are off the developer’s books means the price will probably be right. So, what is that price, you say? We shall see, my friend, in the near future.
On with the resort.
My tour began in the 4,200 square foot half court basketball gymnasium with 35 foot tall vaulted ceilings overlooking the 1 acre lagoon pool. Attached to the gymnasium is a fitness center, private theater room and club game room filled with a pool table, card table, bar and a sink.
When I walked out to the pool, I envisioned families playing and kids running about the spacious pool deck. The pool area is very open. The 1 acre lagoon pool features lanes on one end for laps and a beach entry on the other for the kids to play in the shallow water. In addition to a waterfall feature, there is also a fenced area (using the nice black fencing, of course) with water spouts for the kids to play in. This is very cool, as this way parents don’t have to worry about their little kids wandering into the pool when they play in this area.
The whole resort was designed like small community with plenty of areas to spend time outside. The landscaping was a little rough, but crews are working to revamp everything by auction day.
Up for auction are condos randing from 1 to 3 bedroom and townhomes either 3 or 4 bedrooms.
I went in a 2 bedroom condo and 3 bedroom townhome and both were well laid out and spacious. The town homes come with 2 car garages, wine coolers and icemakers along with 3 floors to spread out in.
The draw back to purchasing thid kind of property a couple years ago was that you had to wait for the amenities to be finished. Island Reserve is complete now. The amenities are in place and begging to be used. The condos and townhomes are done and move in ready.
Sure, this resort is not beachfront, but it is a resort with all the fit and finish and with the absolute auction, the prices should be good. If you are in the market for something, I’d stop by and take a look.
In 2006, a 1 bedroom condo sold for $426,000, a 2 bedroom sold for $516,000 and a three bedroom sold for $616,000.
Here are the square feet of each size condo (heated and cooled):
- Condos
- 1 bedroom w/ study, 1 bath: 1069 sf — — — > 32 total units, 15 absolute
- 1 bedroom, 2 level, 1.5 baths, 2 levels: 1520 sf — — — > 24 total units, 12 absolute
- 2 bedroom, 2.5 bath: 1,325 sf — — — > 125 total units, 40 absolute
- 3 bedroom, 2.5 bath: 1,761 sf — — — > 52 total units, 25 absolute
- Townhomes
- 3 bedroom, 3.5 bath, 2 car garage, 3 levels: 2,874 sf — — — >6 total units, 6 absolute
- 4 bedroom, 4.5 bath, 2 car garage, 3 levels: 3,019 sf — — — >2 total units, 2 absolute
Click here to view floorplans.
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}People who would bid on these condos might also ask themselves just what First Class staterooms on the Titanic were worth on April 15, 1912 12:05 a.m.
Why is that? It seems to me that every has the potential to be a good deal, if the price is right. In fact when most are scared to venture into a particular market that’s usually when the best deals can be found. It seems strange to me that when a condo sells for 600K two years ago that people are afraid to buy it for less than 1/2 that price today. For some strange psychological reason they’d sooner wait for it to increase in value before buying.
“most are scared to venture into a particular market that’s usually when the best deals can be found”
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I guess the Titanic reference didn’t work for everyone.
A new complex where only 42 were sold and 257 are up for auction is a giant warning sign that there are major problems that may well come back to bite you in the rear end, if you just go by a half price deal or a low ball auction offer, then you have missed doing a lot of research which is needed to tell you if you are throwing away money on a complex that will give you only a tax deduction when the place goes under.
I have no special knowledge of this complex I live at another PBC condo but just going to an auction and putting in a low bid is really foolish. Do your research and see what the financials are to find out if there is a reason that very few people wanted to purchase there.
I agree with your comments. Price alone doesn’t mean everything.
Donald Trump is telling everyone that this is the best time that HE HAS every seen in history to buy something and people must be listening. Our little office has been bombarded and we LOVE it. The other day my very gifted assistant said that she needed an assistant.
As to buying at an auction it really is best to do your research into the stability of the complex because there really are so many deals out there. I have noticed that the buyers are very savvy these days and come to me quite informed…. making my job so much easier and lots of fun.
The best advice I can give you is to pick a LOCAL Realtor who knows the area and will give you the truth of the matter. I assure you she wants to sell you the right thing just not just anything. Wow what a time to live and buy at the beach… ain’t it sweet????
Totally agree with above comments that price alone should not be the determining factor of where and what to by. Who is the developer? What is the address of the complex, and does it have deeded beach access?
RE: Island Resort, 8700 Front Beach Road, PCB, FL 32408
If you are interested in the legal history of this complex you should go to the Bay County Clerks 2 web sites and put in ‘Island Reserve’ and it will bring up 14 items on one site and 5 on the other, you can review the initial filings and see the progress of the various filings over the last two years. I know that Jason isn’t thrilled with people putting ‘links’ on the site so if you can’t find the 2 sites email me and I will send them to you.
As an owner of a condo in Island Reserve, I just want others to know that the parking decks are too low to allow any moving truck into the parking deck (only a clearance of 8′)- which makes moving in INCREDIBLY difficult…. almost near impossible. I even went and rented the smallest U-haul truck, with a clearance of 8’5″ in hopes I could let some air out of the tires… with no luck at all!!! Also, there are 3 buildings that I know of that have inoperable elevators, so good luck getting your furniture up to the 2nd or 3rd floors. I was told that there is an unpaid lien with Otis (elevator corp.) therefore they will not come out to inspect them and issue a certificate for them to be used. I am not trying to discourage anyone from bidding, but these are things I REALLY wish I would have been told prior to purchasing… do you know how difficult it is to get a king sized mattress set up to the third floor from outside the parking deck and without the use of an elevator??
Otis Elevator of Pensecola has a lien against the property for $55,357 which was filed on Oct 9, 2008 Case #2008063469. You can pull up all 14 entries at: http://records2.baycoclerk.com/oncoreweb/search.aspx?bd=1%2F1%2F1987&ed=4%2F26%2F2009&n=Island%20Reserve&bt=OR&d=4%2F26%2F2009&pt=-1&st=fullname
Sounds like a nice property but not many thoughts given to particulars–like the garage height!
Is there a Homeowner’s Assoc. in place with the current residents? Has an escrow been set up by the builder to account for the Otis Elevator lien? If that lien is on the property how can the builder give a clear title?
There is currently no HOA in place – the builder is still in control and they are not scheduled to turn over the HOA until after the auction – however I think that plan is based on the expectation of selling a predominant number of the unpurchased units. As far as clear title, I have seen no documentation that the builder is able to guarantee clear title – and although this is typically assumed, with an auction (and all units being sold AS-IS) I would ALWAYS do my homework.
I’m interested in them but not sure of a few things. Is this a reputable developer/builder and is this a stable bank that has the loan on the project? I need a better comfort level before I spend a lot of money.