What Is YOUR Condo Worth?
How Pier Park Has Affected Condo Pricing
With all of the commercial development since Pier Park in late 2007, I was interested to see what kind of effect it has had on condo pricing in Panama City Beach. I chose 4 projects that are very close to Pier Park and 4 others that were of similar age and design but further away then ran sales numbers annually by price per square foot. This price per square foot number is certainly a pretty generic number not accounting for the differences in individual unit sizes (1BR, 2BR, 3BR) and is just an average for the entire year's sales. However, it gives us some similar numbers to consider to see how much, if any, Pier Park has affected sales prices.
A number of things stood out to me when I ran the numbers:
The Pier Park Effect