Why Invest in Panama City Beach

Panama City Beach Condo Building Boom

Long known as a sleepy and quaint beach town, Panama City Beach is on the brink of a metamorphosis. Its current evolution into an upscale coastal city includes a variety of amenities yet remains committed to the preservation of local traditions. This “best of both worlds” environment remains appealing to traditional patrons while simultaneously awakening an enthusiastic international clientele.

On the rise - Condominium development is more than a hot topic in Panama City Beach, Florida; it is a reality.

Both tropical and tranquil in nature, Panama City Beach is an emerging beachfront resort city. As of early 2006, 114 new developments are underway or have recently been completed, representing 26,762 new units-– most with completion schedules set by winter of 2007. Many of these resorts will combine residential space with a collection of enchanting eateries, exhilarating attractions and chic retail. A new skyline of distinctive architecture fills the horizon, from classic seaside bungalows to sleek Caribbean-style resorts. Whether strolling, shopping, dining, dancing or people-watching is your thing, Pier Park–the 900 square foot entertainment complex spanning the Gulf of Mexico to Highway 98–will be fully opened by summer of 2007, filled with irresistible cafes, galleries, shops, restaurants and a state-of-the-art 16-screen movie theater.

If you love to golf, try out the greens at any one of Panama City Beach’s five champion golf courses. If you’re into swimming, check out the new $4 million Aquatic Center at Frank Brown.

New museums, theaters, galleries and parks seem to be arriving on the scene daily. Two major “economic development initiatives” are being developed at Interstate 10 and Highway 79, a wildlife park and a Animal Kingdom theme park.

“Real estate is always a good investment,” says Teresa Dyer, President of the Bay County Association of Realtors. “It’s now both a seller’s and a buyer’s market.” Not to mention the fact that anything on the beach will always go up in value. The new banks coming into the area and the branches popping up like mushrooms all over the Panama City Beach area. Well, banks go where the action is, and the action is only just beginning.

In March the Forbes Report acknowledged that Bay County is about to become one of the fastest growing areas in the nation, declaring that the adage “Build it and they will come” occasionally happens in real life. Here, “it” is the new Bay County International Airport, scheduled to break ground later this year and be completed in 2009, and “they” are home-buying retirees from the Midwest and Northeast, time-sharing vacationers, beachfront aficionados, springbreak revelers, real estate investors, developers, speculators and flippers.

“The rush is just beginning,” it observes. Rush indeed...in addition to opening direct travel channels from all over the nation, the European market and the rest of the world, the new airport will create an estimated 14,000+ jobs for Bay County and generate hundreds of millions in additional revenue. In May, Money Magazine on CNN.com reported that Panama City Beach is the top city forecasted for the fastest growth in the nation, where prices are expected to rise 21 percent from June 2006 to June 2007.

Still a best kept secret.

One Ohio resident, who has bought and sold real estate in Panama City Beach for years, cites two explanations for the area’s bright future: the new international airport and the affordable real estate prices. “The new airport should start a frenzy of buying in this area,” he says. “Just a shovel in the ground should bring the prices up.” He observes the popularity of East Coast real estate in the European marketplace, namely to Germans and Brits. “They buy the East Coast like crazy. When they see Panama City Beach’s prices, they’re going to suck up this property like no tomorrow!” ‘Going to’ are the key words here…most of the world – and even the country – still don’t know about our little slice of paradise. The Northerners, he adds—referring to three of the top feeder northern and mid-western states, Ohio, Michigan and Indiana—have long been buying Fort Myers and Naples at $1,100 per square foot. Panama City Beach is about half of that.

There’s certainly a lot to love about Panama City Beach, and it’s no surprise that tourism is Panama City Beach’s largest industry. With its 27 miles of white sand beaches and beautiful emerald water, over seven million visitors spend an estimated $1.29 billion annually while visiting “The World’s Most Beautiful Beaches.” Over four million overnighters stay an average of four nights, while an additional three million annual visitors consist of day trippers.

Among the many “things to do” in Panama City Beach are world-class fishing, boating, golfing, hiking, biking and swimming. Developers and city planners are aware of this generation’s demand for health and wellness-related activities.

Panama City Beach, Florida attracts approximately 6 million visitors annually, which translates to:

$163 million in accommodation sales
$413 million in goods and services
$1.5 Billion into the local Economy
Over 14,000 local jobs

Visitor Profile

Overnight Leisure Travel is 77% of all traveler spending in Panama City Beach
The average age for Panama City Beach visitor is 18-34 years of age. The second range in the 35-54 age group.
The Median Age for the Panama City Beach Visitor is 38. (Age Distribution reflects the head of the household)
Panama City Beach travel parties include 3.11 persons. Families account for the largest number of travel parties to Panama City Beach.
The average length of stay is 4.10 nights
82% of visitors to the area arrive via automobile
74% of Panama City Beach Visitors have visited the destination more than once.

Awards and Accolades for Panama City Beach, Florida

Panama City Beach is best known for its 27 miles of sugar-white sand beaches and the Emerald waters of the Gulf of Mexico and St. Andrews Bay. Over the years Panama City Beach has won many awards for its beaches including:

#3 Worlds Best Beach – Yahoo.com
Blue Wave Beach - The Clean Beaches Council
#4 Most Popular Vacation Rental Destination - Hotels.com
Top Beach - American Coastal Coalition
#3 Golf Town in the US - Golf Digest Magazine
Clean Beach Award - the Clean Beaches Council
#10 Beach in America - The Travel Channel
#3 Beach in America - The Surfrider Foundation
Top Five "Best Beaches" - Southern Living
Best Sports Beach on the Gulf - Dr. Beach (Stephen Leatherman)
#1 Beach - Dr. Beach (Stephen Leatherman) -
World's Best Beach - Travel Magazine