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June 2007
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Saturday June 30, 2007
A More Personal Note
In an effort to get back to the root of what PCBDaily.com was all about, I'll be trying to spend more time writing and less time quoting. I've been so busy lately, I've allowed some things to fall by the wayside. The idea behind PCBDaily was not only to share information, but share ideas and opinions. This area is special because we all believe it is special. I would love to interact more with the community and I welcome everyone's comments with regards to their ideas and opinions.
Another thing I will be striving to improve is taking videos of the area. Many of you have requested that I take some video of varying subjects in our area, I have not forgotten about you. Shooting video is one thing, but editing takes twice the time. Please be patient.
I am thankful that I live in such a great area, and I am thankful for pcbdaily and the opportunity I have to share information. I am also very grateful for all the support you have provided me. I look forward to growing and watching our area grow.
posted by Jason at 9:13 PM
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Saturday June 30, 2007
Florida Tax Cut, One More Year, Pier Park Newsletter
Speaking frankly, I've deliberately ducked and dodged the tax relief issues in the news because they've been confusing at best. At times what was reported seemed to be what was happening, when in reality (and maybe this is due to my occasional impatience to read and re-read an article) what was being reported were ideas or propositions.
Here's the latest in what I've read: On the 21st, Governor Crist signed legislation that will roll back tax rates to last year's levels and possibly set into effect a super homestead exemption. Two bills were passed, House Bill 1B and 5B.
House Bill 1B will bring tax rates back to last year's levels with further cuts being based on the amount of increase. This bill will also limit the future increase amounts based on income of the homeowner.
House Bill 5B provides opportunity for a special election in January to vote on the possibility of a super homestead exemption. This new exemption will include 75% of the first $200,000 value of the home and 15% of the next $300,000 with a 3% cap on all future tax growth.
In case I got it all confused, the article can be read here.
Talk in the office the other day was about holding on for one more year. They were saying bankers, financial planners and others heavily plugged into our industry are saying if we have another mild storm season and the other things in our community (Pier Park, Airport, etc.) keep moving along at a reasonable pace, the market should begin to see some significant change.
I've talked to several Realtors over the last couple of weeks, and the general outlook is very optimistic. I've been told sales seem to be picking up, although the MLS doesn't seem to indicate that. What we were going through a couple of years ago, during the "boom", was huge and the back side is a pretty big deal to wind down and "correct" itself.
There is just something special about this area. There is a certain magic here that I just love. I just can't help but think, in 20 years I'm going to be very happy that I've put so much effort into this area and devoted so much time to not only watching it grow, but helping it grow also.
Many of you may have noticed that there is a Pier Park eNewlsletter subscription form on the side of the page. Simon Property Group has agreed to let me put together their monthly newsletter. I have had a relationship with them for quite some time and I am glad to have this opportunity to be a part of the big picture. These will go out at the beginning of each month, if you'd like me to add you to the list, please submit your email address in the form on the side, and I'll add you to the list.
posted by Jason at 7:54 AM
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Wednesday June 27, 2007
WestBayFL Newsletter - Airport Updates, PCB Ranked 3 on Yahoo
Dr. Ed Wright, former Dean of FSUPC (Dean while I was in attendance, mind you) is an active voice in the goings on in the West Bay area. His blog, WestBayFlorida, is a consistent source for great information, and I never hesitate to post on what he is talking about. Topics in his latest newsletter include:
Airport Authority Chairman Joe Tannehill Updates the Community
At a recent Airport Authority meeting chairman Joe Tannehill laid out where we are in the process - and where we are going. Read more.
An Attack From Within
A local Bay County resident goes to Orlando to stir up opposition to the airport. Oh, the things we say when we're far from home. Read more.
Airport Authority Gets Five Bids For Site Prep and Paving
The bids for site preparation and paving are in, and Joe Tannehill says they are within budget. A firm will be selected within 90 days. Read more.
Bay County Chamber President Carol Roberts Backs Airport
In a News Herald op-ed piece, Bay County Chamber President Carol Roberts reminds us of two very important benefits of relocation the airport: creating jobs and protecting West Bay. Read more.
No Airport = Piecemeal Development
If the new airport isn't built, under existing land uses approximately 1,100 homes can be built on the 10,000 acres designated for airport mitigation. This land is part of the West Bay Preservation Area, and a vital part of protecting West Bay. Read more.
Anti-Airport "Forum" Misleads the Public
Airport opponents gathered last week to continue making misleading statements about airport relocation. You can read about the "Expert Witness" they brought in from Texas. Or check these five favorite misleading claims.
