
Commercial Real Estate investors in Panama City and Panama City Beach have some hurdles to jump in 2010. Commercial loans are coming due and values have decreased over the last 12 months. Investors are being forced to come up with additional equity to renew loans. However, I believe Panama City / Bay County will be the first real estate market to turn around. The new international airport, widening of Highway 79, widening of Highway 77, realignment of Highway 331 near Freeport, are a few projects that are attracting national companies to Panama City. We all need to thank our State Representative, Jimmy Patronis, for going such a good job. Thank you Jimmy!
In a survey completed by CCIM agents, Multi-family and apartments continue to be most attractive commercial real estate sector. Investment condition ratings increased for office, retail, apartment, hotel as Industrial remains the same. CCIM respondents to this survey said the price of office, retail, and hotel properties still outweighs their value. Stable cash flow from apartments made this sector most attractive.
The median price for condominiums sold in Panama City Beach so far in 2009 is down 22% from last years numbers. It appears that bank foreclosures are driving prices down at an alarming rate. A Boardwalk Beach Resort, 2 bedroom, 2 bath with 1152 S.F. was going for $375,000 12 months ago and now the same floorplan is on market for $277,000. (Countrywide foreclosure) I have created a median price history that can be viewed at www.northwest-FL.com. The numbers are directly from the Bay County MLS. For more information on Panama City Beach Real Estate visit my website at www.chadmiller.com.
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