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What's New in Panama City Beach |
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Panama City shows
3rd Best in Existing Home Sales Panama City shows 3rd Best in
Existing Home Sales, 4th Best in Existing Condo Sales Statewide Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions. Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions. |
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Information on Airport
Relocation With the stay lifted, construction is heavy underway again with main runways and taxi-ways to be completed in 2008 and the terminal to be complete in 2009. The new airport is still slated to open mid 2010. All sounds good with the exception of another suit being brought against The Army Corps of Engineers and the United States Fish and Wildlife Service claiming that the 404 Permit issued for the relocation was not legitimate.
A hearing is scheduled for Thursday, February 14th. |
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Information on Airport
Relocation Opposition The main argument in the Panama City Bay County Airport relocation is the possibility of causing irreparable damage to sensitive environmental areas. Currently construction is being held up by a law suit against the FAA regarding their Record of Decision approving the construction of the new airport that was issued in September 2006. Quote from the Record of Decision:
In a press release on November 14th, 2006, Melanie Shepherdson, attorney at the NRDC, is quoted, “The FAA’s decision to build this ‘airport to nowhere’ is illegal. . . The law is clear: The agency has to pick the alternative that is least damaging to the environment. And it failed to do that.” What alternative is least damaging? Modifying the current site to bring it into compliance with current FAA safety regulations? The environmentalist groups protested that option years ago; this is one of the main reasons the Airport Authority began looking for a new site in the first place. It was determined early on that the damage extending the current runway would cause was far too great to risk. Another argument the opposition loves is that the airport will spur growth and development in the West Bay area (duh, and that’s a bad thing?), but that it will destroy the natural home for various wildlife, including Florida Black Bears, sea turtles, dolphins, and more. BUT, they fail to acknowledge that most of the shoreline in West Bay will be conservation as part of a 9,000 acre donation dedicated for conservation/mitigation, AND they fail to acknowledge participation of Audubon of Florida, The Florida Wildlife Federation, 1000 Friends of Florida and The Nature Conservancy in the organization of the West Bay Sector Plan. These are all environmentalist groups concerned about the environmental well being of the West Bay Area.
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MORE CHOICES COMING TO PIER PARK 11/27/07 - Stores, Restaurants and Massage Services on Tap at Panama City Beach Community Destination - PANAMA CITY BEACH, FL (November 20, 2007) – Simon Property Group, Inc. (NYSE:SPG), the country’s largest owner, developer and manager of high quality retail real estate, announced another wave of enviable retailers and restaurants coming to Pier Park, a 900,000 square foot retail and entertainment complex located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily-traveled Highway 98 (Back Beach Road). “We’re very pleased to announce these new stores coming to Pier Park,” said Paul Ajdaharian, regional vice president at Simon. “I think the breadth of the stores and restaurants that we’re announcing here speaks to the great variety that shoppers will find when they come to Pier Park.” Fish Tales, owned and operated by glass artist Cindy Stephens and her husband Buddy, is a whimsical, unique art gallery representing the finest local art on the Gulf Coast. Fish Tales has two stores in Grayton Beach and Apalachicola and is relocating its Grayton Beach location to Pier Park. Stephens has been creating, designing and exhibiting her work for over a decade. She is currently a full-time studio artist and creates commissioned glasswork for a variety of community and commercial projects. She works with many different forms of glass – stained, leaded, beveled, etched, slumped and fused. Fish Tales will feature Stephens’s unique art glass work including her signature fish mobiles, along with mirrors, mosaics, glass tile, lamps and furniture. Among her most popular pieces are her hand-carved tables with glass inlays. “We are very delighted to be at Pier Park which is the greatest thing to happen to the Florida Panhandle,” said Cindy Stephens. “It has been very exciting to watch the project develop over the past months and there is no question that for Fish Tales, this is the place to be.” Hofbrau Beer Garden is modeled on the famous beer gardens of Munich, Germany. The restaurant at Pier Park will have 233 seats in three distinct sections – a beer hall and bar (85 seats), a beer garden (80 seats) and a café. Five Hofbrau beers will be available on tap. In addition to beer, Hofbrau will have an authentic German food menu