laurahorton, Other/Just Looking in Hilton Head Island, SC

Has the new airport had any impact on housing prices in PCB? Are the prices expected to begin rebounding in the near future?

Asked by laurahorton, Hilton Head Island, SC Sat Nov 3, 2012

Looking for a retirement home very close to the beach in NW FL. On recent visit to PCB we saw a couple homes in Bay Point that we liked very much and that had prices much below their 2006-7 prices.
We are prepared to purchase immed or to wait (husband is not retired but can work from anywhere).
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.
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?)

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The airport had no impact on house prices in Panama City Beach. Being a real estate agent, I also heard these stories about how the Airport would make housing prices rise. The people promoting that always sounded like used car salesmen to me.

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.
1 vote Thank Flag Link Sun Oct 6, 2013
The airport is a non factor. Unless you want to buy some industrial property 20 miles away from where all the people live. There are some new St Joe developments along 388 near the airport which are wonderful locations if you want to be a mosquito farmer.
1 vote Thank Flag Link Tue Jan 8, 2013
Hi Laura,
Please see my comments insert below.
You wrote:

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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http://www.VivianFoate.com

Read What Our Customers Have To Say!
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
7923 Panama City Beach Parkway
Panama City Beach, FL 32407

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1 vote Thank Flag Link Sun Nov 4, 2012
One reason for the questions about the market recovery is how quickly I need to act. While I was in PCB I also noticed that there seemed to be a number of planned developments that never began building due to the economic downturn and I wondered whether some of these might "come back to life" once the market wakes up again. Some of these places had excellent locations if I were to purchase a lot and design and build our own.

I like the idea of being within a short walk to the beach rather than in suburbia. I want retirement to feel like a vacation. We drove down the coast to Port Saint Joe and Cape San Blas, locations which we liked very much for the privacy and access to the beach and bay. But places like Windmark looked like ghost towns.
Hard to find the right place to buy when you don't know the area. But I'm there for the Beach.
Flag Sun Nov 4, 2012
The PCB Airport has had a huge impact on the local real estate market...It has since its opeing driven the price of real estate in an upwards spiral. Not to confuse most with the idea that Florida is making a huge recovery,however it has but a tail spin on certain markets to start naturally progressing now. There are still tons of factors that need to be established in the economy to flourish. This said, I am a betting man, and have invested in PCB personally, and looking forward to a heathy stable market in the future.

PH
0 votes Thank Flag Link Wed Jul 24, 2013
The airport is doing fine. They added a new airline not long ago. So business is good. You should be aware or low areas when you purchase a home. In 1995 when Hurricane Opal came in,Bay point was flooded in the area of Red fish lane and even on the first turn into Marlin. These homes were on the canal and even the golf course. Bay point was established around 1970_72
0 votes Thank Flag Link Mon Nov 5, 2012
Hi Laura,
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.
850-832-3303
http://www.Ritabeachside@aol.com
0 votes Thank Flag Link Sun Nov 4, 2012
Hello Laura. What a great question. As the other Agents have said, yes the Airport has had a positive impact on the area. Along with other things. Prices are on the rise and inventory is low which means that the longer you wait, the more you will probably have to pay. I would suggest shopping and be prepared to move on a property when the right one comes along.

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

Lindy Bryan
Beachy Beach Real Estate
850 630 2144
Lindy@BeachyBeach.com
0 votes Thank Flag Link Sun Nov 4, 2012
I have a report I would love to send to you on a Monthly Basis showing the Sales Trends and Pricing Trends in Bay County. The airport has brought record number of visitors to the area and with more exposure of our beautiful city there are more buyers. More buyers mean decreasing inventory and rising prices. Although we are not there yet, we are seeing stabalization. Please email me to receive your FREE monthly report. Kelly@KellyKleinSoldMine.com

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!

Warmly yours,
Kelly Klein, Lifeguard Real Estate, Inc.
850-420-2480
0 votes Thank Flag Link Sun Nov 4, 2012
Also, I wanted to add. I used to live in Bay Point. they will only let you have 6 foot fences , so you cant always have privacy, becasue it alto of cases, you can see over the fence.and it is an old resort. Our house got flooded there and they got onto us for leaving a trailer in the driveway while we were tearing out and rebuilding. Made us mad and they were very hateful about it. Wanted us to remove the trailer everyday. Yea, right. I guess it depends who is on the HOA board. The original Bay Point doesn't have sidewalks or good street lighting. It looks a little run down. Too many old houses. I couldn't wait to get out of there.
0 votes Thank Flag Link Sat Nov 3, 2012
What a great question! I know that the market in Panama City Beach has taken an upturn in the last 18 months, that's how long I have been here. I worked in the Atlanta area for 14 yrs as a broker before making my move here to paradise. I followed stats and projections for a year before making the move, and I can tell you that the predicitons have come true, and even better than expected so far.I'm sure the new airport has been a factor in our upturn, but I attribute it to more than just one thing. The airport has made it much more convenient for vacationers, I'm not sure it's had as huge an effect on second home owners and folks re-locating to the beach.
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!
0 votes Thank Flag Link Sat Nov 3, 2012
Yes! It's time to contact me. Our inventory continues to fall and demand and supply has and always will be the determining factor relating to price increases.
0 votes Thank Flag Link Sat Nov 3, 2012
also,search from my website http://www.condos-homes.net
0 votes Thank Flag Link Sat Nov 3, 2012
I would do this. Find a home that you like and make your best offer. Some are still over priced while others are not. Most of the nicer homes are usually not sold cheap because people are'nt willing to let them go at cheap prices. Just because you may buy a foreclosure or short sale doesn't mean you will get a good buy either. You should use a realtor like me. I have lived and worked here 26 years owning commercial and residential properties. I know hwat communities are good ones and the ones that aren't so good. I also know of homes that can be bought that aren't listed or on the MLS in a great neighborhood. If you need professional experience ,you can contact me at bscottreed@gmail anytime
0 votes Thank Flag Link Sat Nov 3, 2012
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