One of the great things about Panama City Beach is you get a ton of house for the money compared to many other areas. Bay Point is a great community. I would recommend taking your time and waiting for a house that fits what you are looking for. There are a number of foreclosures and short sales that will continue to hit the market. You should also find an agent who will keep you updated when new houses come up meeting your criteria.
Please see my comments insert below.
I had read that the new airport would have a significant impact on the housing market in that area, which sales stats don't bear out, though I have already seen an upturn in the market there it appears.
>It is difficult to gauge how much impact the airport has had on the housing market. I do think it can be said that it certainly hasnt hurt. Especially if you look at how many more travelers are coming here as a result of the new airport. You can look at airport stats to see that traffic is significantly higher at the new airport vs old airport traffic.
>From personal experience we have had buyers who have purchased and are MORE interested in purchasing in this area BECAUSE of the new airport. These buyers are from TN, TX, KY. IL etc.
>So to summarize the impact of the airport on the real estate market should continue to be positive giving more potential buyers easier access to the area, and with continued business development of the airport more workers coming here to fill jobs. For example, recently a new business to this area, ITT Exelis (NYSE: XLS), opened a mine defense production facility at the airport.
If the economy turns around soon, do you foresee a fairly rapid rise in some housing prices - particularly those such as the Bay Points that lost significant market value? And will the new airport begin to show a positive effect on prices? (Should I jump in and buy immediately or keep shopping around until I find the PERFECT house?)
>It is difficult to predict how quickly prices will rise. We however, are confident that they will. We think this area has a better chance for things to turn around more quickly than some other areas simply because there are so many people like yourself who want to be here. :-)
>And really if you are looking at this area to retire to you should not be concerned so much with long term values. Things will come around in that regard. In the short term prices here are poised to go up. If we could predict how soon and how fast...then we could REALLY make some money. But we can not. So you might want to be diligent in your search and maybe work with a local REALTORS like ourselves that can give you the tools to help you keep tabs on prices. :-)
>As far as finding the PERFECT house...it may or may not be out there. However, we think there may be one you could make into the perfect home, and you do have some time to be dilgent in your search.
Please let us know your thoughts or if you have any questions, need more information on any other property or if you have any concerns.
Thanks and have a GREAT day!
Kind regards, Mike and Vivian Foate
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Mike and Vivian Foate-REALTORSÂ®
Prudential Shimmering Sands Realty, Inc.
7923 Panama City Beach Parkway
Panama City Beach, FL 32407
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Yes the airport was to have significant, positive changes on everything near it. Unfortunately, the economy dropped & this did not happen as soon as we had hoped for. There is no doubt this will happen, but is just taking a little longer.
The prices are low right now and it's anyones guess, but I for one do not see things going lower. Matter of fact, I see the market on the rise now.
You mentioned specifically Bay Point. I have lived in Bay Point for the past 23 yrs. in two different homes. ( I love Bay Point! We raised our children in a large home with pool, yards, etc. When the last one left, we moved around the corner, smaller home on the canal. We have never flooded!) The prices right now, are the lowest you are going to see them. It is a fabulous time to buy in Bay Point at an awesome price, & sit back and wait for your property values to escalate.
Please let me know if you have further questions or I can help by showing you around.
I look forward to our meeting.....
"Think Real Estate ~~ Think Rita"
Rita Hansen, REALTOR
Counts Real Estate Group
2104 Thomas Dr.
Panama City Beach, FL.
I would be glad to help you, Please give me a call at 850 630 2144 or
Email at Lindy@BeachyBeach.com
Please check out the Only Internet Real Estate Show at the Beach! http://www.TheBeachShow.com
Beachy Beach Real Estate
850 630 2144
I look forward to working with you. I work exclusive as a Buyer's Representative and feel we would be a good fit for one another. The interest rates are extremely low right now and it is always difficult to say what the election results will have on future mortgage rates. Now is a great time to buy!
Kelly Klein, Lifeguard Real Estate, Inc.
I'm not sure how fast we will continue to grow, but I am sure that the longer you wait, the more you should expect to pay for your home here. Prices have steadily gone up and inventory is much lower.
There are several new subdivisions being built, and some that were abandoned in the economic crises have been ressurected and projects finished, a sure sign of significant growth.
Bay Point is a fine community, and there are other similar areas that offer great amenity packages. I'd be happy to help you find your dream home here in paradise!