with a delicious assortment of appetizers and nightly entertainment featuring live bands including some from Germany. Bootleg Barbeque’s feel is “More Rockabilly Than Hillbilly,” as they serve the best pulled pork, slow smoked ribs and chicken on the Panhandle for lunch and dinner seven days a week. Bootleg Barbeque, a full service restaurant, will be located in the heart of Pier Park directly across from The Grand movie theater. Bootleg Barbeque, owned and operated by families of the Emerald Coast, are ready to provide for your party of 10 to 210 with many take-home feasts from which to choose. Massage Envy is a bold concept in therapeutic massage. Massage Envy offers a variety of massages – from Swedish and deep tissue to sports, reflexology, pregnancy and trigger point massages. The company was created in 2002 on the premise that massages should be relaxing, but also affordable and convenient. Massage Envy makes this possible through a monthly membership plan that enables customers to enjoy massages on a regular basis. For a monthly fee, members enjoy: one massage, plus additional massages at a discounted cost; family add-on and guest pass opportunities; on-site corporate and in-home massage services; retail and gift certificate discounts; access to 4,000 appointment spots; and portability of membership at Massage Envy clinics nationwide. With the new location at Pier Park, Massage Envy has 300 open clinics operating in 38 states with an additional 390 clinics sold and in development. Tilly’s offers the largest selection and assortment of leading brands in the surf, skate, motocross, and California lifestyle to the retail industry. Operating 74 stores throughout California, Arizona, Colorado, Florida and Nevada, the company excels in customer service and appeals to youth, teens and adults alike. Tilly’s motto really explains it all – at Tilly’s “If its not here…its not happening.” A complete list of announced stores coming to Pier Park: Dillard’s (126,000 sq ft), JCPenney (83,692 sq ft), Target (opened 10/06, 137,000 sq ft), Borders Books and Music, The Grand Movie Theatre (opened 5/07), Jimmy Buffett’s Margaritaville (only five in the US), The Fresh Market, Old Navy, Long Horn Steakhouse (opened 4/07), Panera Bread (opened 5/07), ULTA Cosmetics Aeropostale, American Eagle, Ann Taylor Loft, Alltel Wireless, Back Porch Seafood House, Bath and Body Works, Beach Scene Bebo’z Gift & Home Collectables, Bootleg BBQ, Brookstone, Buffalo Wild Wings, Camille’s Sidewalk Cafe, Candymaker Candy Stores, Carlyle & Co., Chico’s, Claire’s, Del Sol, Emerald Coast Photography, Fish Tales, Five Guy’s Famous Burgers and Fries, Fresh Produce, GNC, Guglielmo’s Italian Grill, Hofbrau Beer Garden, Irene and Co., Resort Wear and Boutique, Jake at the Beach, Jos. A Bank, Journey’s, Justice Kilwin’s Chocolate, Lane Bryant/Cacique, Lid’s, Marble Slab Creamery, Massage Envy, Merle Norman Cosmetics, New York & Company, No Regrets Stationery and Gift Boutique, Payless Shoes, Perfumania, Quizno’s, Rack Room Shoes, Red Brick Pizza, Reggae J’s, Island Grill, Ron Jon Surf Shop, Smoothie King, Solace Day Spa Salon, Southern Water Outfitters, Starbucks, Sunglass World, SUNSIGHTS by Solstice, Tatoe Tots Children’s Boutique, The Walking Co., Tilly’s, Trader Tom’s Shells and Gifts, Victoria’s Secret, Yankee Candle, Zales Jewelers |
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The TDC is bring MTV to Panama City Beach Oct 11, 2007 I’m gonna back up here. I know I posted the other day about how spring break is a tourism necessity for our area and how the revenue dollars make up a good percentage of what our community thrives on, but I thought we were trying to get away from the “college spring break” and the “party-crazy atmosphere”. Wasn’t the cause of the whole TDC disbandment several months ago (maybe at the beginning of the summer, has it been that long?) because the “college spring break” was directly benefiting a local tourism business owner that had a majority influence over the decisions of how TDC funds were spent? Wasn’t everyone upset because Charlie Hilton had influence on the TDC to make marketing decisions that would drive business to his resorts that may be targeted to a younger crowd? What’s going on now? How is what is happening now different from what was happening then, other than it being a NEW board is essentially making the same decisions. Am I missing something? I thought all the uproar at the beginning of the summer was because we were tired of the party crazy image this area has from all the years of being the “spring break capital of the world”. I thought the new TDC board was going to work miracles and make things totally different and set precedent for how this area is to be perceived over the next several years. I thought we were going to set in motion a transformation that would solidify this area as a true destination for families and higher end tourists. I know many on the TDC board read pcbdaily, I also know that many who have influence over the decisions the TDC make read pcbdaily too. Please chime in and let us know how the decisions that are being made now are different from the decisions they were making months ago and even last year. Click on the “comments” link below to respond. Also, what happened to the Other 96%? I thought they were huge proponents to “family spring break”? I haven’t heard a peep from them since the new board was appointed. |
