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Pre-Construction Condo's on Panama City Beach, Florida
Be sure to Arrow Down to bottom to see tax record data for The Princess
Below is an explanation and examples of the tremendous appreciation on
pre construction condo's at Panama City Beach.
* 1st you reserve a condo by signing a reservation slip with us.
Pick A Condo Under Construction.
* 2nd you will have to put up $5,000 to $7,500, (depending on the
developer), reservation fee to hold the condo until the complex is about 80%
sold out. This money is fully refundable for any reason. At that time the
developer will send you hard copies of the contract and condo documents ie.
covenants, condo fee, etc. You will have 15 days to review and sign these
documents or cancel for a refund. When you sign the contract you will need to
increase the cash deposit to 10% plus an irrevocable letter of
credit for another 10% of the sales price. Or you can put a total of 20% in
cash. Then sit back and watch the price go
up.
* Example: $299,000 2br-2ba condo. $5,000 reservation fee paid up
front, but fully refundable for any reason until hard copy contracts are signed. $24,900 additional deposit paid at contract signing. Plus a $29,900
letter of credit from a bank. This could be against your equity in a rental,
your home, stocks, or retirement account etc. So at this point you have $29,900 cash
tied up plus $29,900 equity tied up for 18 to 24 months.
* As you watch the pricing change during construction you have the option to
resale your contract or close at completion.
* If your intention is to flip the unit and not keep it you may want to
consider renting for 12 month to maximize your potential. First the capitol gain
is less after 12 months and typically the appreciation is better than selling at
completion when there are more condo's for sale. There are typically fewer
condo's for sale 12 months after completion so you have less competition.
Like any investment there are risk. These are examples of some of the resales
from the Princess Condo's on Thomas Dr. There are no guarantees for future
return but past history is an indicator of the possibilities. As always we
recommend you consult with a licensed cpa or accountant for investment advise
and tax liabilities.
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