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I recently ran across a magazine article from "Vie", that I would like to share with you. I've taken some insights from it about the Panhandle area of Florida. Listen up!
"Understanding a Pioneering Real Estate Market" written by Ron Romano
The best beaches in the world are on the Florida Panhandle...This area is truly a “Pioneering Market,” – a market that remains relatively undiscovered, it is still figuring out what it is and what it will become. During real estate cycles, prices in a pioneering market will fluctuate more than those in established markets. However, there is no place where I would rather invest in real estate over the next ten to twenty years. It is an opportunity to invest in the most beautiful part of the country that is now being discovered.
The new Bay County International Airport will be a great catalyst for change. The first airport built in the United States since the attacks of September 11, it will have the FAA’s latest safety features and will be a model for the next century. The feeling in the state house in Tallahassee and among locals is that the new airport will do the same thing for this area that the Southwest Florida International Airport did for Ft. Myers/Naples thirty years ago. It will open up Northwest Florida for business and expose us to the Northeast, Europe and beyond.
Southwest Airlines mentioned that our area was fractioned and needed a branding logo. Local business leaders came together, hired PR firms and finally came up with “The Beach” to brand the area from Escambia to Gulf counties. There is something for everyone here, and we feature beaches that are better than those of the French and Mexican Rivieras. From the historic town of Pensacola to the famous oyster capital of Apalachicola, what the areas truly represents is the “American Riviera”.
The entire area is transforming. Pensacola, reminiscent of a smaller New Orleans, is seeing revitalization, great change and job growth, and the University of West Florida continues to grow. Massive growth in nearby Mobile’s manufacturing and shipping industries will only serve to fuel growth on the Gulf Coast. Our area features substantial military infrastructure from Pensacola’s NAS and Whiting Field to Eglin Air Force Base – the largest military installation in the world and soon-to-be home for training the next generation Joint Strike Fighter – to Panama City’s Naval Support Activity and Tyndall Air Force Base.
Panama City Beach is transforming right before our eyes, with expansive condominiums, shopping, restaurants, marinas and more. The Simon Group recently opened Pier Park, a 900,000 square foot regional shopping and entertainment center right on the beach. Panama City Beach has the infrastructure to grow and will be the closest beach community to the new airport.
Money managers and other financial advisors are once again beginning to recommend investing in real estate. Prices have corrected and once again represent a “great buy” when compared with other coastal markets. We predict that in 2008 we will see a return to a more normal market as foreclosures peak and the best deals will be snapped up by savvy buyers. The broader market will continue to struggle into 2009 with an anticipated rebound in 2010 coinciding with the completion of the new airport. However, all real estate markets are local, and smaller “lifestyle” communities and gulf front properties will rebound sooner, as the adage “Location, Location, Location” always holds true.
Traditionally, real estate markets have a “bull’s-eye” effect. The core areas boom … In many of our coastal markets we have seen corrections of forty to fifty percent (in some cases seventy percent) in prices since 2004 and 2005. As we like to say, “The beach is on sale!” It will be on sale for a limited time only and you don’t want to miss it. Where is the bottom? No one can predict the bottom of the market, but when foreclosures ramp up and money is hard to come by, you are close.
There is a great amount of demand and the number of people looking at our local real estate has never been greater. Lower interest rates, drastically lower property insurance and taxes are all catalysts that will accelerate our real estate turnaround. Best of all, we have the best beaches in the country, if not the world. People that buy in today’s market will see tremendous appreciation. As Warren Buffet says, “Buy when everyone is selling and sell when everyone is buying.”
Ray Romano is the Broker/Owner of a residential and commercial real estate and development firm that specializes in the needs of high net worth individuals, corporations, and investors.
- NUMBER1EXPERT™ 
Schools in Panama City, Panama City Beach and Lynn Haven
