Auction at Towne of Seahaven

by November 12, 2008 • 15 comments

On December 13th, 2008 an auction will be held on site at Origin, at the Towne of Seahaven.

They will sell 29 condos with over 60 to choose from, including 2, 3, and 4 bedroom options.  It is being advertised as no minimums and no reserves with the auction to begin at 11 am CST.

Registered bidders will be expected to bring a deposit (listed below) and pay a 10% buyers premium on top of the final auction price they purchased at.

Deposit amounts:

Studio: $7,500

1 Bedroom: $10,000

2 Bedroom: $12,500

3 Bedroom: $15,000

4 Bedroom: $20,000

More Information

Print Story

Related Stories

Additional Auctions Stories

More Ways to Connect with Us

Leave a Comment




1 Dghii November 12, 2008 at 10:37 pm

Another wonderful property trying to fetch gulf front prices without being on the beach.
Potential bidders should be aware that the original plans for Seahaven included building a gulf front condo directly across the street from ‘Origin’. So much for the view…
What happened to the 4 year no cost deal being offered a few months ago? I wonder if anyone took that deal and if it will be honored once the development files for ‘reorganization’.

Sanctuary Beach, Hammerhead Fred’s, Sharkey’s…bye bye!


2 Mac November 13, 2008 at 4:47 pm

The owner promised the moon and a Towne of Seahaven to the original purchasers. They gave zero updates and pushed for Spring Breakers to rent the condos. What a great business plan for an upscale condo! PCB needs to decided if the beach wants to be the upscale family beach or tattooed drunks, bikers and porno shops beach. Pier Park hopefully will win the war on the upscale side. Only an adminstrative fool would think you can be Macys & a flea market at the same time and be successful.


3 Beach Lover November 18, 2008 at 9:09 am

How about posting facts? Yes there are plans to build condos on the other side of the street but not directly in front of Origin. The view will not be obstructed. This is a beautiful condo that is a very worthwhile investment.
The developers are local and not some out of town investers who dont care.
Sharkys, Hammerhead Fred’s and Sanctuary Beach are here to stay!


4 J.R. November 18, 2008 at 1:18 pm

Here are some facts then, Beach Lover:

Beware of promises made by this developer (Neel Bennett; local developer; does care, but only about himself, and not his customers). He originally sold these condos 3 years ago with the promise of building a “Towne” around Origin; a larger version of the “Villages at Baytowne Wharf at Sandestin”. That is why buyers were willing to contract for such a premium on these non-beachfront condos.

This “Towne” would have included up-scale shopping, restaurants, pools, and other amenities. He pulled the plug on the amenities and still expected to have folks pay the premium price (based on having these amenities) which is why more than 30% of buyers refused to close and consequently took Bennett to court since he refused to refund even a portion of their deposits.

The point is: buy one of these units with the expectation that it is simply a condo and not a part of a much larger full-scale resort.


5 Jason Koertge November 18, 2008 at 1:31 pm

JR, quick question: How would the Bennett’s fund building the amenities when sales (not only in PCB but across the country) are in the toilet?

I’m wondering if you think that in some deep dark secret closet the Bennetts were conspiring as to how they could ‘take’ everyone’s money by giving them the least they could and charging them the most by telling an inflated story.

I find it so entertaining when people are so naive to think that just because something is promised, it must be delivered even though economic circumstances will not allow it to be funded.

Again, I have to emphasize, developers are in it FOR THE MONEY. They cannot make money if their product doesn’t sell. If no one is buying, then they will not have the money to pay existing construction loans. If they cannot pay existing construction loans, no bank will loan them more money to keep building.

Look, I can understand your disappointment if you bought and are upside down or if you walked from your earnest money. We’re sitting on a 1 bedroom on the 9th floor. But the reality is that the Bennetts did not create this huge financial mess that our country is in, they got caught in the middle, just like we all did. There was no way to know that things were going to get this bad 3 years ago when we all bought into the vision.

