Distressed Property Alert! – Absolute Auction at Island Reserve in Panama City Beach

Excellent Distressed Property Opportunity in Panama City Beach! Roebuck Auctions, a national real estate auction marketing firm, was selected to auction 257 condos and town homes in the luxury resort community of Island Reserve in Panama City Beach. At least 100 units will be sold Absolute and will sell to the highest bidders regardless of price. The auction is scheduled to take place on Saturday May 16 at noon at Island Reserve located at 8700 Front Beach Road.
Island Reserve Resort Community consists of one to three bedroom condominiums as well as three and four bedroom town homes. All the units are serene and spacious with luxurious features like bamboo floors, gourmet kitchens, terra stone tiles, soaring ceilings, crown molding, and stylish lighting. The beautiful emerald coast inspired the exterior colors that seamlessly flow into the lush landscaped courtyards. Whether this is a vacation home or your new private residence, you can enjoy resort amenities in this upscale brand new resort community.
Each condo includes two reserved parking spaces in the attached parking garage with direct access to each floor and the townhomes each have a two-car attached garage. This gated community features a one acre resort style lagoon pool with rock waterfall, lap pool, children’s play area, restroom facility and plenty of lounge area. There is also a clubhouse equipped with a state-of-the-art fitness facility, a half-court indoor basketball, volleyball and aerobic court, a billiard/game room and a media center with 100” theater screen. Between the buildings you will find courtyards with fountains, lush landscaping, walking paths and benches. Island Reserve is located close to shopping, restaurants and the beach.
There will be a pre-auction preview party from 3 to 7 p.m. May 9 with live music, food and giveaways. There will also be an inspection period on May 9 starting at 10 a.m. and continuing through the preview party. Representatives from the auction company will be available to answer any questions regarding the property, available units and the auction process. There will also be an opportunity to pre-register for the auction at this time.

If you are interested in registering for the auction please call Craig Baranowski with Team Baranowski @ 850-259-1788. All registration forms must be in by Thursday May 13th, 2009. This is an excellent opportunity to purchase some distressed property in Panama City Beach.


  1. says

    I wanted to give everyone an update on the Island Reserve Auction as it was a big success and a lot of distressed property was sold in just over an hour. Attendance at the Island Reserve Condominium auction was high with an estimated 600 people in attendance. Over 125 condos were sold and the 16 unfinished townhomes were purchased prior to the auction by an investor from Biloxi.

    3 Bedroom Condos @ 1,761sf
    The first 3 Bedroom sold for $235,000 including 10% buyers premium or $133.75/sf

    The rest of the 3 Bedroom condos sold from $107/sf to $99/sf including 10% buyer’s premium or $188,000 and $174,400.

    2 Bedroom Condos @ 1,325sf
    The 2 bedroom condos had the highest demand and were quickly sold. The first units sold for $125,000 or $103/sf after 10% buyer’s premium. The prices continued to drop until it bottomed out at $84,700 including the 10% buyer’s premium or $64/sf. There was a buying frenzy at this price point and the prices began to increase with the last 2 bedroom units selling for $95,700 including buyer’s premium or $72/sf.

    1 Bedroom Condos @ 1,071sf
    The majority of the 1 bedroom condos sold in the $74/sf price range which includes the 10% buyer’s premium.
    Overall the auction was a great success and it was excellent to see a significant amount of Panama City Beach Distressed Property moved off the market!

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