Īn EF-0 tornado did minor damage to the northwest part of Panama City Beach, Florida on February 15th. Ĭategory 5 Hurricane Michael made landfall near Mexico Beach in Bay County on October 10, 2018, becoming one of the strongest and most-destructive hurricanes in American history as it destroyed a large part of the county, including many structures in Mexico Beach and Panama City. With the real estate boom, Panama City Beach became a well known destination for spring break. real estate market in 2007, combined with a surge of new condo construction, brought spiraling prices somewhat under control. Beachfront property has sold for upwards of $60,000 per "front foot" (linear foot) at the top of the market. 1 real estate market in America for the next five years in. In November 2006 CNN/Money named Panama City Beach the No. At the peak of the real estate boom, many beachfront properties had quadrupled or more in value since 2000. However, this is turning unobstructed, low-rise beach views and affordable waterfront property into rarities. History Real estate boom Ī construction boom in the early to mid-2000s changed the image of the area due to the older homes and motels being replaced with high-rise condominiums and more expansive homes.
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