Have you been wondering if this is the time to invest in a condo in Panama City Beach? Are you asking yourself if is it too late to get a great deal on a waterfront vacation home on the beach? I'm excited about Panama City Beach and after reading this article, I hope you will be too! In addition I hope you will have a better understanding of why now is the time to invest in a home or condo in Panama City Beach.
Panama City Beach, aka, “PCB”, is located in the Panhandle of Florida and consists of nearly 30 miles of white, sugar sand beaches and emerald Gulf waters. It has won numerous awards including claims to the title of “World’s Most Beautiful Beach”! Until 2006, Panama City Beach had always been thought of as a sleepy little beach town that was primarily a summer vacation destination for southern families living within easy driving distance. All of that changed in 5 short years when most of the small “mom and pop” hotels were replaced with more than 25 luxury high-rise beachfront resorts, a brand new airport servicing both Southwest and Delta was built, a mega shopping/entertainment/dining complex called Pier Park was completed, and tourism almost doubled.
So, is now a good time to invest in Panama City Beach? If you are looking to purchase your own reasonably priced vacation condo or beach house on one of the most beautiful beaches in the U.S., I certainly believe so! Here is some of the history and why I believe now is the time to invest in Panama City Beach:
History of the Condominium Market:
2005 - 2013:
- Beachfront condo prices peaked in PCB in 2006 at over $575/sq. ft.
- After recession, prices bottomed out in 2012 at less than $200/sq. ft.
- And, condo inventory for sale skyrocketed to over 2,200 units
- By 2013, most of the Foreclosures and Short Sales were gone
- Beachfront condo inventory dropped to 700 units
From 2016 to Now:
- Beachfront condo inventory has dropped and remains low
- Heightened demand combined with nation’s economic recovery, prices began to rise
- Finally in 2016, prices are finally back above $225/sq. ft.
- What that means is “You can Still Buy a $400,000 condo on the beach for less than $200,000”!
Panama City Beach – Poised for Growth!
- Pier Park dining, shopping, and entertainment complex ( #1 place to go)
- PCB airport - tripled passenger traffic and continues to grow with new destinations and carriers
- New and/or updated attractions have opened including:
- Ripley’s Believe it or Not
- Gulf World
- Zoo World
- A new Miracle Strip Amusement Park
- Great new tourist events like:
- Gulf Coast Jam
- Pirate’s Fest
- Thunder Beach Rally
- Jazz Festival
- New Year’s Eve Celebration (with festivities for both children and adults)
Panama City Beach – Investments Paying Off!
- Tourism in PCB has increased 7 out of the last 8 years
- Rental revenue tax collections are up 13% since 2012
- Vacationers are now coming down for late spring and fall outings
- Vacation condo owners have been able to raise rental rates and demand for rentals remains strong
- PCB is getting great reviews and media coverage as a family friendly, affordable and fun destination
- Markets like Chicago, St. Louis, and Indianapolis are finding out about the “New Panama City Beach”
In other words, this is a great time to invest in a home or condo in Panama City Beach! For more information you can check out my Beach TV commercial now on YouTube which discusses "Why Invest Now in Panama City Beach":