2008 membership directory - Panama City Beach Chamber of ...

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