As times change, so do condominium loans in Panama City Beach. The reason is because most buyers are people who purchase these properties as secondary residences or investment properties. The type of loans that banks grant for secondary residences are different from those offered for primary residences especially after the mortgage meltdown of 2008. Before the mortgage crisis, most lenders sold their condominium loans to Fannie Mae, Freddie Mac and any other bank or financial institution that was willing to take them on the secondary market.

The Panama City Tourist Development Council has voted to recommend the Weeks Marine company be awarded the beach renourishment project. On January 4, the council voted to approve the company for the project and increase the project budget to $17 million, up from $12 million. The final vote will be held by the Bay County Commission.

The project will add 900,000 cubic yards of sand to four beachfront areas, including Pinnacle Port, the Calypso condominium to the Tidewater Beach Resort area, Treasure Island Resort Condominiums, and the County Pier/Chateau Motel area. Work is expected to begin early in the spring with a projected May 1 completion date.

A look back at 2016 condo sales in Panama City Beach

The 2016 Panama City Beach condo market was a bit of a mixed bag. The average sales price per square foot for condos built in the area after 2001 are down less than 1% from last year. This year saw some floor plans increase in price while others were flat or fell lower. There is still a healthy demand for condos as the area continues to improve and mature. Strict financing requirements are providing a healthy market free from speculators and flippers.

Shores of Panama condominium is a long, complicated, ever changing story.  So rather than get into it, I will just post two graphs.  Here are some other articles about Shores of Panama.