If you have not ventured to Panama City Beach this Spring I can tell you that the place is buzzing! Pier Park is packed with visitors, the white sand beaches and emerald green waters are being enjoyed by many…and condo rentals are up. With the imminent launch of the new Northwest Florida Beaches International Airport, many are very optimistic of Panama City Beaches future. So how do the Real Estate number look for Panama City Beach condos?
Panama City Beach condos are continuing to struggle in the Real Estate rebound in Northwest Florida. A volatile combination of limited availability of loans to purchase condos, struggling HOAs and an excess of new condo inventory…Panama City Beach Condos are struggling to get back on track. The positive news is rental income and rental rates continue to improve for Panama City Beach condos and will continue to have a significant role with increasing condo sales.The Good
Pending sales are up 24% year to date compared to 2009 Condo sales are up 37% year to date compared to 2009 Average listing and sales prices are holding strong with 2009 figures Grand Panama Beach Resort is the top selling condo year to date with 23 sales Grand Panama Beach Resort Market Analysis and Snapshot
Short Sales and foreclosures continue to represent a large portion of available inventory Bank Owned and Short sale transactions are up 62% from the same period a year ago Foreclosures and short sales will continue to enter the Panama City Beach Condo Market