Florida insurance regulators take solace on two fronts: State Farm wasn't writing that much new homeowners business anyway, and since January 2006, the state has licensed 22 new insurance companies to write policies. The most recent data available shows that as of Oct. 1, 2007, the new companies represent 8% of the homeowners market, or about 325,000 policies. But four of the new companies are scheduled to remove about 250,000 policies from state-backed Citizens Property Insurance this year, bringing the total policies for the new companies to about a half-million by the end of the year.
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
www.RandBCoastalRealEstate.com
www.InvestSmarter.com
For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!
Tuesday, February 26, 2008
Wednesday, February 20, 2008
Market Trend Reports-Lynn Haven, Panama City Beach and Panama City Florida
The following are the market trend reports for Panama City, Panama City Beach, Callaway, Springfield, and Lynn Haven Florida. Including Bay Point, Wild Heron, and other high end neighborhoods.
http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf
http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf
For More information on Property listed for sale in these areas please see below:
www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
www.RandBCoastalRealEstate.com
http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf
http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf
For More information on Property listed for sale in these areas please see below:
www.InvestSmarter.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
www.RandBCoastalRealEstate.com
Tuesday, February 19, 2008
Panama City Remains in the Top of State Sales
Panama City shows 3rd Best in Existing Home Sales, 4th Best in Existing Condo Sales Statewide
Florida Association of REALTORS® (FAR) releases 2007 4th Quarter home/condo resales data
Panama City, Florida, February 18, 2008
Panama City Real Estate Market continues to place well statewide
Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions.
Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island.
In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent (269 units closed in Q4 2007 versus 315 units closed in Q4 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.
For more information in investing in this area of Northwest Florida please visit www.InvestSmarter.com.
Florida Association of REALTORS® (FAR) releases 2007 4th Quarter home/condo resales data
Panama City, Florida, February 18, 2008
Panama City Real Estate Market continues to place well statewide
Florida Association of REALTORS® (FAR) has released sales data for Q4 2007 existing condos and homes, and Panama City continues to stay among those least-affected by the current real estate market conditions.
Statewide, sales of existing condos declined 27 percent (7,923 units closed for Q4 2007 compared to 10,820 for Q4 2006). In contrast Panama City showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state, tied with Ft. Pierce-Port St. Lucie and surpassed only by Fort Walton, Sarasota and Marco Island.
In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent (269 units closed in Q4 2007 versus 315 units closed in Q4 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota.
Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.
For more information in investing in this area of Northwest Florida please visit www.InvestSmarter.com.
Friday, February 15, 2008
Market Trends Panama City Beach Florida and Surrouding Areas
The following links provide the most current market trends in the Bay County-Panama City and Panama City Beach Florida Surrounding Areas:
Panama City Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf
Panama City Beach Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf
For Property search functions in these areas please see the following:
http://www.randbcoastalrealestate.com/panama-city/
http://www.randbcoastalrealestate.com/panama-city-beach/
Or for more specific searching
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
And for more information about general real estate investments visit www.InvestSmarter.com
Panama City Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_City_Resale_Trends_2008.pdf
Panama City Beach Florida Real Estate Trends
http://www.narreia.com/market/Reports2008/Panama_Beach_Resale_Trends_2008.pdf
For Property search functions in these areas please see the following:
http://www.randbcoastalrealestate.com/panama-city/
http://www.randbcoastalrealestate.com/panama-city-beach/
Or for more specific searching
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
And for more information about general real estate investments visit www.InvestSmarter.com
1031 From Realty Times
How I Handle My Vacation Home So That I Can Do A 1031 Exchange
by Gary Gorman
After a recent Tax Court ruling that disallowed one taxpayer's 1031 exchange of his vacation (or "second") home, I've seen articles on this topic that range from "this was a bad ruling, so ignore it," to "the sky is falling and you can no longer 1031 vacation homes under any circumstance."
