Posted on 03/25/2024 5:42:20 AM PDT by Red Badger
A coastal Florida city is fast becoming a hotbed for wealthy movers attracted by its sandy coast and laid-back vibe.
Located on the western edge of the panhandle, Pensacola boasts 'the world's whitest beaches' and has seen a rapid swell of multi-million dollar homes.
It might not attract the same celebrity roster as Miami, which is home to the likes of Jennifer Lopez, Matt Damon and Ivanka Trump, but it's fast becoming a hotspot for wealthy sun-seekers looking for a beachside home in a state with no income tax.
The number of homes sold for more than $1 million in Pensacola has soared 220 percent since 2019, according to Gordon Miles, president of local brokerage Levin Rinke Realty.
Miles told the Wall Street Journal the pandemic housing boom sparked the beginning of a new luxury market for the western gate to the Sunshine State.
Despite rising mortgage rates, sales of premium properties in previously unheard of price brackets for Pensacola are soaring.
Last year, 250 homes sold for more than $1 million, compared to just 78 in 2019, in the city that is home to almost 55,000 people.
Ordinary family house sales have also rocketed in the metropolis, which currently sports a median sale price of $315,000 - or 58 percent more than the median of $199,575 in January 2019.
'I have multiple friends that just a few years ago bought houses for roughly $300,000 that now they can sell for almost $700,000,' Pensacola native and local photographer Dustin Williams told DailyMail.com.
Williams said the downtown area has 'grown pretty significantly' in recent years. 'Overall I'd say it's good for the community,' he said.
(Excerpt) Read more at dailymail.co.uk ...
I think the homeless in Pensacola must be part of a franchise.
I think it's the brown cardboard box, “Anything Helps, God Bless”, Inc.
They hang together near EVERY major intersection in the city, smoking, drinking, drugging waiting for their “UP” ( that's an old car salesman term) to get a shot at the rubes passing by.
Many have dogs on rope leashes to tear at the heartstrings of the passing drivers. I believe they share the dogs when it's their “UP”
Santa Rosa, Okaloosa, and Walton counties to the EAST of Escambia won't allow the franchise to operate in those areas so I guess they export them to Escambia county.
So rich folks be aware Pensacola has big city homeless issues with small town lack of answers.
Pensacola, FL, if you desire an upper middle class lifestyle here bring your money with you
No wonder. LSU is a big party school.
Okaloosa County, here, we have our own versions. Instead of dogs, they have children in strollers...............
“Like I did in Juno Beach”
Nice, Hobe Sound here. I heard the mayor asked people to stop displaying FJB stickers as many thought it was F Juno Beach.
We visit the beaches one week out of the year but found Navarre a lot better place to stay less crowded and great beaches.
“Nobody goes there anymore. It’s too crowded.” - Yogi Berra...............
The Florida tradeoff was that if you can suffer hurricanes, alligators, palmetto bugs, and August (which lasts from March until November) you could buy a whole lotta house for not much money.
That tradeoff is disappearing. I'm watching housing prices boom. I had hoped to retire back in Jax with my Navy pension when I retire but I'm seeing that slip away.
Also one of the best minor league ballpark venues around... right on the water.
Don’t forget the alligators!
And it’s full of man-eating sharks!...................
Yep. It’s great for current long-time homeowners, as their paid off homes are equity bonanzas. But I agree that entry into the good FL markets right now is cost prohibitive for most.
That wasn’t the case 30 years ago. You could always find a “cheap seat”.
Man, the cat’s out of the bag now! I hate it when well-kept secrets become known.
Can confirm...
Stay away!!! Go to south florida!!
Even Godzila new to try to destroy Pensacola!!
Gulf Breeze Starbucks every morning for quad Blonde espresso is barely tolerable, and that’s STARBUCKS!!!
So many American flags around. Fishing, farming, hunting... so scary!
Save yourself and your pronouns, stay away!!!
So many guns, American Flags, and so few pronouns!!! Save yoursel(ves)f... Stay away!! It’s so creepy how nice people are.
The beaches may be beautiful but the sand is so soft and fine that it gets everywhere, especially bonus holes!! It really makes it difficult for a girl* to violate! Just stay away!!
My elderly parents rented a 3 bedroom 1200 sf gulf view condo for ~$5K a month in the Tampa area. They quit going when the owner had to replace rental manager when she died. The new manager installed some modest upgrades and started charging $10K a month. This was a year or 2 before Covid. They haven't been back to Florida since then. $10K per month seemed to be the going rate for similar condos. Being able to get $5K per week suggests some nice digs...
Yes! And the prices for those hot dogs!!
Very nice. Even supplied expensive bicycles and electric scooters/golf carts for them to use on street. Gorgeous views and luxury accommodations. BUT the local governments have discovered a new source of revenue, they now get a cut of the pie...................
My snowbird parents stayed there for many years. Condo prices collapsed by 2/3 during the GFC. It took about 5 years or so for real estate prices to start to recover. By 2018, high end condos were being built with all the cheap money being available.
Don’t worry, if the yanks from blue states keep coming, they’ll eventually eff it up trying to make it like where they came from...
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