Panama City housing market rebounding after Hurricane Michael
PANAMA CITY, Fla. (WJHG/WECP) - Panama City officials said nearly 140 development orders for construction of new single family homes have been submitted to the city for approval. This is the first step before building permits can be pulled for construction. After so many homes were destroyed from Hurricane Michael, real estate officials said there are a lot of new neighborhoods that will hit the market soon.
“We’re looking at about seven to ten neighborhoods that are coming to the market,” Think Realtor Cari Henry said.
Henry said many people are looking for more affordable homes across the bridge.
“You’re looking at a new build in Panama City, about 50 to 100 thousand dollars less than the same compared property on the beach,” Henry said.
According to Bestplaces.net Panama City Beach housing costs are 76.8 percent more expensive than Panama City housing costs. Neighborhoods such as Sweet Bay and Coastal Classic Homes are still under construction. Coastal Classic Homes Developer and President Brian Knox said the construction process takes time.
“We worked for about eight months to get through the planning and engineering and then to actually put in all the infrastructure, the water, sewer, storm water systems to be able to build these homes on,” Knox said.
Knox said the neighborhood of 13 homes, will be finished in December of 2022.
Panama City officials said about a dozen development orders have been submitted for townhomes, duplexes, etc. They said some of the 140 single family homes that have been submitted for approval are for houses that were damaged by Hurricane Michael.
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