Jason Koertge has an awesome vacation rental business in Panama City Beach that focuses on remarkable properties right on the gulf. They range from 1 to 4 bedrooms, they’re clean, and amazing. He can be found lurking at PCBLP.com.
In what could seem like a temporary victory to the current (and concerned) property owners at Boardwalk Beach Resort, the developer requesting a zone change to allow an RV park has withdrawn his application. Whether you love RV’s or hate them, allowing them on a gulf front property such as this was a potential precedence that was concerning to local property owners.
The application would have changed the zoning from T-2 to T-M, allowing the property to be used for mobile homes, travel trailers, motor homes, motels, hotels, condos, town homes, apartments, churches, clubs, lodges, parking lots, parking garages and mobile home sales.
Working through the education of this matter, it was made clear how concerned people were about this. While there were some that believed this was a great idea, there were many that were in opposition of this change.
Here were some of the comments we saw.
The Developer had a vision in 2003 – 4 Luxury hi-rise condo buildings with world class amenities. . . Now the same Developer – Royal American Development Inc. . . has a new vision – let’s put a low investment mobile / RV park and trailer storage facility next to this luxury condo to at least generate some income. The obvious result will be lower property values in this “mixed use” scenario resulting in lower property taxes collected and lower sales tax revenues for the governmental entities. . . The developer also owns most of the amenities seaward of the building’s footprint, the fitness center and the condo commercial space on the 1st floor of Boardwalk Central. How will the Boardwalk owner keep the “trailer people” from over-running our amenities? ~ Jim Vider
There is no distinction for a “high end” luxury motorhome park in the licensing application for travel trailer parks. Any size or type of trailer can and will be allowed in here. The market will decide that. Once the zoning is changed the parcel can be sold or leased (it’s more valuable now) and all the slick marketing materials and promises won’t prevent it from turning into a field of BBQs, barking dogs, lawn chairs and clotheslines. ~ STL
The area the developer wants rezoned was to be phase 2 of the project. I certainly can understand the cash pinch the developer has, but lowering the value of properties owed in Boardwalk Central as well as Top of the Gulf through the creation of a “campground” is outrageous. ~ Bill
Excellent use for this parcel of land, as homeowners a luxury RV resort adds more value than a vacant construction lot and puts more occupancy tax into town too! Great idea, move forward without delay! ~ Cat
I think this is a fabulous idea. It seems to me that some of the people commenting on here and the one owner that was interviewed on TV have no concept of a luxury motorcoach or RV. . . I applaud this development group for actually trying to go down another avenue that is a win win for both them and our local economy. . . Are we really going to argue that this developer SHOULD build another condo. . . Have we learned nothing from the past 4 years? ~ Gilly
PCBDaily 
Glad to hear he changed his mind!
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Great news!!!!!!!!!!!!!!!!
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As an owner of a Boardwalk condominium, I do not want to see my property values lowered even further with the adjacent property… originally slated to be tower two of the Boardwalk community turned into a trailer park. I do not want my fees to go up from increased security keeping our pools and facilities just for the condo owners and guests who pay for these amenities. I understand in this economy how the developer wants to get some cash flow, right now since he can’t build the second condo, but hurting his original investment on the backs of the owners is not right.
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My biggest objection was ‘mobile homes’. I have no objection to a mobile home park, but not on the beach between two condominiums! Condo owners have lost more money on their condos than most people can imagine. Many bought the condos as an investment with retirement money. The condos do not need to be devalued any further. The developer started with a nice resort plan; now he wants to put a stick in our eye….
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It is a shame the selfish few can be narrow minded and stop a great opportunity that would be positive for our tourist community, it is our out of town guests who keep our economy moving! This would have been a great amenity for our resort area.
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I would like to say that my motorhome cost $300,000 price of alot of the condos in pcp if rv park sets restrictions on rentals and follows them I don’t see an issue. Check out Bella Terra rv park as an example of a luxury RV park format
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Phillip you mentioned the key phrase “if rv park sets restrictions on rentals and FOLLOWS THEM”. Looking around the beach one can see when push comes to shove, following the original plan/promise by a developer gets thrown out the window!
