[updated 11:51am 8/18/09]
On Friday I received several emails from people in and around the Sunbird Condo area in East Panama City Beach. With the backdrop of Condo Canyon (Shores of Panama and Laketown Wharf) demolition crews had been working for days to clear just over 1.5 acres right on the sunny Gulf of Mexico. “This place had been in total disrepair for a while now,” said one local property owner that often visits her townhome right down the street.
There are 6 lots on the water totaling around 240 beach footage with 12 lots lined up directly behind the beach-front lots along the same plat lines, 18 lots total. The labeled property usage per the Bay County Property Appraiser’s office is Hotels/Motels, and the record shows the entire piece of land was purchased in April 2004 for $7.5 million. It would appear that the land was foreclosed upon as there is a deed recorded with the Bay County Clerk of the Courts in late 2008.
My first assumption was that this was a Faircloth property that was sold at auction last year in which the new buyer was clearing out the land to build or sell, but the Florida Division of Corporations name search revealed that the old owners were out of Destin and the new owners are actually a bank. New South Federal Savings Bank out of Birmingham, Alabama too possession in October of last year I assume because the previous owners weren’t paying their fat mortgage any more.
Many have asked whether a condo was going in there, but I would assume that the bank is just clearing the land preparing for sale. From the looks of the properties that had not been torn down yet, I would assume that these were not inhabitable homes and that the city was requiring the demolition in an effort to keep our area clean and reduce incident rates from homeless people. Typically banks are not in the development business, so I would assume that they are preparing to sell.
I have a call into New South’s acquisition lawyer with no return call yet and a call into the local PCB planning department. I’ll keep you all updated.
I just received this from Mel Leonard with the panama city beach planning department:
“No one has submitted any development plans for those lots as of this time. However, New South Federal Savings Bank did answer the City’s advertisement to purchase gulf front property in an effort to create a public park. We also have a proposal from Peek’s Motel. A few weeks ago the City Council asked staff to run public notices to see if any gulf front property owners wanted to sell their property to the City for purposes of constructing a public park with showers and restrooms. So far, we have the two proposals one of which is for those properties on Beach Blvd. The deadline for proposals is Thursday, August 27, at 2pm. At some point thereafter, the Council will discuss whether to pursue any of those properties or abandoned the idea. Let me know if you need anything else.”Print Story