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Unique Panhandle Properties
Licensed Real Estate Brokerage

Debbie's Cell        850-376-5120
debbie@uniquepanhandleproperties.com

PO Box 611668,
Rosemary Beach, FL 32461

Panama City Beach Real Estate

Panama City Beach Florida Condos for Sale

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.

panama city beach condos

In 2003, the Panama City Beach Condo market began to populate with the construction of some 35-plus real estate developments or new Panama City Beach condos along the northwest florida beach.  This shift from hotel/motels to condos and resort properties has brought more affluent visitors to Panama City Beach.   According to a recent study, there were over 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).

New construction jumped from $229 per square foot to $500 per square foot and now the real estate bust has brought the average price of Panama City Beach Condos down to $185 per sqft in February 2010.  The current prices of resale condos along Panama City Beach coupled with the current and upcoming inventory makes beachfront condos a great buy for Panama City Beach real estate investors.  There are thousands of beachfront condos being listed by very motivated sellers and bank foreclosed condos which move very quickly.

The Northwest Florida Beaches International Airport is on schedule to open April 2010 and many feel that the exposure of our beautiful white sandy beaches to new travelers will rapidly turn the Panama City Beach Real Estate around quickly. Inventory has decreased and while prices continue to drop, sales have picked up dramatically since January 2010 which is a very strong indicator that the Panama City Beach Real Estate Market may be hitting the bottom. 

Panama City News - Visit our new beach news blog with updates on the upcoming Panama City Airport

Year-Round Market
The City of Panama City Beach occupational license fee (gross sales tax) 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.  The current population of Northwest Florida is 1,349,082 and the projected growth rate between 2009-2014 is 1.23% while the National growth rate is projected to be 0.91%. That's an increase of over 16,000 people in 5 years.
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, over 12,000 condominium units have replaced over 2,000 motel/hotel rooms. 
Source:  City of Panama City Beach


Construction
While construction came to a halt in 2006, a couple of new developments have been released and stalled projects have begun to show activity.

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. Phase I of Pier Park has been substantially completed with prime entertainment, shopping and dining establishments making Pier Park the center of activity in Panama City Beach. Upon completion, Pier Park will provide nearly 1 million square feet of commercial activity. The project runs from Front Beach Boulevard (at the Pier) to heavily traveled Highway 98. Lead by Myles Minton, senior vice president of development, Pier Park is a a fun, family-oriented retail destination.
Source: Simon Property Group, Inc.

Northwest Florida Beaches International Airport
After years of planning and lobbying, the gala 4 day grand opening new airport in Panama City Beach is set for May 23, 2010. The new Northwest Florida Beaches Internation Airport is the only international airport in the Florida Panhandle and the first Leed certified "green" airport in the United States. It is free-trade ready and has Customs and Immigration on call 24/7.

It's 10,000 foot has induced Delta to increase flights and bring larger airplanes into Panama City Beach. Southwest Airlines announced that it will begin direct service from Panama City Beach to Nashville, Orlando, Houston and Baltimore and the competition has already caused a drop in flight prices.


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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.

Carillon Beach Wild Heron Rivercamps Tapestry Park

Don't forget to visit our new Panama City Real Estate website!
with lots of info on the New airport and Pier Park!

 

panama city beach

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.

 

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Licensed Real Estate Brokerage

Debbie's Cell        850-376-5120
debbie@uniquepanhandleproperties.com

PO Box 611668,
Rosemary Beach, FL 32461

 

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