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Sale of Panama City Airport Awarded to Leucadia Oct 12, 2007 The Panama City - Bay County Airport and Industrial District (Airport Authority) today announced it has approved a contract to sell the current airport site to a subsidiary of Leucadia National Corporation of New York (NYSE: LUK) for $56.5 million in cash and significant revenues from transfer fees from the sale of future properties developed on site. The airport is being relocated to a site in northwestern Bay County to be donated to the Airport Authority by The St. Joe Company (NYSE: JOE). The current airport site is approximately 700 acres adjacent to North Bay inPanama City.”This is the final piece of the puzzle; our financial plan for the new airport is in place,” said Bill Cramer, Airport Authority vice chairman and lead negotiator for the property sale. “We can now move forward aggressively to meet our goals to create a new airport with improved air service, provide an opportunity for economic development and create an environmental jewel for the entire region.” The purchaser or the airport site is Community Airport Redevelopment, LLC (CAR), which is 90% owned by Leucadia National Corporation. Leucadia developed Rosemary Beach and DraperLake inFlorida, among numerous other properties. The remaining 10% of CAR is owned by WMR Capital Corporation, a Delaware corporation which has developed more than 30 residential, commercial and office real estate projects including Willow Creek Plantation in Okaloosa County, Florida, and Noventa Ocho inWalton County, Florida. Upon execution of the contract, CAR will place $56.5 million into an escrow account. Transfer fees will provide the Airport Authority with 0.05% of the sales price on most properties on the current site sold by CAR over the next 90 years. These fees were previously estimated to total some $38 million over the first 30 years of the agreement with additional fees collected during the final 60 years. |
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Front Beach Road CRA Update. The goal of the CRA is to upgrade the infrastructure and beautify our area using monies leveraged from the increased development over the last several years. Currently there are two projects underway with several more on the board to begin soon. The first to be started was the Churchwell Drive project. The project began in April and is expected to be completed in the summer of 2008, although I was told that they are ahead of schedule. This particular project was started first, not because of priority, but because the state had funds for the bridge replacement now. Rather than wait and risk those funds being reallocated elsewhere, the city agreed to begin the project first. Project details:
The Beckrich Road project began at the beginning of September with an estimated completion time of 22 months, set to end summer of 2009. Project details:
Those of you that are familiar with Beckrich know that this will be a huge improvement over the existing two lane traffic ridden roadway. One of the cool things about the CRA, is that every project involves the relocating of all overhead utilities underground. Many don’t realize this, but this comes at an extraordinary cost and logistical preparation. Involved is not just moving, but rebuilding and then switching so as not to interrupt service. Coming from Plano, TX, I was not used to seeing power lines everywhere, but here, they are a constant interruption of the beautiful views to be had all along our beaches. Underground utilities will add big time value to our area and make the Front Beach Road experience all the more enjoyable. All along Front Beach Road, many of the roadways will have landscaped center medians, dedicated bike lanes, sidewalks, street lighting and a dedicated tram lane on both sides.
The next project on the drawing board will be the north Thomas Drive area. The north Thomas Drive area is defined as the area from the intersection of Front Beach Road, Middle Beach Road, and Thomas Drive (where the Ripley’s Believe it or Not ship is) to the intersection of Thomas Drive and Joan Avenue (where Wendy’s is). Currently this is two lanes and is considered a “restricted roadway” and will be four-laned as part of the CRA. Next will come the Front Beach Road area from Walmart to Beckrich Road, and then the south Thomas Drive area. The south Thomas Drive area consists of the roadway from the Circle K (in between The Shores of Panama and Laketown Wharf) past Boardwalk to the stop-sign just before Club LaVela. Currently there is a proposed tram station to go in on the north Thomas Drive roadway, across from Ripley’s. The land has been aquired, but funding will not be coming from the north Thomas Drive CRA allotment, nor has the station been approved with finalized plans. There are currently conceptual ideas on the drawing board with more definitive information to come out in the next 6 to 8 weeks.
