Panama City Beach

[Ohio Girl]

I really enjoy reading the messages in this forum. The information is very useful and insightful. I'd love some advice on PCB. We are thinking of buying a condo, ideally near the beach. Would really like to buy something along 30A but PCB seems more in our price range. It appears that there are alot of PCB condos in the low 200's, which seems like a deal given the proximity to the beach. I know there's lots of new construction going on; it makes me wonder if a condo that has a partial gulf view today may be blocked out by a skyscraper in a couple of years. Can anyone advise which areas of PCB to avoid, if any? Are there vast differences between the eastern and western edges of PCB? We are quiet folks so we don't want to be in the middle of it all. Thank you very much.

 

[Lady D]

Very quiet at the West End of the beach. We just rent there but you might try Carillon Beach Resort or the Pinnacle Port Condominiums right next door at 23,223 Front Beach Rd. If the Carillon Beach Resort is still in business that is. Right next door to the shops at Carillon. Edgewater is a nice place also.

 

[Cork On the Ocean]

I really enjoy reading the messages in this forum. The information is very useful and insightful. I'd love some advice on PCB. We are thinking of buying a condo, ideally near the beach. Would really like to buy something along 30A but PCB seems more in our price range. It appears that there are alot of PCB condos in the low 200's, which seems like a deal given the proximity to the beach. I know there's lots of new construction going on; it makes me wonder if a condo that has a partial gulf view today may be blocked out by a skyscraper in a couple of years. Can anyone advise which areas of PCB to avoid, if any? Are there vast differences between the eastern and western edges of PCB? We are quiet folks so we don't want to be in the middle of it all. Thank you very much.

Hi Ohio,

It depends on what you're looking for sizewise. You can actually get into 30A in the low 200's if a studio or B&B is OK for you. There are a 2 two bedroom places on 30A which are quite nice units but you'd have to ride your bicycle.

There are 3 gulf front studios in PCB for less than $260 (allowing for negotiation). They're on the east end which is pretty busy. One is a new one on Thomas Drive and actually a very nice complex. The west end of PCB is quieter and there are quite a few 1 BR's on front beach under 200K, Also a couple of 2BR's under $250k. Some of these are near Carillon but there's nothing under $899K in Carillon right now (all DSF's)

Destin also has some small (B&B and 1 BR) units within walking to the beach but the traffic is terrible there.

You'd probably be better on 30A or West end PCB if you don't want all the activity. Would be happy to send you the listings if you want.

 

[Paula]

Cork:

What do you think of the Horizon South condo complex on the West End of Panama City Beach? I stayed there for a few nights last summer because our place was booked and we were looking for an inexpensive place to stay while waiting for our place to open up on 30A. I liked it and it was close to the beach. And I like the Panama City Beach. I don't think it's up high so if a hurricane came along, I'd wonder about the risk of storm surge. The two bedroom was around $250,000 last summer I think. Also, I wonder if these condos were built before or after hurricane code. I noticed the "dump" area was pretty messy so I don't know if the association/owners tend to take care of the place well or not. Anyway, at the time I thought to myself that it could be a good deal if someone wanted to be near 30A and on a nice beach in a quiet part of Panama City Beach.

 

[SHELLY]

I really enjoy reading the messages in this forum. The information is very useful and insightful. I'd love some advice on PCB. We are thinking of buying a condo, ideally near the beach. Would really like to buy something along 30A but PCB seems more in our price range. It appears that there are alot of PCB condos in the low 200's, which seems like a deal given the proximity to the beach. I know there's lots of new construction going on; it makes me wonder if a condo that has a partial gulf view today may be blocked out by a skyscraper in a couple of years. Can anyone advise which areas of PCB to avoid, if any? Are there vast differences between the eastern and western edges of PCB? We are quiet folks so we don't want to be in the middle of it all. Thank you very much.

OG,
No need to rush into this purchase as there will be plenty to choose from--especially after this summer season is over. I believe the competition to snag summer vacation renters will be fierce as more and more rental condos flood onto the market--many owners will end the season with negative cash flow (even in the absence of hurricanes, shark attacks or red tide) and be softened up and ready to deal.

Currently the prices are still too high and investulators are just starting to sweat. Unsold condo inventory is spiking up and sales going into the much bally-hooed Big Spring Selling Season have been "flatter than a sat-on hat."

If you plan to rent the condo out to help cover the carry costs you must make sure you have a prime location and view and by all means take the time to do a thorough cash flow analysis to include yearly bump-ups in association fees, insurance and taxes. (Florida real estate isn't the bargain it once was. Some folks are finding that it is better to put the $400,000 into jumbo CDs, peel off the proceeds each year to rent a beach house a couple times a year, and dispense with the muss and fuss of carrying costs.)

As a buyer, you are now entering a period where you are KING...time is on your side, use it wisely and you will be rewarded. Good luck.

 

[Dbaby]

Shelly I now realize who you are. You are from that "SNL" Skit.
DEBBIE DOWNER. You can turn any situation into a negative .

Sheeessssssssssss Debbie Downer .

 

[Miss Kitty]

Shelly I now realize who you are. You are from that "SNL" Skit.
DEBBIE DOWNER. You can turn any situation into a negative .

Sheeessssssssssss Debbie Downer .

...or maybe Wendy Whiner????

 

[hi n dry]

Cork on the Ocean has some good advice and seems to have a very good knowledge of the area you are looking in.

I would like to add that you should be sure to only consider property that is at least at 30 ft above sea level. Most of the worst damage done in Katrina was due to storm surge not the wind. 30A has some of the highest elevation coastal property anywhere. There is also some in western Panama City Beach

Also, make sure their is a permanent beach access nearby. 30A has many public accesses and a bike path. Panama City Beach accesses don?t seem as numerous. Also note that Laguna Beach has a wonderful beach access of its own but has some weird 70 year agreement where the original developer can build on their deeded beach access.

When buying be sure to find out if flood insurance is available at a reasonable price. Owners in Destin to Sandestin can not even get flood insurance. I don?t know about PCB.

It is is important to consider the age of the building. You can get substantial windstorm insurance discounts for dwellings constructed after March 2002. If a structure has high impact windows or certified shutters you can get another insurance discount. If your roof is non gabled-a hip roof- you can get more discounts.

I would personally prefer to build my own home to the highest structural standards available. Also I hate to add this but even some new homes that pass inspection for the new code are not really tied down properly. If you want it done right you have to watch it being built.

I actually agree with much of what SHELLY so eloquently said above. It is a buyers market and there are some desperate sellers out there who are panicking. You can get some good deals.

Condos are over built and in PCB and prices could drop more. It really is not cost effective to have a beach front condo-too many risks and expenses.

If by fall we have not had a hurricane and interest/mortgage lending rates drop things could turn around very quickly for some of the prime property but definitely not beach front condos.

If you need any help please feel free to PM me. I am not an agent and I am retired here and I do not have a a condo to sell.

 

[Paula]

Ohio Girl, the other thing I would add is to not count on paying for your carrying costs with renters. So far, we've paid a lot of our carrying costs with renters but not all of them. And, anything could happen to make it a slow rental year (e.g., hurricanes, overbuilding, etc.). So, you want to buy something you can afford without counting on rentals and the rentals will be a nice bonus. That's what our accountant told us and it's great advice.

 

[cavbaby]

Shelly I now realize who you are. You are from that "SNL" Skit.
DEBBIE DOWNER. You can turn any situation into a negative .

Sheeessssssssssss Debbie Downer .

:clap_1: :clap_1: :clap_1: