Destin, FL market - Posted by Gary

Posted by Rich[FL] on July 24, 2003 at 14:20:05:

There is quite an explosive amount of growth around here right now. Hwy 98 is being 4-laned between Panama City Beach and Destin. PC Beach is growing with more new condos being built all the time. We’re having a new double 4-lane bridge built between PC Beach and PC (4 lanes in each direction). The old Ramada Inn at the Marina in St Andrews (Panama City) is being torn down to be replaced with a new giant condo complex; I hear prices will range from $300k to $1.2mil! I live on the far east side of the city, sort of out in the sticks; we’re surrounded by swamp. I never though I’d see any serious development out this way because of the problems with the Department of Enviromnental Protection (DEP) requirements for wetland development. Well, about 5 miles from where I live, bay-front lots are now being sold for $300k and the development in the area is increasing. I’ve never been into land speculation before, but maybe it’s about time!

What you mention about movement of Hwy 98 is farther east between Port St Joe and Appalachicola. The St Joe Company, the largest land holder in FL, is doing massive development around the state and are starting up here in the panhandle. Part of that development is that area where they wanted to move the hwy. I’ve seen some of the plans and what they intend to do is environmentally frendly and absolutely stunning. I’m kinda impressed with their planning and ideas. I do have mixed feelings about the proposal because I kinda like the drive along the beach in that area. To move the hwy would take that away from the travellers.

Yes, this area really seems to be picking up. The money for this development seems to be appearing by magic, but it’s probably money that’s been pulled from the stock market. I just need to figure out how I can tap into this market with my meager capital!


Destin, FL market - Posted by Gary

Posted by Gary on July 22, 2003 at 12:26:52:

We live in CT and are reasonably serious investors here. We own raw land in Destin, and we are wondering what the market is doing there now. We have visited the area several times. We have considered selling some property here in CT, using a 1031 to acquire rental property there in FL. I would appreciate any ideas you might have on Destin. Thanks!

Re: Destin, FL market - Posted by Bill H

Posted by Bill H on July 22, 2003 at 16:26:08:


Dave in NOLA is right about the Destin area. It is a very desireable resort area and growing fast.

One thing that you should consider in purchasing though is that Florida HIway 98 mya be moved. I remember reading (Probably in ForbesMagazine) about some politically connected developer who was getting the state to move Hwy 98 so that he could develop his land without having a state hiway running through it. Do not remember the details but it came to mind and might be something you should check before purchasing.

Good Luck,

Bill H

RUN, don’t walk… - Posted by Dave in NOLA

Posted by Dave in NOLA on July 22, 2003 at 14:29:37:

to buy property in Destin. The gulf coast is exploding right now, take it from me - I treat myself to a weekend there every time I have a successful closing.

Destin is pretty crazy this time of year, so you might also check out Gulf Shores Al, Orange Beach Al, Fort Morgan Al, and Pensacola Fl. They have new developments in Gulf Shores and Orange Beach that they are practically giving away if you ask me.

Trust me on this - the Redneck Riviera is where its at!!!