After three consecutive years of price increases (2013 - 10.6%, 2014 10.4%, and 2015 7%), the fourth year failed to materialize. 2016 is a mixed year for condo sales prices in Panama City Beach. On average the sales prices are down 1.8% this year. Buildings and floor plans individually have been a mixed bag.
Long Beach condominium remodel
Buyers frequently purchase condos and engage in top-to-bottom remodels, but only rarely do you see a completed remodeling project that is truly impressive in scope and final results. Long Beach is one of the few condominiums in the area with a one-bedroom layout that has the master bedroom overlooking the waterfront instead of being buried at the back of the unit with no water views. The entire building has also recently undergone a complete restoration. This condo was purchased for $155,000 in January 2014, and the before and after photos shown here document the remarkable changes that have been made to this unit.
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.
People often have general questions when considering Panama City Beach condos for sale. A common question is; What expenses come with a condominium in Panama City Beach? Expenses that come with a condominium include taxes, insurance other utilities and association dues.
The dues charged by a condominium association can vary, but there are some universal fees that all condominiums in Panama City Beach charge. Condominium association fees include water, sewer and basic cable. Furthermore, some provide high-speed internet for homeowners. For most maintenance and insurance questions there is a general rule of thumb. The