Panama City Beach’s coastline has seen a boom in construction lately. Banks and private investors couldn’t get enough of the major area to invest in with new beachfront condos and more. There is 27 miles of stunning beach that is a major attraction for tourists and locals to vacation because it’s beautiful and really close to major US cities in the south.
Since many call this area the “world’s most beautiful beach” due to the white sand and beautiful water, it’s no wonder that construction has increased to allow for more beachfront condos. Here is a look at what the construction boom in Panama City Beach has brought to the area.
When did the construction start?
In 2004 the construction boom began where the coastline started seeing major changes. The older family-owned boutique-type shops, motels and hotels were replaced with high rise condos because the location was prime for beachfront business. The area towards the west and the 30A area were perfect for condos but this meant the small-town vibe would change for Panama City Beach.
How did the changes affect the area?
Panama City Beach was now gaining high rise condos and seeing a ton of construction but the problem was that low-rise waterfront properties with unobstructed views were becoming obsolete. Houses and rental units like these were affordable since they were older and more common but eventually these properties started quadrupling in value over 4-5 years with the peak of the real estate boom.
By 2006 the area was named the No. 1 real estate market in the country for the next five years. This increased demand to construct more condos on the coastline. Properties that were beachfront now cost over $60,000 per linear foot. Once the real estate market downturn took place in 2007, things started leveling out and rising costs of new condos started to get under control.
Since 2007 the construction has slowed but hasn’t stopped. The massive Pier Park North on Hwy 98, Back Beach Road, is a more recent significant construction project taking place. There is also Pier Park, an outdoor shopping complex, is going on as well as the North which has 398,000sqft of leasable area for shops.
Panama City Beach is still being named the top city for the fastest growth in the nation from Money Magazine.