In the month of June, Panama City Beach ranked number 3 for most searched beaches on Yahoo. The order was:
1. Myrtle Beach, SC
2. Virginia Beach, VA
3. Panama City Beach
4. Indiana Beach, IN
5. Laguna Beach, CA
posted by Jason at 7:54 AM
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Tuesday June 26, 2007
Clean Our Beach, Home Sales Down
The Fourth of July is known as being the heaviest impact on our area's beaches. With empty bear bottles and spent fireworks covering the beach, the days after always includes hard work in cleaning. The Senate passed a resolution last week calling the week around the July 4th holiday "National Clean Beaches Week". Locally, Bay County joined 30 other coastal states and 50 major metropolitan areas in The Clean Beaches Council. (more)
"Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years as the median sales price declined for a record 10th consecutive month. In a troubling sign for the future, the inventory of unsold homes shot up to the highest level in 15 years, meaning more downward pressure on prices in the months ahead until the inventory glut is reduced. . ." (more)
posted by Jason at 7:54 AM
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Monday June 25, 2007
Airport Bids In, Bay County Homes Sale Stats
After a few delays, 500+ questions and much anticipation, the bids for construction of the new airport are finally in. Two local companies came in with the lowest bids, and the Airport Authority has 90 days to determine the winning bidder. (more)
Data pulled from the MLS:
Active today on the Beach:
- DSF: 956 with 63 under $200,000
- ASF: 360 with 86 under $200,000
- Condos: 1905 with 256 under $200,000
Sold in April 2007 on the Beach
- DSF: 36 with 67% under $300,000 and 89% under $400,000. 65% were 3br and 19% 2br
- ASF: 9 with with 78% under $300,000 with 55% being 3br and 22% 2br
- Condos: 75 with 52% under $300,000 and 85% under $400,000. 23% were 3br, 25% 2br, and 40% were 1br
Sold in May 2007 on the Beach
- DSF: 41 with 68% under $300k, 88% under $400k, 60% 3br and 20% 2br
- ASF: 5 with 80% under $300k, 100% under $400k, 20% 3br and 80% 2br
- Condos: 75 with 61% under $300k, 81% under $400k, 17% 3br, 52% 2br and 23% 1br
"In town" stats coming.
posted by Jason at 6:27 AM
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Wednesday June 20, 2007
New TDC Appointed
Bay County commissioners decided Tuesday to set aside a long-standing agreement with Panama City Beach City Council and approve Commission Chairman Mike Nelson’s appointments to the Tourist Development Council. “I never thought I’d be involved in something that’d get so personal,” Nelson told a full house for the regular County Commission meeting. “Lies have been told about me; lies have been told about the TDC. I don’t like getting stabbed in the back; that’s all I’m gonna say about that.”
"Nelson recommended and the board approved Mike Bennett, owner of beach hotels and a partner in the Town of Seahaven development; Marty McDaniel, director of operations for Royal American Hospitality; Andy Phillips, general manager of Edgewater Beach Resort Management Inc.; Yonnie Patronis, co-owner of Capt. Anderson’s restaurant; Gary Walsingham, owner of Ripley’s Believe It Or Not; and Buddy Wilkes, general manager of Shipwreck Island Waterpark." (more)
posted by Jason at 7:44 AM
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Monday June 18, 2007
Splash Resort, PC CRA's Hire New Directors, Resort Quest Moves to Ft. Walton
It's no secret that the Splash Resort on Panama City Beach has been a huge success. Being in the preconstruction sales and marketing business, we've been telling developers for years that if they want to be successful, it is key to provide a family oriented environment that is highly amenitized. You've got to provide a way for people to play, this is why they come on vacation. The article says they've had 90 to 100% occupancy since they closed in Feb/March, and I believe it. Everyone I've talked to that owns there has said they've been booked constantly.
