Any investor purchasing close to, or more than, half of the units of a failed condominium will typically expect to gain control of the association for at least a limited period of time. In this condominium governance dispute, the trial court temporarily enjoined the collection of assessments for anticipated non-recurring legal and engineering fees of $525,000 that a condominium association, the Shores of Panama Resort Community Association, adopted at a special meeting held after its annual budget had already been adopted. HOA Fees and How Can I Afford My Vacation Home in Florida? This article will look deeper into the 2019 dues and what you can expect in the future. Elevators, ask to speak to a manager of Shores of … Shores of Panama Resort is located in the heart of Panama City Beach Beach and offers some of the Gulf Coast’s best resort amenities including a beachfront 13,965 square foot lagoon pool and hot tub, 2 tiki bars serving food and cocktails, heated indoor pool and hot tub, fitness center, full spa, beach activities and rental services, high speed internet access and more. Shores of Panama. Since there was not a special assessment the association needed financing. Shores of Panama Unit 1528 - $386 avg/night - Panama City Beach - Amenities include: Swimming pool, Internet, Air Conditioning, Hot Tub, TV, Satellite or cable, Washer & Dryer, Parking, Heater Bedrooms: 3 Sleeps: 10 Minimum stay from 2 night(s) Bookable directly online - Book vacation rental 1190672 with Vrbo. When you take the 2.1 million budgeted for the loan and subtract it from the 1.4 million already paid to the club, owners are only paying 700k extra for 15 years to own the pool and club area. If you have questions on other topics regarding the Shores of Panama, you can feel free to contact me. When I tell them the HOA fees are $350 – $600 per month, the 2 nd question immediately out of their mouths is “How in the world can we afford to purchase this property and then pay THAT MUCH MONEY for HOA fees”? The Shores of Panama is loaded with luxury amenities including a full-service spa, lagoon-style pool, and lazy river, 24-hour fitness center, 2 tiki bars serving food and drinks. The operating budget and pool revenue are independent of that. The goal here is to simply break out the budget for the loan. Located at the #1 Vacation Destination Condo on Panama City Beach. Make Shores of Panama your next destination! You should also check out my testimonials page to see what some of my clients were nice enough to write about me.Christopher Arnold850-625-5113. Shores of Panama Resort is located in the heart of Panama City Beach Beach and offers some of the Gulf Coast’s best resort amenities including a beachfront 13,965 square foot lagoon pool and hot tub, 2 tiki bars serving food and cocktails, heated indoor pool and hot tub, fitness center, full spa, beach … There are also many other buildings with lower association dues. Listing courtesy of Lifes A Beach Real Estate, LLC. This gives you a better comparison to other condominiums. This Panama City Beach accommodation also boasts a heated indoor pool and hot tub, covered parking, a fitness center with a steam room, two tiki bars and more! Chris gave good advice through the sales process... Chris was right with his recommendations and guidance from the very beginning. We will cover reserves and the loan. This math below is just my estimate. I believe this is an easy way to understand how much the special assessment will cost you over 15 years. A Beach Vacation Come True. The actual math to understand the Shores of Panama budget is significantly more complicated. Now $72 (Was $̶1̶9̶2̶) on Tripadvisor: Shores of Panama Resort, Panama City Beach. Here is my estimate of the percentage of the dues going towards the loan taken out to pay for the pool and club purchase. Our 23-story Gulf front property features 150 beautifully appointed vacation rentals and a host of luxury amenities, including a full-service spa, lagoon style pool, two tiki bars for on-site dining and drinks, and exhilarating water sports and … Association dues are usually made up of three separate cost centers. To be fair the payment to the club was $1,394,500 per year and could increase each year. This is the ONLY condo in Shores of Panama that has a full WALL OF WINDOWS in the master bedroom and a sliding glass door out the master. Just add that price to your purchase price and you can evaluate the price you are paying relative to the price of other condominiums you would like to compare. The Shores of Panama verdict will unquestionably have a wide-ranging impact on real estate investors seeking to purchase distressed condominium assets in bulk. Shores of Panama Association Dues 2019 When compared to other gulf front buildings in Panama City Beach, Shores of Panama’s dues can seem high at first glance. - See 606 traveler reviews, 583 candid photos, and great deals for Shores of Panama Resort at Tripadvisor. Pool and Club dues prior to the association purchase, Total budgeted for loan to purchase the Pool & Club, Loan cost budgeted per month for pool and club purchase, Total extra association dues to be budgeted towards the loan, Shores of Panama 1-bedroom A phase 1 C unit, Shores of Panama 2-bedroom A phase 1 B unit, Shores of Panama 3-bedroom A phase 1 D unit. Shores of Panama is one of the largest resorts on Panama City Beach. You can also get a feel for the amount dues should go down after the loan is paid off. SUNSET VIEWS ALL YEAR LONG. Shores of Panama is located next door to Pineapple Willie’s Beachfront Restaurant and only a short stroll from many of Panama City Beach’s top tourist attractions including the Ripley’s Believe It or Not Museum, Wonderworks Upside Down Adventure, several mini-golf courses along with many beach gear stores and souvenir shops. 