Gina Gladsto…, Home Seller in Haverhill, MA

My property in Panama City Beach Florida has dropped its value. Do you see a near future change?r

Asked by Gina Gladstone, Haverhill, MA Tue Oct 2, 2007

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This question was originally posted in 2007, so Gina was correct. Prices were falling. Here is a complete sales history showing the average sales price of 1 and 2 bedroom condos in Panama City Beach. Different condominium buildings and floor plans will bottom at different times, but generally the market bottomed in 2011.
0 votes Thank Flag Link Sun Mar 16, 2014
Condo values in the Panhandle/Emerald Coast are slowly rising. Vacation rentals are high this season. lets hope the major storm systems stay away this season and we can return to normal.
0 votes Thank Flag Link Fri Jul 20, 2012
We are now at what the values were back in 2002, 2003 I don't see a appreciation in value in the near future. But In property' other than condos on the beach we are starting to see a slight increase in value as the short sales and foreclosure inventory lessens.

Thanks for your question,
Ron Jones
0 votes Thank Flag Link Tue Mar 8, 2011
Property values depend on a number of factors - which includes the type property you own. Property values are dictated to a large extent on the amount of inventory, but can also be impacted by things like financing options and demands within the local community. The condo market in Panama City Beach is more saturated than the housing market, and hence, we will probably continue to see declines until the inventory thins. With the economy now, and job losses contributing to more foreclosures, we expect more foreclosures and short sales that will continue to add to the inventory and pull values downward. Although we are still seeing declines in the market values, the decline seems to be slowing, and hopefully, we soon will begin to see prices stabilizing rather than declining. The condo market seems to continue to have greater declines because of the overabundance of inventory, but also because financing on condos has become so difficult, we don't have very many buyers thinning out the condo market.

Panama City Beach is fortunate to have some growth demands that will be brought on by the soon completed airport (which I might add is the first regional airport built in 20 years!, which is such a plus for a resort area like ours). This should bring in more businesses and employment opportunities and growth for our community (and demand for housing). The beach still continues to see growth and expansion with Pier Park, even in a hard hit economy. It is my opinion that we should see a comeback sooner than other areas of Florida.
0 votes Thank Flag Link Thu Feb 4, 2010
There is an abundance of inventory of condos in the Panhandle of florida right now. As that inventory drops, which it will as prices come down, the prices will begin to stabilize and then gradually increase at what might be considered a more normal rate--not like 2004-2005. That will take some time, and will to some extent be determined by what banks do, too with lending practices. I can't give you a definitive answer, but those are the things that will affect the price you can get for your property.
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0 votes Thank Flag Link Tue Oct 2, 2007
Pretty much everyone is in the same position - and not just in Florida. There will definitely be a change in the future... it's just a matter of how long. Everything that goes up, comes down and vice versa. If we could predict exactly when that would occur we would all be fortunate.

I've heard everything from one year to five years, and every persons response as to why they think that way, every expert has their own opinion. My personal opinion is that it won't be until after the election, and the new people make some changes and something gets resolved with IRAQ.

If you are thinking of moving and worried about the drop in your house value - remember that you'll make it up when you buy your next house.

Once prices stabilize or start going up, you'll get more for your house, but you'll also pay more for your next one, so all things being equal, you'd still be in the same position unless you are moving to an area where the housing market is hot.

It's going to be a journey for all of us... Good luck to you.
0 votes Thank Flag Link Tue Oct 2, 2007
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