Posted on 04/21/2022 7:35:35 AM PDT by devane617
It’s a problem happening all across the country: smaller towns, usually vacation spots, are seeing a change in demographics. Locally, more people are wanting to move to Panama City Beach, driving prices up, and driving locals out.
“Prices are escalating because people are willing to pay for that and that is a market economy. It’s called supply and demand. It affects every product in every commodity everywhere,” American Realty Of Bay County owner Tony Viejo said.
The term “pricing out locals” is an all too familiar saying for people in Panama City Beach.
“We’ve seen prices go up at such a rate that people who have been living here for a long time really can’t keep up,” Counts Real Estate Group realtor Oliver Pettis said.
A rate skyrocketing as more people from out of town look to call the Panhandle their home.
“Coming in from bigger cities, other states like New York, California. They’re moving to areas like this that are a lot more affordable to them, but for areas like this it’s kind of unprecedented,” said Pettis.
(Excerpt) Read more at wjhg.com ...
My niece is down in the Panhandle now, married to a Marine, near Pensacola. She’s got a pretty high-dollar job, and they bought a big house early in Covid (they really timed it right). Prior to Covid, that probably didn’t happen, but with everyone working remotely now, it does.
And a lot of people saw all the urban riots the Dems orchestrated over the last few years and said “time to get out of the big cities!”
I live in the area ad it is astounding at the housing prices here. On my front porch I literally have people stop by and offer to buy.
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was there 25 years and there again last summer
Lots of growth and much more family oriented as far as a vacation spot
one of the locals told me “the secret got out”
It’s a problem all along the Gulf Coast. Destin, Ft. Walton Beach, Pensacola and South Walton County.
Real estate prices have skyrocketed ever since the wealthy ‘discovered’ our secret.................
No State will be immune from price increases in this market. One good thing is that we just bought in PC and brought a bunch of Colorado money with us, and this place could use more money.
Similar shyt happened when so many Kalifornicators were moving to Utah in the 90s. It settles out eventually.
We helped our son buy a house on the front range in 2019. It’s gone up in price 40%. When we bought our friends and family said we were buying the bubble. Could still collapse. Oh well. Nice view of Longs Peak.
This problem has been all over Florida even before the Trump years. It exploded with Covid. We also had this problem in 2005...it didn’t end well for some buyers! I know of a property that could have been purchased in the low 100’s about 2010 and is now a Mil. It’s true value might be 400.
The cost of rental property and single family homes is making it difficult to recruit skilled workers to the area needed to support critical defense contracts at the 5 military bases in the area.
My sister & BIL live in Panama City (the city not the beach area) in a planned community near a bay. They are not waterfront, but pretty close. They built the house in 2017, 2300sf, two story and paid $286,000 at the time which included appliances and upgrades. Sold it this year for $540,000. Pretty nice appreciation in 5 years.
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Makes sense. You sell your house for 1.5 million in Connecticut and a house in Florida is 250. You want it badly and offer 320 for it. Why not?
I just moved down here from Maryland, but I’m not bringing their sick, sad, woke, commie politics with me, rest assured. Go DeSantis!
I sold two homes this past year and bought what I hope will be my last. Sale prices were great for once in my life.
Where ever anyone is I hope that they are (1) in a home they can maintain on a fixed mortgage or, in a paid for home they can maintain without a mortgage. Renting in a time like this is leaving yourself open to disastrous inflation damage.
“I saw... his thoughts. I saw what they’re planning to do. They’re like locusts, they’re moving from planet to planet, their whole civilization. After they’ve consumed every natural resource, they move on. And we’re next.” -President Thomas Whitmore
What/where is “PC”?
“The cost of rental property and single family homes is making it difficult to recruit skilled workers...”
There’s a simple solution to that. It’s called raising wages (faster than inflation).
I know, it’s something that Americans haven’t had to do in the last 50 years, but it’s still the basic solution to this problem.
Not only real estate.
Was bad enough not being able to go out to dinner - couldn’t park and wait for hours to eat. Then you couldn’t even order in where I am.
THEN a few weeks ago, we could t even place an order for pickup. Nobody was picking up their phones.
I’m waiting 6 months to dig a fkn well. Dropped my truck off to have work done - could NOT get a cab ride home...called everyone. Tires on my car took months, I was lucky to get them.
I could go on, but these MFers BROKE Florida. It’s unusable, and starting to piss me off.
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