After Hurricane Michael, I am evaluating the local real estate market as well as the global market. Locally, many properties that were for sale are no longer standing. It will take a long time to rebuild the Panama City Beach market and increase the inventory. With inventory being so low, those few properties that are still standing and are available will have higher demand. However, with our market being a “resort market”, how many vacationers will be wanting to come to this area for vacation compared to less affected and just as beautiful areas along the Gulf Coast?
Nationally, the Federal Reserve continues to raise interest rates. New home sales have fallen 22% across the country. Here locally, it will take years to see new inventory as the permitting requirements will be at least a 4-6 month process just to begin the rebuilding process and abide by the newer hurricane building codes. New residential investments have fallen for the last 3 years.
The market to the west of Panama City Beach is were to invest right now. Now only was it unaffected by Hurricane Michael, but there are some really beautiful properties available. With more and more looking for rentals as temporary housing during the rebuilding process, the rental market and rental rates will be in a strong demand.
Check out areas like Miramar Beach, Destin, Okaloosa Island and Navarre Beach as alternative investment areas. I work all of these areas and will be happy to assist you with your next investment. I will look out for your investment dollars. I am here to help.