"As its name suggests, Splash spares no expense when it comes to water. The new twin-tower Panama City Beach resort, developed and managed by Sterling Resorts, opened in February, and it boasts an unusual feature: its own on-site water park for Splash guests. . ." (more)
"The Panama City Community Redevelopment Agency Board has created two director positions and is hiring for a third. The board interviewed last week for a new executive director. The position will oversee all four of Panama City’s CRAs: Millville, Downtown North, Downtown and St. Andrews. Six people are applying for the job, said Toni Shamplain, the interim executive director of the CRAs. . ." (more)
"A major Emerald Coast employer plans to move its corporate headquarters from Nashville, Tenn., to the area. Executives at ResortQuest, a vacation property management company, will host a press conference Wednesday to discuss the company’s new direction. The company recently was purchased by a subsidiary of Leucadia National Corp. . ." (more)
posted by Jason at 6:44 AM
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Thursday June 14, 2007
The TDC Picks are Tabled, Phase 2 of Thomas Drive Flyover Delayed
"The Panama City Beach City Council on Thursday put off filling two spots on the Tourist Development Council, opting to revisit the issue at a June 21 special meeting. The meeting drew a packed house and sharp comments from the crowd. Bay County Commission Chairman Mike Nelson made his suggestions for the Beach’s appointments to the TDC, but Mayor Gayle Oberst tabled two of his suggestions. . ." (more)
"Two long-awaited Florida Department of Transportation projects will stay long-awaited, the head of the agency said Thursday. The next phases of the Thomas Drive flyover and the construction of the 23rd Street interchange are not in the Department of Transportation’s five-year plan, said Stephanie Kopelousos, the newly appointed secretary of the Florida Department of Transportation. Both projects call for more lanes, ramps and flyovers to alleviate traffic congestion around the Hathaway Bridge. . ." (more)
posted by Jason at 7:19 AM
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Thursday June 14, 2007
New TDC, Housing Sale Predictions
"County Commission Chairman Mike Nelson will suggest tonight four new appointees for the Bay County Tourist Development Council to the Panama City Beach City Council. 'I’m just ready to get this TDC thing done so I can get on living a normal life,' Nelson said. The County Commission originally charged Nelson with handpicking the entire TDC after it disbanded the previous board following the impromptu firing of the TDC executive director. But the commission backtracked two weeks later in favor of honoring an existing interlocal agreement specifying the commission and the Beach City Council share selection duties. . ." (more)
"Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by the end of the year, according to the latest forecast (PDF 136k) by the National Association of Realtors®. . ." (more)
posted by Jason at 7:50 AM
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Tuesday June 12, 2007
Tax Cuts, Parker CRA, Modular Homes, Grant to lower Airport Fares
A wall in Bay County’s administrative office building is a mural of opportunity, plastered with county job openings. Those openings could go unfilled and the postings yellow with age if the pinch from a proposed property tax cut proves too great for the county to weather. 'We’re still waiting on numbers from the state,' said Bay County spokeswoman Valerie Lovett on Monday. 'We’re still waiting on all the details on this thing.'" (more)
"Attorneys for Bay County argued in circuit court Monday that Parker’s new community redevelopment area is invalid and does not qualify for a $40 million bond for improvements. Attorneys Terrell Arline and Greg Stewart, both representing the county, called on an economist to explain why Parker is not “blighted,” a condition that must be met to form a CRA per Florida statute. They also said the city’s comprehensive land-use plan, which is the blueprint for development, fails to incorporate aspects of the city’s community redevelopment plan. . ." (more)
"A new modular home company has opened a Chipley office and is partnering with Ritz-Craft Corp., one of the country’s largest system-built home companies. Ritz-Craft built Integrity Homes of Chipley’s main showcase home — being used as a display model and design center off U.S. 90 — at its Hamlet, N.C., factory. The 2,600-square foot structure was featured at the 2007 International Builders Show in Orlando, said George Lee, one of Integrity’s four business partners. . ." (more)
"It took only two weeks in April for the Panama City-Bay County International Airport to raise more than $430,000 from the local business community for cheaper airfare. The pledges of money and in-kind contributions are part of a grant application to the U.S. Department of Transportation. The airport is seeking $1 million from the $10 million available from the Small Community Air Service Development Grant in order to bring in a new lowcost carrier or to work with existing carriers to lower fares. . ." (more)
posted by Jason at 7:15 AM
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Monday June 11, 2007
Pier Park Update, WestBay Florida Blog, Simpson's in Springfield FL, Downtown Train Depot
Pier Park has announced two new tenants confirmed, JCPenney and Borders Books and Music. Construction is rolling along as evidenced in the movie below. You can see the new eNewsletter here.
Dr. Ed Wright just sent out his newsletter, topics discussed:
Where are we (in the relocation process)?
How to thing aboutthe construction bid delay
FAA gets it right
When is the $72 million not $72 million?