You and all the others that point your fingers at the Bennetts and other developers are just incapable of taking ownership of your own decisions. Man up, will ya? We’re all hurting here.


6 Brett November 18, 2008 at 1:41 pm

Why would there be any doubt that The Village of Seaheaven will not be built. I believe the whole developement is tied to real estate sales and anyone with any sense can understand that there is basically no new construction going to happen until the economy and the confidence of buyers returns or rebounds a little. With that being said I believe Seaheaven’s in a holding pattern and at the right time will move forward with the developement, or I hope they will because Seahaven would be a great asset to Panama City Beach.


7 J.R. November 18, 2008 at 2:53 pm


The answer to your quick question is that they failed to even break ground on the amenities even before the market tanked, which indicates to me that they did misrepresent their true intentions to buyers.

I responded to Beach Lover who lamented “How about posting the facts?” I remarked that anyone looking to buy into this auction should do so without the pipedream of a Town of Seahaven being built up around Origin. Do you actually disagree with this???? I’m sure Origin is a nice building in and of itself, but it will never achieve the value as a stand-alone as it would if it were part of a resort/towne.

I’m not sure why you felt the need to question my manhood. Maybe you’re not man enough to admit you got swindled. I’m sure Bennett didn’t set out originally to hose people, but as economic conditions changed he broke his promises while expecting others to keep theirs. That’s not being naive, that’s just being fair. If he no longer wants to build the Towne as originally promised, then he should let people out of their contracts and sell the condos to folks who don’t care about the amenities. Luckily there is judicial precedent for that kind of unilateral contract change and hopefully the courts will rule accordingly.

As far as being incapable of owning up to my own decisions, you are wrong. I was willing to keep my end of the bargain until Bennett broke his end of the deal. I’m sorry that you feel the need to defend him. Did he pay you to do so or are you the one who is naive?


8 Ron November 18, 2008 at 3:57 pm

In reference to your:
“I find it so entertaining when people are so naive to think that JUST BECAUSE SOMETHIN IS PROMISED, IT MUST BE DELIVERED (my caps)even though economic circumstances will not allow it to be funded.”

I guess I feel that when something is promised it SHOULD be delivered. Monies should have been set aside to fund the amenities especially since they form the basis for advertising and sale of the units.

I agree with you that real estate, much like poker, is a gamble and an educated bet at best. Some gambled and won and others didn’t. The truth is Origins was late to the party.

Ten or twenty years from now when the party cranks up again, all of this will be forgotten and history will repeat itself.


9 mo November 18, 2008 at 4:34 pm

i agree with everybody


10 Leroy November 18, 2008 at 5:37 pm

Like Jason said, 10 to 20 years from now. Do not expect it to happen tomorrow, because it will not happen. Buy a condo real cheap if you buy. Don’t forget HOA dues on an empty complex.

If the contract you folks originally executed included amenities then you got screwed. If not, that is your problem. I suspect the folks that are in the guillotine planned on flipping anyway. Greed bites back hard.

PCB businesses have to have bikers and spring breakers now, or go in the tank. That will not change anytime soon either.


11 rob November 18, 2008 at 8:48 pm

Why doesn’t Neel Bennett respond with his intentions so those who are interested can make informed decision and let market volatility dictate resale pricing and auction prices?


12 Nigel November 21, 2008 at 8:37 pm

I am curious to see how much they will receive for their condos. Since it is across the street from the beach and the town and amenities is probably 20 years away. I will be suprised if they receive more than Ocean Reef.


13 Chris November 22, 2008 at 6:47 pm

“Across The Street” is the key. There are so many different condos “On The Beach” for sale that this auction will not last long. My bet is there will be a token condo or two that will be sold in the auction. Once the developer sees how low the prices are, the auction will be called off.

The amentities are not something the developer makes any money on so they will not happen for many years, if at all. The carrot of amentities were only used initially to lure perspective buyers.


14 Hawk December 14, 2011 at 8:00 pm

We need more insights like this in this trahed.


15 toxjgwq December 15, 2011 at 4:19 am