Panama City Beach Condo Market 2006
From
January 2006
The Panama City Beach Condo market has experienced a significant correction over the past 18 months after several years of exceptional price increases. The run-up in prices was fueled almost entirely by speculative buying. Buyers were speculating that another buyer would come along and purchase their unit or units at a higher price than their original investment. Fifty percent, sixty percent or even 100 percent yearly appreciation was not uncommon. However, this kind of “irrational exuberance” was not sustainable. As of mid-2005, the speculators left the local market.