According to brokers, the condos and hotel markets of Panama City Beach are now moving slowly forward to the recovery everyone is waiting for. This is after the recession that hits the area back in 2000s which resulted to a lot of units being left on the market.
One of the proofs that it is now on its way to recovery is the approval of a new building to be constructed.
The record shows that the last time the city was granted a certificate of occupancy for a high rise project was back in 2008. After that, there are no developers that constructed anymore major condominium projects or hotels within the area of Panama City Beach, not until this.
It was back in February that the City Council of Panama City Beach granted the application to construct a building which will be called Calypso 3 Tower consisting of 250 units. Before construction can begin, the project still requires a few additional permits. Two big hotels are also being constructed at the moment. The first one is the Hampton Inn & Suites which will have 182 rooms. It is located at 15505 Front Beach Road just across the famous Diego’s Burrito Factory. The second hotel is SpringHill Suites by Marriott with 200 rooms. This is located at 12513 Front Beach Road, just west of the M.B. Miller County Pier.
According to the planning director of Panama City Beach, Mel Leonard, these are the first buildings with the vertical height that have been constructed for several years. Calypso Tower 3 will also be the first condominium of its size that will be constructed after the recession.
Leonard clarified thought that it is not yet the time for other developers to come charging in and build their own condominium buildings.
He also added that Calypso Tower will not be possible if its location is not near the Pier Park. This is why it is the only condo building to be constructed for now because it has already acquired the best location. The buyers will be lucky to have a unit within Calypso because it has one of the best locations in the Beach and it is adjacent to the Pier Park. This is why many are willing to buy despite the higher prices.
Condos for sale in Pattaya are also found in the best locations thus it is a good investment decision.