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Panama City Property Searches |
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Like much of Florida, Panama City Beach has been hurt by the downturn in the real estate market. But what sets the resort apart is the planned construction — scheduled to begin in late spring— of a $330 million international airport to replace the outdated Panama City-Bay County International Airport. The new airport, scheduled to open in late 2009, will have longer runways to handle larger jets, opening the resort to more domestic and international markets.
Currently, 83 percent of the city’s four million tourists arrive by car. With the new airport, that will change. And Panama City Beach is betting that the new visitors filling those jets will have money to spend.
“We’re going from what used to be a blue-collar resort and sharing that with a higher-end customer,” said Bob Warren, president of the Panama City Beach Convention & Visitors Bureau.
That housing prices are still low compared with Florida’s other coastal resorts has also caught the attention of real estate investors. “This is like an undiscovered little gold mine right now,” said Mark McSparin, an investor from Charleston, Ill., who has bought several dozen condos in Panama City Beach in the last three years and who has his own condo there.
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