Beachfront condo slump in Florida town
PANAMA CITY BEACH, Fla., April 16 (UPI) -- The old adage that whatever goes up must come down is proving true for the once-hot condo market in Panama City Beach, Fla.
Real estate agents in the town report a backlog of more than 2,200 units for sale -- with more than 250 of them listed for $700,000 or more -- the Atlanta Journal-Constitution reported.
A year-and-a-half ago, only a handful of beach units were on the market.
The local appraiser's office said median prices for condos sold in Bay County, Fla., slid 12 percent in the first part of this year compared with 2005. To add to sellers' problems, 1,400 new units are expected to be completed and on the market by the end of the year.
Local residents attribute the slump to a number of factors including rising interest rates, soaring insurance costs and the fear of hurricanes. But the law of supply and demand may also be a major factor.
It seems Panama City Beach experienced a building frenzy that simply outpaced the number of speculators, the newspaper said.
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