Real Estate Information Archive

The Cat’s Out of The Bag
Panama City Beach is the Place to be

Panama City Beach’s present and future is brighter than its distinct white sand.

We who live here have known this for a long time, but the word is just getting out beyond the Emerald Coast. In a recent survey by SmartMoney, PCB was selected the No. 1 destination to buy a second home. America Online featured the list on its website.

This is a well-deserved honor because, as the article stated, “there is something for everyone.” There are beaches, several championship golf courses, an active nightlife, shopping, a range of luxurious beachfront properties, and much more.

PCB is priming for growth. A new international airport, scheduled to open next year, will bring a fleet of low-cost carriers and nonstop flights to the panhandle. According to the SmartMoney article, a flight from New York currently includes at least one connection with a travel time anywhere between 4.5 to 13 hours. Anil Pereira, CEO of SecondSpace.com, said the new airport this should boost tourism and property values because people would be able to fly in for the weekend.

Once grounded, tourists can already experience improved navigation. The new Hathaway Bridge, which opened in 2004 and links PCB to Panama City proper, features two bridges – one for each traffic direction. Each provided four lanes and a sidewalk. The former bridge, a single structure, had half the number of lanes and no sidewalk.

We have another advantage that few in Florida can claim. Our Deerpoint Lake freshwater source supplies more than 760 million gallons of water daily to Panama City and the surrounding area. This amount could accommodate many more people than could ever cram our beaches. The lake also has a public boat launch and provides some of the best fishing in north Florida.

With all these elements in place, expect more PCB recognitions in the future. Perhaps it’s fitting that we are getting a new airport. The area’s popularity is taking off, and it should be a fun ride.

Historically, Florida has been known for a few specific things. 

We are the Spring Break capital.  Any college football fan can’t deny our talent for producing great players all over the State.  Just this year, one of our very own was the youngest player ever to be awarded the Heisman Trophy.  Ask any 4 year old where Disney World is and he can tell you. 

Oh, and hurricanes.  We have those, too.

Since 2005 when hurricanes ravished our State, insurance companies all over the Atlantic and Gulf Coasts have gone into panic mode.  Rates for homeowners have sky-rocketed…that is, if they didn’t drop you entirely. 

Enter State Farm Insurance.  Probably one of the most well-known insurance companies in America.  Well, minus Florida. 

Need car insurance?  Health or life insurance?  Great.  They’ve got you covered.  But you’re left out if you own a home.  Sorry.

This reminds me of a commercial that Burger King runs.  People go up to the speaker at the drive-thru window and are told Burger King no longer serves the Whopper.  What?  Isn’t that what they’re known for?  What good is a fast-food restaurant without their specialty food item? 

Now, if that really happened, Burger King would probably go out of business pretty quickly.  People would just stop going there if their favorite menu item was no longer available.  And what would happen if Florida was the only state that Burger King no longer served the Whopper?   CNN would be camped out in our back yards!

But for some reason, State Farm doesn’t seem to think it should be a big deal they’ve taken away our “Whopper.”  They still believe they deserve a piece of the pie anyway, with the other types of insurances they offer us. 

While I’m on a roll with these food analogies, I’ll throw in one more.  Should insurance agencies be allowed to carry out business as a buffet line, where we are only allowed to choose from whatever they’ve decided to serve us? 

I say no.  Why should Floridians continue to give money to a company who doesn’t believe we’re deserving of the full menu? 

We can all agree that businesses are in business to make money, right?  But it’s my understanding that State Farm can be found in all states.   Over the past ten years, Tennessee has been hit with more tornadoes than I can count.  Betcha they still offer homeowners insurance there, don’t they?

 In any business dealings, the day I feel like I have to beg anyone to take my money is the day I walk away from that company and never look back.  And that’s what we Floridians need to do.  Change car insurance companies, life insurance, etc.   If State Farm is so worried about losing money on us, they don’t deserve one dime of what we work for.

Come on, State Farm.   We don’t care if you go away mad…we just want you to go away.  Faster than the wind speeds of those hurricanes that have your wallets so scared.

The buzzword for 2007 was “subprime.” It was said so often on the television that a seven year old could probably tell you what it means.

No matter where you receive your daily fix for news, the mortgage and housing industry has saturated a good portion of CNN, Fox and every newspaper outlet in America for the past year. Almost makes you enjoy really bad reality television, huh?

Is it over yet?

Well, not entirely, but we’re getting there. And that’s the one bright spot to hitting rock bottom…you can only go up from there!

So take a deep breath and let out a big sigh, Floridians. We ARE on our way back up. Recent numbers have showed a price stablization in condos and homes in many complexes and subdivisions in Panama City.

“But Scott, that’s not what I heard on the news last night.”  Yeah, I know…and that makes things all the more confusing for someone who is new to buying real estate. But the truth is, people are always going to buy homes…people are always going to sell them, too.

Want to become a more educated buyer? The Scott Ingraham Real Estate group prides ourselves in doing just that, with every client we work with. In today’s world, the whole process of buying a new home can be scary, especially if you read the newpaper or watch the news. But it doesn’t have to be. Our job is to make sure everyone who walks through our door feels informed of all the facts before they sign on any dotted line. If you have questions, we have answers!

A SMALL STEP FOR FLORIDA HOMEOWNERS

 

These have been stressful times for everyone. You can’t turn on the television without hearing something about tax increases, gas prices…something that wants to suck the life out of our wallet and bank account.

When the Florida Legislation session began this month, a few more clouds over the Sunshine State floated away. Property owners all over the state let out a sigh of relief that could probably be heard all the way to South Carolina when we received a little more tax relief.

Citizens will gain the freedom to purchase a new home without huge tax penalties. Rental home owners, second home owners and businesses will benefit from limits on future tax increases. The amendment contains two provisions that we have long advocated: doubling the homestead exemption and the ability for families to take with them their Save Our Homes tax savings, or “portability."

Sound like a bunch of political mumbo-jumbo?   This is what it means:

1. Doubles the homestead exemption for almost all homeowners, providing an average savings of about $240 annually. The new exemption applies fully to homesteads valued over $75,000, and partially for homesteads valued between $50,000 and $75,000. This new exemption does not apply to school taxes.

2. Portability allows homeowners to transfer their Save Our Homes tax benefits from their current home to a newly purchased home within any Florida county. Portability applies to homes purchased in 2007 and later, and the benefit is capped at $500,000.

3. Provides an assessment cap of 10 percent for all properties not previously capped: While homestead properties are already capped at three percent, now all other properties, including rental properties, second homes, and business properties, will be protected from huge tax increases.

Perhaps now homeowners and future home owners won’t be scrambling around, worried to make a move – literally. Buying or selling a property should always be more exciting than stressful. Hopefully now it can be.

This was a great step in the right direction for Florida homeowners. But there is still much that can be done. More relief can come our way. I know. Politics isn’t everyone’s best friend. However, as cliché as it sounds, we all CAN make a difference. Write or call our government officials. Remember, they work for us. And when the time comes, get out there and vote! We need a real tax reduction and the 10 % cap is too high.

Whether you’re in the market to buy your first home or your tenth…or maybe you’re still on the fence in your current situation...buying a home is ALWAYS a big deal. Hopefully the good news will help all of us have a clearer picture of our real estate future.

And wouldn’t you rather be disagreeing with your spouse over what color you should paint the new dining room?