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2007 Tourism up from
2006 Labor Day marked the end of the 2007 tourism season. Numbers were up this year from last year with total gross revenues from October 2006 to August 2007 exceeding $176 million. 2006 revenue was around $158 million. This resulted in an estimated $550,000 increase in bed tax collections. Estimates claim that revenue from tourist related goods and services will be around $400 million |
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The
Atlanta Journal-Constitution The federal government has cleared Panama
City, Fla., to build the first commercial airport in the United States
since the 2001 terrorist attacks. The new Panama City-Bay County
International Airport will give metro Atlantans broader —- and
potentially cheaper —- air service to the Florida Panhandle beaches,
where they flock each year by the hundreds of thousands. It could be
landing its first jets in two years. "We hope to be in operation by late
2009 or early 2010," said Randy Curtis, the airport's executive
director. Construction could begin next month, he said. The last U.S. commercial airport to be
built was the Northwest Arkansas Regional Airport, which opened near
Fayetteville in late 1998. The new Panama City airport has been
vigorously opposed by some environmentalists and many Bay County
residents. Voters gave the new facility a thumbs down in a nonbinding
referendum three years back. The airport, however, had the support of
local officials and the powerful St. Joe Co., which donated land to
build the new airport from the 800,000 acres the
timber-turned-development company owns in the Panhandle. The U.S. Army Corps of Engineers late
last week issued the final federal permit necessary for construction to
begin on the $330 million facility, which will be located between Fla.
77 and Fla. 79, about 10 miles from the nearest beaches. The Panhandle beaches, from St. George
Island and Mexico Beach in the east to Panama City Beach, Seagrove,
Destin and Fort Walton in the west, count metro Atlanta as the primary
engine for their recent tourist and real estate booms. Metro area
residents account for about 21 percent of the 4.1 million people a year
who visit just Panama City Beach. The numbers are similar for neighboring
Walton and Okaloosa counties. "Atlanta considers us their
beach," Bob Warren, executive director of the Bay County Tourist
Development Council, said when the airport was proposed. Bay County officials argue that the new
airport will provide more frequent, cheaper and safer commercial air
service to the region. Runways at the current airport, which is located
on a bay, flood when hurricanes pass nearby. And only small, regional
jets use the current facility, which translates to only about a dozen
expensive flights to the area every day. But airport opponents such as Don Hodges
of nearby Lynn Haven, Fla., say the airport is not needed and will be a
burden to local taxpayers, many of whom will now have to drive much
farther to catch a flight. Traffic to the current airport has actually
declined in recent years, Hodges said, raising serious questions about
the need for a new facility. "It is $300 million-plus of pure
pork, and everybody with a big enough fork is ready to dig in —- St.
Joe is at the head of the table," said Hodges, a former Atlanta
resident who worked for Delta Air Lines for three decades. Airline officials, who usually hold any
new market strategies close to the vest, declined specific comment when
asked if the new airport would lead to increased and cheaper beach
flights for Atlantans. Delta Air Lines spokesman Kent Landers
said Delta supports development of the new airport "as long as it
is financed and funded in a way that is fair to Delta and our
customers." Landers said Delta operates 10 daily flights from the
airport. "We will continue to look for
opportunities to better serve our customers in this market as the Panama
City region expands," Landers said. John Kirby, director of strategic
planning and scheduling for AirTran Airways, said AirTran has met with
Panama City airport officials several times over the years but would not
even consider service because of the current airport's runway
limitations. "Given the fact Panama City is a
popular resort area, it will create more general industry interest than
you've seen before," Kirby said of the new facility.