9900 S Thomas Drive 1326, Panama City Beach. This is the 2bd style that has the bunk room with a door and a wilndow, so it FEELS LIKE A 3BD. They reported âThis was driven by the increase in cost associated with the mortgage of the pool vs. the lease payments as the main driverâ. ONE OF THE BEST SUNSET VIEWS!!! They were slightly over priced, but I was willing to wa... Chris is an honest, hard working real-estate agent. When compared to other gulf front buildings in Panama City Beach, Shores of Panamaâs dues can seem high at first glance. Highlights of this charming vacation destination include Ripley's Believe It or Not Odditorium, WonderWorks Upside Down Adventure, and Pier Park mall, … MLS # 703873 I listed two units at the Summit with Chris. Shores of Panama Resort: Worst resort ever don’t stay here! My name is Wayne Hults. Its club assets include a 14,000-square-foot beachfront pool complex, bar and grill, spa, fitness center, indoor pool and meeting rooms. So, it was clearly in the best interest of the association to purchase the pool and the club at some point. See 600 traveler reviews, 1,552 candid photos, and great deals for Shores of Panama Resort, ranked #83 of 94 specialty lodging in Panama City Beach and rated 2.5 of 5 at Tripadvisor. We provide a list of the board members and property manager for Shores Of Panama Resort Hoa. If you pay $220,000 for a one-bedroom. Edgewater is a good comp for association dues because they have a similar size lagoon pool, but more amenities. Shores of Panama Condos for Sale. Vacation rentals here boast North Florida's largest lagoon pool and pool deck, beachside hot tub, indoor pool and hot tub, sauna, steam room, spa, and poolside grill and bar! These special assessments usually show up when you need to paint a building. Many associations get a handle on reserves 5-7 years after the building conveys. Most condos do not fully fund reserves. ft. condo is a 3 bed, 3.0 bath unit. Shores of Panama offers Panama City Beach’s Best Beachfront Location and Amenities Second to None. Shores of Panama Unit 1109 - $180 avg/night - Panama City Beach - Amenities include: Swimming pool, Internet, Air Conditioning, Hot Tub, TV, Satellite or cable, Washer & Dryer, Parking, Heater Bedrooms: 1 Sleeps: 6 Minimum stay from 2 night(s) Bookable directly online - Book vacation rental 1265143 with Vrbo. He helped us ready o... We have worked with Chris several times on the purchase of Condos in Panama City Beach. Book online or call toll free: 1-800-725-GULF, Designed by Elegant Themes | Powered by WordPress. This one time charge will provide your party with pool wristbands and 1 parking passes. The first time a building needs painting is when associations are often forced to face the reality of there reserve study and the reserve balance. This is the #1 question that I always receive from my prospective 1 st time vacation home buyers. This condo is on the west end of the building (Gulf-Front). Association dues below show monthly dues minus my estimate of the dues being put toward the loan for the next 15 years. The company's filing status is listed as Active and its File Number is N06000004213. The fee is subject to change as it is set by the onsite HOA… The actual math to understand the Shores of Panama budget is significantly more complicated. Before purchasing in an HOA community you will want to research their rules and deed restrictions, reserve funds, budget, bylaws, and documents of the association. The 1,525 sq. The 1,148 sq. With sprawling beaches and a gulf-front pool that spans 13,966 square feet, guests can relax for days or dive into an array of beach … Welcome to the Shores of Panama resort, a family-friendly retreat in Panama City Beach. Just add the 40k for all the loan payments and assume you are paying 260k. There is also access to 487 feet of beach front property for guests and residents to take advantage of. Shores of Panama will be paying off the loan for the pool and club purchase for the next 15 years. View more property details, sales history and Zestimate data on Zillow. This math below is just my estimate. After a day spent surfing, shopping, and sightseeing in Panama City Beach, relax and unwind at the family-friendly Shores of Panama resort. In 2019 the association reported a 13.55% increase in dues. Now $89 (Was $̶2̶5̶9̶) on Tripadvisor: Shores of Panama Resort, Panama City Beach. There are several condos in Panama City Beach that have equal or higher association dues. Are you comfortable paying the dues budgeted when considering the Shores of Panama building and amenities? The 16.2 million paid by the association for the pool averages to $23,137 per unit on average. View Reviews (1) Shores Of Panama Resort Community Association, Inc. is a Florida Not For Profit Corporation filed on April 17, 2006. This means that they end up needing special assessments. Low-floor ''L'' plan in Shores of Panama. Shores of Panama offer an indoor spa, sauna and steam room, fitness center, electronic game room, swimming pools, hot tubs, party and media room and two tiki bars for everyone to enjoy. If you want to see the sunset you want to buy in Phase II facing the sunset. This article will look deeper into the 2019 dues and what you can expect in the future. Shores of Panama is at that point right now. This is foolish without understanding why association dues are where they are. Each building has a dollar amount that it cost to run a building. Chris was a godsend in helping me choose a condo. Perhaps the Shores’ of Panama’s greatest feature is its gulf-front, 13,965 square foot lagoon pool and hot tub. The master overlooks the pool to the Gulf. The pool and club also received the revenue from the guests. If you would like more information on any of these Shores of Panama condos for sale, just click the "Request More Information" button when viewing the details of this beachfront condo for sale. Shores of Panama is one of the largest resorts on Panama City Beach. **Shores of Panama Resort charges a flat fee of $60 at check in. Understanding the operating budget is outside the scope of this article. The budget for the loan is $2,135,563 per year which will cost each unit an average of $45,181 to cover the loan obligations. The Registered Agent on file for this company is Buckner, Daniel P and is located at 600 Grand Blvd Suite 208, Miramar Beach, FL 32550. This section is my attempt to help you break down the math with my estimates. 9900 S. Thomas Road Panama City Beach, FL 32408 (888) 402-5155 Shores Of Panama Resort Homeowners Association, Panama City Florida. Featuring elegantly appointed one, two, and three bedroom condos that can accommodate up to 10 guests, our resort is the ultimate Gulf of … Shores of Panama is a gulf front condominium resort located at 9900 South Thomas Dr. in Panama City Beach, Florida, . Resort Information. Operations, Reserves, and loans (if any). INCLUDES 3RD FLOOR PARKING SPACE. I believe it is an easer way to compare Shores with other condominiums. Shores of Panama is an incredible destination in Panama City Beach. Bring the Family to Our Gulf-front Resort. Many owners, buyers and sellers look at association dues to make a judgement as to the health of an association. Shores of Panama Resort Condominiums rentals include many premium features including private oceanview balconies, fully furnished kitchens with granite countertops, flat screen TVs in each room of each unit, washer/dryer and upgraded appliances. If you would like a history of the building, you may want to look at my Shores of Panama Oversimplified article. Like most new buildings, reserves were not funded properly for years. The staffing and amenities you maintain make up a significant portion of the budget. There is a lot to Shores of Panama. The good news is that even if you end up needing a special assessment, $5,000-$10,000 can often clean up years of underfunding reserves. It is a matter of opinion and controlled by the association board members. Association dues are usually made up of three separate cost centers. View more property details, sales history and Zestimate data on Zillow. Shores Of Panama Phase I Condos for Sale Included below are condos for sale in Shores Of Panama Phase I, a resort in Panama City Beach, Florida, updated daily from the Bay County (BCAR) MLS. Condos for Sale in Shores of Panama, 9900 S Thomas Drive, Panama City Beach, FL 32408: A waterfront favorite, Panama City Beach is beloved for its white sand shores and warm Gulf of Mexico waters. 1. Find 50 photos of the 9900 S Thomas Dr #1907 condo on Zillow. 9900 Thomas Dr S # 1528, Panama City, FL 32408 is currently not for sale. 9900 S Thomas Dr # 1907, Panama City, FL 32408 is a condo unit listed for-sale at $310,000. Dues are made up of the operating budget, reserves, and loans (if any). Developers reserves are often underfunded. Example. Zestimate® Home Value: $309,666. The pool is not owned by the HOA (Homeowners Association), it is owned by the new bulk buyer--Shores of Panama LLC, you have complaints, talk to the front desk who is run by Shores of Panama LLC and not the HOA. ft. condo is a 2 bed, 3.0 bath unit. See 608 traveler reviews, 1,553 candid photos, and great deals for Shores of Panama Resort, ranked #83 of 103 specialty lodging in Panama City Beach and rated 2.5 of 5 at Tripadvisor. Great 2 bedroom/2.5 bath unit with parking space included in purchase.The Shores of Panama offers resort style amenities including 13,966 SF Gulf side pool... Hopo Zoning: r217771676. With the emerald waters and white sandy beaches of the Gulf of Mexico as its playground, the Shores of Panama entice sun seekers, water adventure lovers, and vacationers of all ages who are eager to get away and reconnect with friends and family. This condo was built in 2007 and last sold on 2/12/2020 for $390,500.
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