The Real Estate Boom

Panama City BeachA construction boom in the early to mid 2000s raised the economic image of the area due to the older homes & downtrodden motels, as pricey high-rise condominiums and luxury homes replace the older structures. However, this is turning unobstructed, low-rise beach views and affordable waterfront property into rarities. At the peak of the real estate boom, many beachfront properties had quadrupled or more in value since 2000. The real estate prospects were so promising that CNN/Money had named Panama City Beach as the #1 real estate market in America for the next 5 years in November 2006.¬†Beachfront property has sold for upwards of $60,000 per “front foot” (linear foot) at the top of the market. The downturn in the USA real estate market in 2007, combined with a flux of new condo construction have brought spiraling prices somewhat under control, but they are still at lofty levels from their pre-boom days of the 1990s, yet still undervalued compared to other Northwest Florida coastal cities like¬†Destin

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Information Obtained From Wikipedia

1 comment for “The Real Estate Boom

  1. September 29, 2011 at 2:12 PM

    thanks a lot for sharing such an useful information. It was really a wonderful reading

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