News on Panama City Beach happenings...

[In 4 The LongHaul]

Paradise For Sale (LOTS of it)
September 17, 2006
http://www.sptimes.com/2006/09/17/Busin ... _lot.shtml

FAA Signs Off on New Panama City Airport
September 18, 2006
http://www.cpnonline.com/cpn/regions/ar ... 1003123739

[smartnumber]

My Broker called me up to tell me he sent yet another article from yesterday's WSJ, as the FAA person who proposed the place or something like that wrote a letter into the WSJ . . . I should get it in todays mail!

This place is just gonna rock, hands down, when the airport and the incremetal happenings occur!

[Midwest For Now]

Excellent heads up posting of critical information which I find enlightening and very helpful. Thank you. With the current decline in the overall U.S. buying housing market I suspect that the trend of unoccupied housing will probably continue until Spring 07.

It would be amazing if they can get the new airport up and running by the end of 2008, per the article. To achieve that milestone would definitely put pressure on the other infastructure components to be completed in a similar timely fashion.

Progress on the airport would spur new interest in the surrounding area.

[smartnumber]

If you look up http://pcairport.bechtel.com/ it has the timetable and I have always been under the impression that 2009 would be the completion date.

I actually download all condo inventory each week, database it, track the price per sq feet, monitor median price per sq ft, and look for a deal! There are definitely a few deals out there after my download today. Inventory levels have actually been dropping for a couple of months and are at their lowest level since March 2006. The median price per sq foot is still dropping though, but not near the pace it was. We will have 8-10 months of buying opportunities, but when the corner turns it will go up and quickly. I believe a lot of the inventory coming off is more from disruntled sellers than sales. There are still mega units unfurnished and just sitting there for sale, because someone thought they would get rich quick, but instead got caught up in a "hog" market or in otherwords ready to get slaughtered.

[In 4 The LongHaul]

Yes, now is the time to buy if you have the cashflow to do so. Great deals to be had. But it won't last forever. I'm from Southern CA (before moving to Memphis area 9 years ago) and there is only so much oceanfront and beach communities left in the US. When and if that PCBAirport breaks ground...as Midwest said....that would really jumpstart everything they have in the pipeline. There are lots of great things coming. Pier Park will be great. And if infrastructure can keep up, all will be well.

[Midwest For Now]

I was a bit surprised when I read, from the intial article in this string, that the airport schedule completion date was 2008. I think even 2009 is still very aggressive, more likely it will probably be 2010.

Until the national housing market swings back from its current purchasing decline the type of housing we are discussing will still be priced at least 10% below their current asking prices. The longer the buyer has the upper hand, which is a great thing in some respects, the prices will continue to drop as the owners become more uncertain about their housing future and the owners anxiety forces them to move the property at a more desired price.

All of the above works extremely well for buyers but doesn't bowed well for the community. It's a very fine double edge sword. The prices are lower because consumer confidence is shaken. Consumer should buy during this period but because they lack the forsight they continue to sit on the sideline which makes prices drop even lower. At some point the pendulum will shift but my guess our nation, historically, doesn't move as quickly as needed so it will take something extra from the property owners to get things kick started, quickly.

[In 4 The LongHaul]

Midwest, yes, 2008 does seem aggressive for a project of this magnitude. Certainly, I hope they are on target, but you could be right that 2009/2010 might be more realistic. I will continue to hope for the completion date of '08.
Several other markets are showing the same double digit downward turns. California (of course), Arizona in many markets, Nevada especially Vegas and surrounding areas, all over Florida, etc.
Of course, some citites in the above states saw 30-48% appreciation in the past 18 months, so that couldn't be sustained, it was bound to turn down or at the very least, level off.
My best friend lives in Chandler, AZ. She bought 5200 sq ft in Nov 2004 for $861,000 and sold for $1.3 six months ago. The new buyers NOW could NOT sell the home at that price because $/sq ft has dropped significantly, almost back down to $861,000 or about $165/sq ft.
Other areas, like here in TN, continue to keep the same appreciation pace as in the past decade...slow and steady 4-7%...nothing earthshattering, but no loss of equity as with much of the rest of the country. Since I don't plan to do any selling of FL properties anytime soon. I am hoping for a good rental clientele flow. But, eventually, I would like to move down and I feel hopeful for the area for the long term.

[Aquarian]

This buyer's market has us in a tizzy. Our home is on the market, as is my business. Hoping to get a little extra, but not holding my breath.

[CaptKen]

Lots of folks walking away from the closings. Where Aug 05 the adverage condo was going for $405,000, Aug 06 the price has dropped to $300,000. Buyers that was shown estimates of tax bills of $6,000 a year are now getting bills of over $18,000. The city's adverage building permits was around 150-160 a year has dropped this year to 51. I'd say we're in a pretty good slump. So what we're starting to see is buyers figuring that its better to walk away from several thousand dollars of down payment than buy at yesterday's prices and lose a hundred grand at closing.

[Aquarian]

Oh, how I wish I were in a position to invest now. But, no can do. :roll:

Capt. Ken, thank you for your inside info, as always.