Panama City Beach 2010 Real Estate Market Summary

This article is part of our Real Estate category where we talk a bit about real estate in the Panama City Beach area. This post originally appeared on Blog.PanamaBeachRealty.com which often talks about real estate market conditions in Panama City Beach.

Initially, the 2010 Panama City Beach real estate market was stronger than in 2009. However, potential buyers became worried about the possibility of the Deep Horizon Oil spill, so sales declined in April and remained depressed until September. When purchasers realized that the spill would not affect the area, September 2010 sales volume increased. This still was not enough to return to 2009 levels.

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The BP Effect – Real Estate Suffers 45% Losses

The BP Effect series is brought to you by attorneys Reich & Binstock and Seeger Weiss LLP, which are helping businesses in Panama City Beach recover losses sustained directly and indirectly from the Deep Water Horizon oil spill. They can help your business too,
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We just talked about how the oil spill impacted real estate at an individual Realtor level.  Karen Smith with Beachy Beach real estate was rocking hard at the first part of this year with record breaking sales numbers when everything dropped off in May.  For her, the BP Effect was dramatic, and real.  When the leak was fixed, it was like her business just “turned back on.”  There was a stark contrast between her August and September sales numbers.

The real estate industry as a whole on Panama City Beach has a similar story to be told.  This story is told by the sales numbers.  This second installment of a two part “mini-series” is going to be sort of a conversation-in-post look at what happened over the summer and in year’s past.

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