"Certainly it's something we can now consider looking at." AirTran flies into Pensacola Regional
Airport, about 100 miles west of Panama City. |
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FOR IMMEDIATE RELEASE Thursday, August 16, 2007 Panama City Airport Authority Receives Final Permit Needed For Relocation Of The Panama City – Bay County International Airport Airport Mitigation Conservation Easement Provided by The St. Joe Company (NYSE: JOE) Panama City, Florida - (August 16, 2007) - In a press release today, the Panama City - Bay County International Airport and Industrial District (Airport Authority) announced that it had received a Section 404 Permit from the U.S. Army Corps of Engineers (USACE) for the construction of the relocated Panama City - Bay County International Airport on land being donated by The St. Joe Company (NYSE: JOE). With receipt of the permit the Airport Authority announced it had completed the federal and state permitting necessary for the relocation of the airport and would now enter the construction phase of the project. "This final major permit represents a significant achievement that started with a commitment by Bay County, the State of Florida, JOE and local environmental leaders to create an airport that would serve Northwest Florida for many decades to come and at the same time permanently protect West Bay, ensuring it remains the most pristine bay in Florida forever," said Peter S. Rummell, chairman and CEO of JOE. "With the relocation of the airport comes the creation of the West Bay Preservation Area and an opportunity to protect 41,000 acres of the West Bay watershed, including 33 miles of undeveloped shoreline and an additional 44 miles of tributaries and creeks." "This is truly a once in a lifetime opportunity," said Rummell. "Through the West Bay Sector Plan, Bay County will be able to chart its future for decades. The relocation of the airport creates a platform to attract better air service and new jobs - and remarkably, it also makes the permanent protection of West Bay possible. Mother Nature is the best place-maker of all time, and now we will be protecting forever some of her best work." The Section 404 Permit was the final permit necessary before the Airport Authority can begin construction of the relocated airport. The Airport Authority, in a press release, said it was moving into the construction phase of the airport relocation. In conjunction with this Section 404 permit, JOE recorded a conservation easement for 9,609 acres in November 2006, for implementation of a mitigation plan by the Airport Authority for environmental impacts of the relocation and construction of the Panama City-Bay County International Airport. The easement becomes permanent and a part of the West Bay Preservation Area upon commencement of construction of the new airport. Previously, JOE agreed to donate 4,000 acres to the Airport Authority when all permits and funding for relocation is in place. The new airport site is located north and northwest of the airport mitigation area and north of West Bay in a recently-harvested planted-pine plantation. The New York-based Natural Resources Defense Council had previously filed a challenge to the Record of Decision by the Federal Aviation Administration authorizing the airport relocation. However, the ROD remains in force until a federal court rules otherwise. About JOE The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE. Forward-Looking Statements Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents JOE has filed with the Securities and Exchange Commission, including JOE's Annual Report on Form 10-K for the year ended December 31, 2006.
© 2007, The St. Joe Company.
"St. Joe", "JOE" and the
"Taking Flight" design are service marks of The St. Joe Company. |
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Front
Beach Road CRA This month's Friday at the Beach was held at the Edgewater Beach Resort yesterday and featured guest speakers Ben Faust from DRMP and Panama City Beach Planning Director Mel Leonard. The topic was the highly anticipated Front Beach Road CRA and details and updates. CRA is short for Community Redevelopment Area and was created a couple of years ago because of the sprawling growth and development and concerns over whether the infrastructure in place could handle the automobile and pedestrian traffic in addition to the increase in strain to existing utilities infrastructure. The goal of the CRA is to not only increase the workability and viability of the infrastructure, but also to beautify the area and make it more pedestrian friendly and "walkable". The first project to begin as part of the CRA is Churchwell Drive, by the post office on the beach. Faust said that this was the first, not because of priority, but because the FDOT funds were ready for that one, so they decided to begin. Included in this section of the CRA will be landscaping, underground utilities and 127 parking spaces for the public beach access. I could be wrong on this date, but scheduled completion is in the summer of 2008. The official "ground-breaking" for the Bechrich Road CRA will be on September 12, 2007 with approximately a 22 month construction time. I don't have details as to what exactly this will involve, but I plan to stop by the DRMP office in the next couple of weeks. Currently they are working on getting some of the Edgewater property ready for these improvements. In addition to the parcel purchased on Thomas Drive, the city is negotiating and preparing to purchase 8 other parcels on this section of Thomas Drive to help improve and prepare for the Multi modal Tram Station to go on the large parcel the link shows you above. They are also planning on having a separate Station on the