Panama City Florida Real Estate
Panama City, Florida - a great place to live
Panama City lies just east of the popular vacation area of Panama City Beach. Within minutes to the beautiful white sand and turquoise waters of Panama City Beach, you will find numerous waterfront residential communities which are a wonderful place to live for both boaters and those who enjoy the solitute of waterfront views.
As of early 2005, there were some 35-plus real estate developments or new Panama City Beach condos along the beach that will be coming up over the next two years. This shift from hotel/motels to condos and resort properties will bring in a more affluent visitor to Panama City Beach. According to a new study, there are 45 Panama City Beach condo complexes and homes either under construction or planned that will more than double available guest accommodations to 30,305 when completed ( 21,119 of that 30,305 will be condominium units).
About two years ago, new construction
was $229 per square foot, and it’s now up to $500 per
square foot. And there are some new resales that are
up over $600 per square foot.” The current cost of construction along Panama City Beach coupled with the current and upcoming inventory makes single family homes close to the beach our best choice for Panama City Beach real estate investors. There are hundreds of homes within 3-4 blocks of the beautiful gulf of mexico which the big developers won't touch due to zoning restrictions. Many of these homes need renovation which can either be updated or resold "as is" due to the rapid appreciation of the beachside land that it sits on.
Panama City Beach News
Year-Round Market
The City of Panama City Beach’s occupational license fee (gross sales tax) 2004 collections indicate a continuing trend of growth during fall, winter and spring months. Fifty-nine per cent (59%) of collections occurred during the non-peak season.
Source: City of Panama City Beach
I
Infrastructure
The new Hathaway Bridge was completed in summer 2004. Plans are underway for a major facelift for Front Beach Rd. including installation of sidewalks, bike paths and parking structures, street-scaping with lights and landscaping of native plants and palms, and utilities buried. Panama City Beach Parkway and Beckrich Roads will be widened to six lanes. Sign ordinances all over will be updated.
Source: City Councilwoman Gayle Oberst
Redevelopment
Panama City Beach Planning Department reports, based on development/redevelopment plans submitted or reviewed, 13,290 condominium units will replace 2,796 motel/hotel rooms by the year 2008.
Source: City of Panama City Beach
Construction
In the first four months of fiscal year 2004/2005 (October 2004-January 2005) Panama City Beach construction permits exceeded $195,341-885.
Source: City of Panama City Beach
Housing
Single-family existing home sales rose 11 percent in Florida in 2004, with the Panama City area experiencing an increase slightly higher than the statewide average. Median single-family existing home sales prices in Panama City rose by 19 percent from 2003 to 2004, increasing from $140,700 to $167,300. Realtor sales released by the Florida Association of Realtors showed an increase of 14 percent over the same time period in the Panama City area. The association’s sales figures reflect closings.
Source: Association of Realtors, News Herald
Pier Park
Simon Property Group, Inc (NYSE:SPG) the nation's largest owner, developer and manager of high quality retail real estate closed on the purchase of 93 acres of land in December from The St. Joe Company. Plans are now underway to develop that prime real estate into 900,000 square-foot project that will run from Front Beach Boulevard (at the Pier) to heavily traveled Highway 98. Lead by Myles Minton, senior vice president of development, Pier Park will be a fun, family-oriented retail destination and will mix shopping, dining, and entertainment.
Source: Simon Property Group, Inc.
Panama City Beach Real Estate Communities
Browse the following links to locate properties in some of the more popular Panama City Beach real estate communities.
If you'd like help in choosing a good Panama City Beach real estate investment property, please email us or complete out Panama City Beach Real Estate Finder Form.
Panama City Real Estate | Panama City Beach Real Estate
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