Pre-construction condos in Panama City Beach
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SoWalSally said:
I think many people are going to be putting many units on the market all at the same time. I see many people reserving 5-7 units at a time, hoping to flip them soon after they close. The real question is how many people will be buying these the second or third round. The Baby Boomers are turning 60 at a rate of 1 per 9 seconds, so there are definitely many potential buyers for the units. Personally, I am avoiding the condos in PCB because I think better potential exists elsewhere. However, I think the PCB condos will be good investments.
I agree with SJ that there is potential for investment returns. Just be careful, some of the projects think they are on 30A (check out the sq. ft. costs) but the quality is definitely PCB (low ceilings, cheap windows, etc. etc. etc.).
Within the last year I read an article in Coastal Living that basically said if there were side by side condos lining the coast of Florida there would not be enough supply to meet the on coming baby-boomer demand. The article also mentioned that the trend is for more homey condos not for condo condos. Buyers now expect to have taller ceilings, better kitchens, larger bedrooms, nicer bathrooms, etc. I guess the majority of the upcoming buyers will have more funds then in the past and expect to retire in style. The reason I mention this is because most of the new condos I have checked into on PCB are squeezing in as many units as they can. I don't know how much future demand there will be these cheaper low quality units. I don't know if anyone else ever gets the urge but many times I have felt like giving some of these developers (even some on 30A) a good, hard SLAP in the face along with a loud "what the HELL do you think you're doing". I mean if you're going to make a lot of money either way, why not make it with quality.
Within the last year I read an article in Coastal Living that basically said if there were side by side condos lining the coast of Florida there would not be enough supply to meet the on coming baby-boomer demand. The article also mentioned that the trend is for more homey condos not for condo condos. Buyers now expect to have taller ceilings, better kitchens, larger bedrooms, nicer bathrooms, etc. I guess the majority of the upcoming buyers will have more funds then in the past and expect to retire in style. The reason I mention this is because most of the new condos I have checked into on PCB are squeezing in as many units as they can. I don't know how much future demand there will be these cheaper low quality units. I don't know if anyone else ever gets the urge but many times I have felt like giving some of these developers (even some on 30A) a good, hard SLAP in the face along with a loud "what the HELL do you think you're doing". I mean if you're going to make a lot of money either way, why not make it with quality.
Some of my family members invested in some property at Edgewater in PCB. Yes, it is possible that there are too many huge high-rise condos going up, but the demand for the golf villas and the Edgewater Resort property still exist. The rental income for Edgewater is great because they are always having conventions (snow birds love it as well). We have decided to sell the condo (we actually have 2 for sell) because we are purchasing a larger second home on the lake. If you know of anyone interested in a great rental property, you can see pics of it at:
http://www.sandersbeachrentals.com/edgewater.html
http://www.sandersbeachrentals.com/edgewater.html
Interesting, The one posting that was positive on PCB condos was trying to sell theirs, with pictures no less. Like with life, both sides will be right and wrong, the amount of "time" you may wait for your "gain" will be the factor, if priced too high now wait ten years and you will wish to owned one, BUT how much did you pay in outflow vs inflow while you waited for your ship to come in? Let us not forget 30A property had un-impressive returns (outside of its life style) for many years at a time. Property is worth what someone ELSE is willing to pay for it and the person who wants to "own" rather than "flip" determines its real current value.
Looks like the news is starting to talk about preconstruction condos in Panama City Beach again. It seems that the media is early. I believe it will be quite some time before sales reach prices where preconstruction is profitable for developers. Here is an overview of what I currently see.
PreConstruction Condo Sales In Panama City Beach | blog
PreConstruction Condo Sales In Panama City Beach | blog
I thought I might get some heat over the time difference. If you look, I am explaining how the media is misrepresenting things. How we are years away from preconstruction in Panama City Beach. Not trying to sell anything. I did a Google search about this topic and this thread came up at the top of the results. Wasn't trying to bother anyone. I thought it would be helpful info on this topic, even with the age of the post.
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I was honestly trying to understand the point. Now I am more confused. "the media" who is that and what is being misrepresented?
Quite cryptic. You should post what you're talking about instead of just adding a link seems like link spam. Also the chart you posted is too small to read. Just trying to help.