2008 membership directory - Panama City Beach Chamber of ...
2008 membership directory - Panama City Beach Chamber of ...
2008 membership directory - Panama City Beach Chamber of ...
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Dwelling<br />
• REAL ESTATE<br />
• SPLITTERS<br />
• ATTAINABLE,<br />
ASSESSIBLE,<br />
AFFORDABLE<br />
• RENTAL PROPERTY<br />
panama <strong>City</strong> <strong>Beach</strong> has experienced a makeover in<br />
the past five years, turning older, smaller buildings<br />
into beautiful, amenity-filled resort communities and<br />
peaceful, tree-lined neighborhoods. Real estate has<br />
become a valuable commodity here on the beach, with<br />
many styles <strong>of</strong> dwellings for singles, couples, families<br />
and empty nesters. Turn to<br />
the Membership Directory<br />
beginning on page 49 to<br />
find Real Estate agents and<br />
Lenders.<br />
The <strong>City</strong> <strong>of</strong> <strong>Panama</strong> <strong>City</strong><br />
<strong>Beach</strong> is roughly 13 square<br />
miles, with a population <strong>of</strong><br />
11,651 permanent residents,<br />
and<br />
• 16,802 housing units<br />
• 4,200 single family units<br />
• 12,382 multi units<br />
• 220 mobile homes<br />
<strong>Panama</strong> <strong>City</strong> Housing<br />
Splitters<br />
A growing trend in <strong>Panama</strong> <strong>City</strong> <strong>Beach</strong> is the concept<br />
<strong>of</strong> Splitters – people having two primary residences.<br />
More and more visitors who discover the beauty and<br />
charm <strong>of</strong> <strong>Panama</strong> <strong>City</strong> <strong>Beach</strong> while on vacation have<br />
decided to make this their home, or second home.<br />
There are a number <strong>of</strong> advantages to having the<br />
second home in Florida, such as:<br />
<strong>Panama</strong> <strong>City</strong> is one <strong>of</strong> the leaders in Florida<br />
for sales <strong>of</strong> existing condos, Q4 2007<br />
Source: Florida Association <strong>of</strong> Realtors<br />
Median Income: $ 51,300<br />
Median Home Price: $ 202,300<br />
Loan Amount: $ 161,840<br />
Monthly Payment: $ 1,037<br />
Annual Payment: $ 12,444<br />
Required Income: $ 49,776<br />
Source: Northwest Florida Economy, Q4 2007<br />
• If you buy a home here, and are able to claim six<br />
months or more <strong>of</strong> living here, change your driver’s<br />
license and voting precinct to Florida, you may<br />
qualify for up to $50,000 in homestead exemptions<br />
to be deducted from your property taxes each year.<br />
• When you file for homestead exemption it also<br />
applies a 3% cap on the<br />
appraised value each year,<br />
starting at the base price<br />
you purchased it for.<br />
• If you purchase a home<br />
in Florida and are not able<br />
to live in it for more than<br />
six months per year, it is<br />
considered an investment,<br />
which now has a cap <strong>of</strong><br />
10% per year maximum<br />
increase <strong>of</strong> assessed value.<br />
• You will have many<br />
deductions each year such as mortgage interest and<br />
trips to do maintenance on the property, if you use it<br />
as an investment and rent it out. These deductions<br />
will reduce tax liability by reducing your net income.<br />
• Historically, a 20-30% increase <strong>of</strong> property values<br />
occurs every year or more, until the last two years.<br />
The best part is the investment potential for purchasing<br />
property now. As the new airport is built and<br />
economic development continues, home values will<br />
slowly start going back up again.<br />
TOP: Phase One <strong>of</strong> Origin at<br />
Towne <strong>of</strong> Seahaven in <strong>Panama</strong><br />
<strong>City</strong> <strong>Beach</strong>. ABOVE: Carillon<br />
<strong>Beach</strong> Resort at the west end <strong>of</strong><br />
the beach.<br />
PC<strong>Beach</strong>.org<br />
Relocation Guide & <strong>2008</strong> Membership Directory 33