Top 10 cities:
Where to buy now |
| 72%
Projected gain in home prices (5-year) |
 |
 Median
home price
2006: $223,000
2011: $383,000 |
 Population
2006: 166,000
2011: 187,000 |
 Per
capita income
2006: $31,000
2011: $40,200 |
A small city needs one of
two things to jack up housing demand: more people or wealthier
people. Unlike the rest of Florida, Panama City hasn't really
attracted either, mainly because it's isolated on Florida's
panhandle.
The interstate highway system bypasses it, and the runway
at the local airport isn't long enough to support anything
beyond regional jets. But now Panama City is poised to host
big airliners, more visitors - and a lot more buyers.
State and local governments and a top regional developer,
St. Joe Co., are planning to build a new airport by 2008
at a cost of more than $300 million. Locals expect the new
facility to open up the region the way Southwest Florida
International Airport in Fort Myers helped drive a housing
boom along Florida's southwestern coast in the 1980s.
"Panama City is an economy waiting to break out,"
says Steven Cochrane, chief regional economist for Moody's
Economy.com. Other factors increasing demand: Property prices
are still low by Florida standards, and the local market
has already absorbed a price correction after peaking last
year.
Janet Roan, a Century 21 agent in Panama
City, notes that two-bedroom beachfront condos are going
for as little as $330,000 - down by more than $100,000 from
2005.
Article Link http://money.cnn.com/popups/2006/biz2/newrules_bestinvest/index.html?cnn=yes
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