west end of Panama City Beach around the Highway 79 area on the City Hall Campus. Faust mentioned that in the designing of the East End Multi modal Station, that they recognize that it needs to be more than just a tram station, it needs to be a place where people will want to gather and it has got to offer amenities that people will use and enjoy in addition to being beautiful. The actual Front Beach Road planning is done with approval for the first phase to go before the city next month. The "typical" Front Beach Road layout will the the 100' width streetscape example with a Tram pullout lane, pedestrian walkways and bike paths on either side of the road way. Although, now that I think about it, I don't know that most of the roadway will be like the 66' wide example, with the 100' wide example representing what the roadway will look like periodically at Tram stops. The end result will feature walkways all along Front Beach Road, landscaping to accentuate the roadways and beautify the pedestrian experience and bike and transit lanes so that people will be able to move up and down the beach without their cars, I can't wait. For updates visit PCBOnTheMove.com Posted by Jason at 4:30 PM |
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Front
Beach Road CRA As some of you may know, there is a CRA (community redevelopment area) for all of Front Beach Road. This was created to funnel some of the tax money from all the new condos into improving the infrastructure. Planned is a complete reworking of all of Front Beach Road, along with many of the feeder streets as well. The vision seems awesome and will certainly be beautiful when it is done. I'm just wondering when it WILL be done. I've seen little activity other than the Churchwell Drive improvements. I think the answer may be that they will start on another project when they complete Churchwell Drive, but I don't understand why that can't start other projects more immediately. If someone has some insight to this, or more information, that would be great. PCBOnTheMove.com seems to have some pretty good information, but it is a little vague. I sent an email to info@pcbonthemove.com asking for more specifics on project information, including projected start and end dates. I got no response last time I sent them an email, so hopefully they'll respond this time. The plans for the redevelopment of Front Beach Road include an expansion of the road way to a combination of 66' wide and 100' wide road ways with three lanes and a dedicated tram/bike lane on each side. There is a planned multi-modal tram station proposed at the east end of Front Beach Road, just down from Walmart. At the web site, there is a short movie showing and explaining what the new Front Beach Road will be like. All in all, it is going to be a great thing, I'm just a little impatient, and want it now. Posted by Jason at 8:00 AM |
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More
Positive News From Agents
Posted by Jason at 8:15 PM |
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A
Message From
a Positive Agent "I’d like to report that this little mom operation has already reached its dollar volume from last year and we still have 5 months to make money. Yeah!!! And everyone in my office seems to be busy with something. We are not at the 2005 level, but we’re on the rebound!! We are located in southern Washington County and about 7 miles north of the Bay County line. So we are in both directions. We do have a large inventory and it is a great time to buy!!! The BCAR campaign “Gotta Buy Panama City” is being recognized, I recently was doing a little research in Chipley at the Property Appraiser’s office and overheard a conversation talking about the campaign. I’m glad our monies spent are being recognized." Sheran Whitaker, GRI Broker/Owner New Town Realty, LLC If anyone else has
a positive story to tell, let me know by sending me an email. Posted by Jason at 8:51 PM |
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Bay
County Sales Numbers from MLS I was sent some
interesting information pulled from the Bay County MLS. In 2002 we sold 1969
DSF units for $280,363,070. $142,388 average Cheers. I couldn't
agree more. Also, there is more detailed data here. Posted by Jason at 8:51 PM |
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Pier
Park on Time I had the great pleasure of attending a tenant meeting yesterday for Pier Park and was excited to get new information. Forgive the bullet point style if you are a reader, but sometimes I just like to give the information the way it is:
Personally, I'm super stoked. Up at the front across from the dedicated beach will be Ron Jon's and Margaritaville along with Reggae J's and Back Porch Seafood House and another restaurant that has yet to be announced. I was told that some of these restaurants will have second floor outside seating that will overlook the Gulf. Along the boardwalk will be expansive, open areas in front of the stores to provide room for playing and gathering. It was described as a park-like setting. In the meeting, Paul Ajdaharian, of Simon kept talking about "feel good first, buy later". Their emphasis towards the tenants is make the customers feel good and the sales will take care of themselves. This is awesome because it provides for a great place to, just be. All along, Simon has talked about creating a great place for gathering. I can say they've already gotten off to a great start with the concerts in the park. My family and I went a couple of weeks ago and it was packed. There was barely enough room on the lawn for all the people, and the space is no small space. I can tell you right now: Pier Park WILL be a great place for gathering. Ajdaharian said that he was unsure of the exact percentage, but if he said that if he had to guess he would say that Pier Park is over 80% leased. "They cannot believe their sales", Ajdaharian said of Panera Bread. I'm very excited about Pier Park, as I know many of you are, and I'm very glad to see it moving along so quickly. |
