According to AOL Money and Finance, Panama City Beach is The Number 1 Place to Own a Summer Home.
In an article that came out Thursday May 29, 2008 Kelli B. Grant with SmartMoney.com wrote that amid the credit crunch “someone else’s misfortune could work in your favor.” Home prices are down and according to the short article, if you are in for the long-term and plan to use your second home, now is a great time to buy.
Quoting the article for Panama City Beach:
There’s something for everyone in this Panhandle town where white “sugar sand” beaches along the Gulf of Mexico give way to inland attractions, including six championship golf courses and an active restaurant and nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2 million-plus for single-family homes of five bedrooms or more, according to vacation rental site HomeAway.com.
Why Buy Now: Besides the weather (temperatures rarely dip below the 60s, even in January) a new international airport is slated to open in the next couple of years. With it comes low-cost carriers and an abundance of nonstop flights. (Currently, flying from New York involves at least one connection and travel time of anywhere from 4.5 to 13 hours. In comparison, a nonstop flight from New York to Orlando takes about two hours.) That ease of access should help boost tourism — and property values, says Anil Pereira, CEO of SecondSpace.com, a property-finding service. “It’ll be more feasible to own a second home there,” he says. “People will be able to fly in for the weekend.”
There you have it folks, the opinion of someone much smarter than I and completely outside our market. We are the number one place to own a summer home, followed by the Pocono Mountains, PA, then The Crystal Coast, NC, Lake Tahoe, CA, and the Great Smokey Mountains, TN.