The Busy Hostess
I just returned from a week in Panama City Beach, Florida. I’ve been involved with a number of preconstruction condos along the beach in this market and have watched the area mature as it works to shed the long-time moniker of “red neck rivera.”
What stood out for me this trip was how Panama City Beach is very busy on the development side. I liken it to a hostess preparing for a very large dinner party. Panama City Beach is fast working on beautification with major street scaping, retailers are going in left and right, supportive businesses are dropping anchor and residential development is pushing forward. There is an exciting buzz around town as everyone anticipates the coming visitors.
The pending start and completion of the new international airport is a huge driver of the redevelopment of this area. St. Joe has a huge vested interest in the new airport and has donated thousands of acres of land to see the airport become a reality.
There is certainly a great deal of speculation that accompanies development of an area like this. As is usual, everything takes longer than anticipated. I personally believe the airport is three to four years away, while there were some that thought it’d be complete by now.
All this means that my personal real estate investments in the market are simply going to have to wait patiently for all the great things to come to fruition. Yes, once again, time is the friend to investing.