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The
Old Airport Site is Sold In the meeting that was held this morning, the old airport site was awarded to the Pittsburgh-based group, PCA Development. The final price was $99 million with $61 million at closing and $38 million over the next 30 years to come from land/property sale proceeds. Part of the deal includes a letter of credit from PCA that the airport authority will be able to borrow against during construction of the new airport. The old airport site is 715 acres. Google maps location. posted by Jason at 9:49 PM |
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A Vacation Town Tries to Take Off Its Blue Collar By JULIA LAWLOR LIKE a supermodel showing off her good side, Panama City Beach is not shy about flaunting its most valuable asset. “The World’s Most Beautiful Beaches,” boasts the sign at the end of Hathaway Bridge, which leads into the city. Phil Sears for The New York
Times Fix your gaze directly across the street at the high-rise condominiums stacked like dominoes on the dunes. This is the resort’s new face, with units in the most exclusive buildings selling for as much as $1.5 million. Here and there are the old narrow, two-story mom-and-pop motels that date from the 1940s and 1950s. But most have been bulldozed. Signs of change are everywhere, from the construction crews clogging the roads to the soaring cranes that hover above the clear emerald waters and white beaches of the Gulf of Mexico. Like much of Florida, Panama City Beach has been hurt by the downturn in the real estate market. But what sets the resort apart is the planned construction — scheduled to begin in late spring— of a $330 million international airport to replace the outdated Panama City-Bay County International Airport. The new airport, scheduled to open in late 2009, will have longer runways to handle larger jets, opening the resort to more domestic and international markets. Currently, 83 percent of the city’s four million tourists arrive by car. With the new airport, that will change. And Panama City Beach is betting that the new visitors filling those jets will have money to spend. “We’re going from what used to be a blue-collar resort and sharing that with a higher-end customer,” said Bob Warren, president of the Panama City Beach Convention & Visitors Bureau. That housing prices are still low compared with Florida’s other coastal resorts has also caught the attention of real estate investors. “This is like an undiscovered little gold mine right now,” said Mark McSparin, an investor from Charleston, Ill., who has bought several dozen condos in Panama City Beach in the last three years and who has his own condo there. The Scene Even in peak summer season, the area’s 17-plus miles of beach are rarely crowded. “It’s not like Coney Island, where you’re stepping all over each other,” said Patricia Remer, a native New Yorker who now lives in Birmingham, Ala. Mrs. Remer bought a three-bedroom, two-bath house one block off the beach in 2001 for $113,000, which she has on the market for $249,000. She plans to move to a waterfront condo so she can walk out her door and feel the sand between her toes. “It’s so peaceful,” she said. “I get my umbrella, my chair, a bottle of water and a book, and I could just stay there forever.” In winter, the families from Georgia, Alabama, Mississippi and Tennessee retreat to make way for snowbirds from the Upper Midwest and Canada, most of whom rent condos for a few months. Some even swim in the chilly waters, which shocks local residents. “I guess it’s hot to them,” said Jack Mashburn, a longtime resident of the county. “Nobody here would dare put a foot in the gulf in February.” Just off the beach, on the strip, are family activities that range from amusement parks and go kart tracks to water parks and miniature golf. A Ripley’s Believe It or Not Museum opened last summer. And there are alligators, stingrays and performing dolphins at Gulf World Marine Park. If you can get past the restaurants shaped like pirate ships and seafood places with names like Captain Crabby’s, there are plenty of chances to commune with nature. The beach is flanked by state parks with pristine coastline, walking trails and fishing. Boating on the gulf is popular, as is fishing for flounder, trout, redfish, snapper and grouper. You can swim with dolphins for $49 a person. There are airboat tours of nearby rivers and marshes. Panama City Beach has had a reputation for years as a spring-break destination for college students, although it has faded somewhat as the old motels disappear and the owners of condo buildings set strict rules. “Spring breakers are a lot better behaved,” said Patrick Pfeffer, who owns Club La Vela. “You don’t see as much nudity and throwing TVs out of the windows.” You can still kiss your quiet time goodbye in March, though, when the beach is jam-packed with college students dancing to live bands and playing volleyball. Club La Vela, which has a capacity of 6,000 indoors and outdoors, books national acts like Aerosmith and Stone Temple Pilots and is periodically host to MTV. Spinnaker Beach Club holds 2,000 revelers. Pros Except for spring break, Panama City Beach is family-oriented. Rosemary Butler, of Dallas, Ga., remembers traveling to Panama City with her parents in the 1950s when Thomas Drive was a dirt road. After two condos, she and her husband bought a single-family house so they could be host to their