Not exactly real estate related, but I thought it was pretty cool. 14 Springfield's across the country have been chosen to make a mini Simpson's movie competing for the location of the movie premier in July. The studio has provided a digital video camera and some props to help with the deadline on June 28th. (more)
"Seventeen months after the sale of the Bay Line train depot set off a frenzy of lawsuits, public hearings and fundraisers, little has changed with the historic site. The depot is a rundown, two-story structure covered in peeling green and white paint. It has cinder block-sized holes in its walls and patches on its roof. The first half of the structure’s base is supported by concrete, the second half by red brick columns. Panama City code enforcement officers describe it as an unfit, unsafe structure. It is a frequent home to vagrants, its owners say. . ." (more)
posted by Jason at 5:38 AM
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Friday June 8, 2007
Airport Construction Bids Delayed, FEMA Money Coming In, Gayle's Trails, Parker CRA Rejected, Mortgage Reform Unlikely
"The bidding process to determine who starts construction on the airport in West Bay is in another holding pattern. Bids from six construction companies vying to build infrastructure for the new Panama City-Bay County International Airport will not be taken today as expected, said Airport Authority Chairman Joe Tannehill. Instead, the airport again will delay taking the bids for another two weeks. It is the third time the airport has postponed accepting the bids for clearing the land, creating access and perimeter roads and constructing the airport’s runways. . ." (more)
"As part of an Emergency Supplemental Appropriations bill Congress passed last month, the Federal Emergency Management Agency is granting additional funds to cover costs associated with the 2005 hurricane season. 'Anytime there’s $3.2 million coming, that’s good news,' said Mark Bowen, chief of emergency services for Bay County. . ." (more)
"Locals who enjoy the great outdoors and vacationers bored with sun and sand are finding their way to Frank Brown Park to use the city’s new trails. Gayle’s Trails provide a natural haven in an urban setting, complete with a stocked youth fishing pond. The 4.5-mile trail system can be used for running, walking, in-line skating and mountain biking. . ." (more)
"The Bay County Commission on Thursday rejected a proposal by the city of Parker to limit the property tax revenue the city could keep for its community redevelopment area. The county and city now will square off in court Monday over the county’s contention that Parker’s attempt to bond $40 million is invalid because parts of the community redevelopment areas, or CRAs, do not meet requirements of state law for creating such districts. . ." (more)
"Homeowners unable to pay monthly mortgage bills and facing foreclosure shouldn't’t count on help from Washington this year. Regulators and lawmakers seem to be taking a wait-and-see approach as they confront the fallout from several years of lenders making too many home loans to people with inadequate credit. . ." (more)
posted by Jason at 7:54 AM
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Wednesday June 6, 2007
Cedar Grove CRA
The Bay County Commission on Tuesday voted to sue Cedar Grove over its creation last month of two community redevelopment districts. The city’s two proposed CRAs encompass few of the criteria required under Florida law, Commissioner Jerry Girvin said. He called the CRAs “totally off the wall,” and Commissioner Bill Dozier said they were the worst he has seen in terms of abusing the redevelopment program. A CRA generally lasts 30 years and makes money through tax increases on property within the CRA boundaries. Money collected in a CRA must be used for improvements within that area. . ." (more)
posted by Jason at 6:09 AM
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Monday June 4, 2007
Real Estate Investing - Where do I get the money?
Billy O’Neal is a real estate investment expert, author, speaker, and personal coach who will be appearing in Panama City, FL on June 8th & 9th. For more information on this seminar or to register, go to RighteouslyRich.com or call 850-625-7251.
"The number one question I receive regarding real estate investing is, "Where do I get the money?" Not knowing the answer to this one question is what keeps most people from getting into the business and achieving financial freedom. If you follow the traditional patterns of real estate investing, you will go to a mortgage company or your local bank and get a traditional purchase loan, but there are many other options to explore. . ." (more)
posted by Jason at 6:11 PM
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Monday June 4, 2007
Carillon Beach Revitalization, Housing Slowdown Over, Housing Prices not Falling
"A small army of construction workers, interior decorators and landscapers is hard at work putting the finishing touches on a $56 million revitalization of the Carillon Beach resort community’s downtown. One of the first high-end market, gated residential communities to go up along the west end of Bay County beaches, Carillon Beach has had no problem attracting second-home investors from throughout the Southeast. However, the New Orleansstyle downtown the Bill Biggs family erected alongside Lake Carillon as a commercial center for the 104-acre community fell onto hard times several years ago. . ." (more)
"The worst of the housing slowdown is over, but the nation’s economy still faces challenges including rising unemployment and uncertainty over gas prices, University of Central Florida economics professor Sean Snaith said today. . ." (more)
Most studies say U.S. home prices are on the decline, but a new report from the federal government says just the opposite. The Office of Federal Housing Enterprise Oversight (OFHEO), which has tracked prices for more than 30 years, said Thursday its housing price index grew 4.3 percent in the first quarter compared with a year ago. It was the slowest rate of growth in 10 years, however. . ." (more)
posted by Jason at 6:56 AM
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Saturday June 2, 2007
First Named Storm this Hurricane Season, Gas Station Generators
Tropical Storm Barry is in the Gulf of Mexico with rains hitting Tampa right now. Winds are at 50 mph with expected rainfall amounts of 2 to 5 inches. The surf was up yesterday and should be up today. I hope this is not a sign of what is to come this summer.
(more)
A new law that recently went into effect requires gas stations to be on backup generators in the event of a power loss so they can still operate. Interestingly enough, the law states that owners of multiple stations must only have at least one generator per 10 stations. They are required to be prewired with a transfer switch that must provide power to the pumps and credit card terminals.
posted by Jason at 8:26 AM
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