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Can someone please tell me what exactly is the Zoning in Panama City Beach?
In the future, Can someone build a mega-Condo and flood the market with supply ?
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Dominic
I do not foresee any mega condos in the future. Right now we are trying to get through the inventory that we have. I have spoken to many developers and the banks are NOT even going to lend on any big projects because the simple math numbers will not work.
I imagine they wish they could go backwards and not do some of the massive projects…. I don’t want to mention any names but all that live on the beach know of the monster that I speak of.
We are in a good place right now even though people are still loosing when they sell we are working through the inventory and we are way down from the last few years. Right now the foreclosure market is way down so in my mind we are on our way to some good slow recovery…. moving in the right direction.
I sure do appreciate your comments!!!!
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Greggt I completely understand your comments. I’m not a resident but I’ve been coming to PCB at least once a year since 1977 and I’ve also seen rules not being enforced so I can understand theconcerns of the ‘natives’ over a potential ‘trailer park’. Just think if done right it could be successful and bring in new tourist and more income for my second hometown
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I am new to rental beach property. I would like to ask a lot of stupid questions. Please bear with me.
1) Is there a 2 bed rooms condo unit at beach front selling for $150K?
2) What was the peak price in 2005 or 2006 for 2 bed rooms condo?
3) What is the property tax?
4) What is the monthly maintenance fee on the condo unit charge by condo management? Does the fee keeps on increasing every year?
5) What is condo insurance cost? Also the flooding insurance cost?
6) What is the yearly maintenance cost for the 2 bed rooms unit by the owner?
7) What is the property management fee to manage the rental unit?
8) What is average rental income per year for the 2 bed rooms condo unit?
9) I know summer season is the busiest. How about spring, autumn, and winter?
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Hey Ed, no question is a stupid question. Well, some questions are stupid, but these are fine. 🙂
You’d be hard-pressed to find a decent 2 bedroom gulf-front condo for $150k. You’d be hard-pressed to find a decent 1 bedroom gulf-front condo for that price. Decent 2 bedrooms on the beach run for $225k plus at the low end. And if decorated nicely with updated appliance and tech (tv, internet), it’ll gross $25k a year as long as it’s in a good resort.
2 bedroom condos in the heyday were going for $400k+.
No idea on the property tax – any Realtor buddies know?
For our property management company (www.pcblp.com), we charge a flat rate maintenance fee based on size. 2 bedrooms are $40 and covers a/c filter changes, lightbulbs, batteries, remotes, toilet and sink clogs and smoke alarm servicing.
Property management fees vary from company to company, but generally they are around 20 to 30%. We charge a flat-rate fee of $397 per month.
Summer season is the peak rate and you should expect 100% occupancy. We typically see about a three weeks rented between November and January, the entire month of February, three weeks in March (peak rates), two weeks in April, two in May, three in August, two in September and two in October. This is a generalization, though. If you buy the right place and have it decorated and upgraded nicely, it’ll do much higher occupancy.
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Jason there are web sites out there by various realtors that list the HOA fees and taxes on the different condos for sale. Here is one that list the HOA fees but note, at different complexes they cover different things from all utilities to just the bare minimum.
http://www.billholt.com/Quick%20List%20Gulf%20Front.htm
Taxes on a two bedroom will run from $1450 to $1800 a year based upon the square feet, if you are going to rent it out, add another $800 to $1000 for insurance. Upkeep can vary as just like your house, thing go wrong and have to be fixed. We have found maintenance is rather high compared to where we live due to the complex licensing required. When you have renters, wear and tear is certainly an issue and must be taken into consideration. Don’t forget electricity, cable, internet and Wi-Fi, again based upon the complex and what is included in your HOA fees. I concur with everything on your post, the best advice I could give on purchasing a condo is, due your research, trying to save money by going cheap on the front end will cost you on the back end.
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