extended family. “We buzz across the street in our golf cart, go to our boat and take off,” Mrs. Butler said. Cons Most residents welcome the changes, but some are unhappy that high-rises have obliterated the dunes and blocked the gulf view from the street. A few buildings tower 35 stories above the sand, but rules put into effect two years ago now limit buildings to 22 stories. “If I had my choice, we would never have built anything on the beach side of the street,” said the city’s mayor, Gayle Oberst. “But we’re 50 years too late.” Wayne Kirby, also of Dallas, Ga., misses the relaxed pace of the days before high-rises. He started vacationing in Panama City Beach in the 1950s, staying with his family in one of the old mom-and-pop motels. He bought a condo in a two-story building on the beach in 1987 for $67,000, but finally sold it last November after years of pressure from developers. It will be torn down to make way for another high-rise. “We were so happy where we were,” Mr. Kirby said. “We could sit on our deck and watch the grandkids play on the beach and not have to worry about them. I’m not against growth, but I believe the growth has gotten out of hand.” The Real Estate Market As the number of unsold properties grows — there are 2,000 condos in Panama City Beach for sale, according to Katie Patronis, a broker for Century 21 Ryan Realty— construction of new units continues. Although four projects were delayed in 2006 and 12 postponed, another 22 are under way, said Mr. Warren of the visitors bureau; altogether, that’s almost 7,000 units. Units stay on the market an average of 180 days before being sold. People who bought a condo in the pre-construction stage two years ago, Ms. Patronis said, “are closing on their property now and paying more than what it’s worth.” Sales of existing condo units were down 45 percent in 2006, she said, but sales of new condos were up by 3 percent. The median price of a condo in Panama City Beach is $316,000, up from $118,000 in 2000. But that’s down from the peak of $385,000 in 2005. Prices range from $150,000 for a studio or a unit not facing the gulf to $2 million. A single-family home a half-mile from the beach is about $150,000. New three-story, Key West-style houses near the beach are $450,000 to $500,000. Three-bedroom single-family houses in the Martinique development, on an artificial lake, start at $500,000. But no matter how skittish investors are, city officials and real estate professionals in the long run see nothing but blue skies over an emerald sea. “The market will take care of itself,” said Mayor Oberst. “The northwest part of Florida has been discovered. Everybody wants to live here.” Lay of the Land POPULATION 11,477, according to a 2005 estimate by the Census Bureau. In peak season, the population rises to at least 35,000, according to the city’s planning and zoning department. SIZE About seven square miles, according to Census figures. WHO’S BUYING Families with young children and baby boomers nearing retirement. Most come from cities like Atlanta, Nashville, Memphis, Knoxville, Tenn., and Louisville, Ky. GETTING THERE Panama City Beach is about 130 miles west of Tallahassee and 95 miles east of Pensacola. The nearest major highway is Interstate 10. From the north, take Route 231 south, which crosses Interstate 10, then take Route 98 west for about six miles. |
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CNNMoney.com Top 10 Cities: Where to buy now A small city needs one of two things to jack up housing demand: more people or wealthier people. Unlike the rest of Florida, Panama City hasn't really attracted either, mainly because it's isolated on Florida's panhandle. The interstate highway system bypasses it, and the runway at the local airport isn't long enough to support anything beyond regional jets. But now Panama City is poised to host big airliners, more visitors - and a lot more buyers. State and local governments and a top regional developer, St. Joe Co., are planning to build a new airport by 2008 at a cost of more than $300 million. Locals expect the new facility to open up the region the way Southwest Florida International Airport in Fort Myers helped drive a housing boom along Florida's southwestern coast in the 1980s. "Panama City is an economy waiting to break out," says Steven Cochrane, chief regional economist for Moody's Economy.com. Other factors increasing demand: Property prices are still low by Florida standards, and the local market has already absorbed a price correction after peaking last year. Janet Roan, a Century 21 agent in Panama City, notes that two-bedroom beachfront condos are going for as little as $330,000 - down by more than $100,000 from 2005. CAUTION: Local politicians, notoriously cozy with builders, have green-lighted several master-plan communities for future development. If supply gets out of hand, prices will stall. Top 10 Cities: Where to buy now
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In a Quiet Part of Florida, a Bid to Bring in the Crowds Phil Sears for The New York Times Runways at the Panama City-Bay County International Airport are too short to accomodate jets that would bring tourists. Published: May 9, 2007 PANAMA CITY, Fla. — This corner of the Florida Panhandle already has an airport, but it is sleepy, with a runway too short for the heavy jets that bring well-heeled crowds. Tourists come for the quartz-sand beaches, but most make the trip by car from Alabama, Georgia and Tennessee. 
Phil Sears for The New York Times
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along Front Beach Road, there will be small outsets for the trams to
pull over and pick up passengers. This is what a typical layout
will look like in the tram-stop areas.