So can you exchange a vacation home? For those of you who are not familiar with this controversy, let me summarize the issue: Section 1031 allows the deferral of the gain from one investment property into another. Properties held strictly for personal enjoyment do not qualify. The question is, "Are vacation homes held for investment, or for personal enjoyment?” The Tax Court ruling clarified that vacation homes held strictly for personal enjoyment do not qualify. The trick then is to differentiate your property from purely personal enjoyment, and cast it, or document it, as investment property.
Here is what I'm doing on a vacation home I own: Since my property is in a complex where property management is not available, I use an on-line leasing service which has proven to be an effective way for me to manage the leasing of this property from a distance because it showcases my property very well -- so my site gets lots of hits.
I keep a copy of the inquiries, and my responses, in a separate email folder as a part of my Outlook file. This proves that I've sincerely tried to rent the property. I also keep a calendar of the dates that I use the property, and whether I used the property for enjoyment or for maintenance. I have a cleaning service that I use to clean the unit between renters, but periodically we like to go in and do deep cleaning ourselves. Also, I have a number of great clients in that city, and occasionally I'm there for meetings or to give a speech or a class, and I stay in the unit on those occasions.
My calendar, therefore, reflects the dates that I used the property and whether I used it for enjoyment, maintenance or business. I try to keep the enjoyment days to less than 14 days a year, and I make sure the maintenance days are reasonable because the IRS will allow you 14 personal enjoyment days, as well as a reasonable number of maintenance days a year. In my case I typically use the property for 10 to 14 personal days, two to four maintenance days, and 7 to 14 business days a year. The rest of the time it's either rented, or available for rent.
At the end of the year I file Schedule E for this property with my tax return. Schedule E is the form that reports income and expenses (including interest & taxes) from rental property. Don't deduct the interest and taxes for your vacation property on Schedule A of your tax return. Schedule A is the form you file to report personal deductions associated with your personal residence. The IRS is very formal about these things, and they assume that if the property were truly an investment property you would have filed Schedule E.
Make sure too that you are depreciating your property. Depreciation is required for rental property, but not allowed for personal enjoyment property. It's another one of those things that impacts how the IRS views the property.
I recommend that you have a separate bank account for your rental property -- actually I would prefer a separate account for each rental property. You don't want to run the income and expenses for your rental property through your personal check book.
If you want to exchange your property when you sell it, assume that you'll get audited, so do things correctly from the beginning. The difference between being able to do an exchange and deferring the tax, or having to pay tax on the sale of your vacation home depends upon your willingness to follow the steps I've laid out above.
Published: February 4, 2008
Use of this article without permission is a violation of federal copyright laws.
www.InvestSmarter.com
by Gary Gorman
After a recent Tax Court ruling that disallowed one taxpayer's 1031 exchange of his vacation (or "second") home, I've seen articles on this topic that range from "this was a bad ruling, so ignore it," to "the sky is falling and you can no longer 1031 vacation homes under any circumstance."
So can you exchange a vacation home? For those of you who are not familiar with this controversy, let me summarize the issue: Section 1031 allows the deferral of the gain from one investment property into another. Properties held strictly for personal enjoyment do not qualify. The question is, "Are vacation homes held for investment, or for personal enjoyment?” The Tax Court ruling clarified that vacation homes held strictly for personal enjoyment do not qualify. The trick then is to differentiate your property from purely personal enjoyment, and cast it, or document it, as investment property.
Here is what I'm doing on a vacation home I own: Since my property is in a complex where property management is not available, I use an on-line leasing service which has proven to be an effective way for me to manage the leasing of this property from a distance because it showcases my property very well -- so my site gets lots of hits.
I keep a copy of the inquiries, and my responses, in a separate email folder as a part of my Outlook file. This proves that I've sincerely tried to rent the property. I also keep a calendar of the dates that I use the property, and whether I used the property for enjoyment or for maintenance. I have a cleaning service that I use to clean the unit between renters, but periodically we like to go in and do deep cleaning ourselves. Also, I have a number of great clients in that city, and occasionally I'm there for meetings or to give a speech or a class, and I stay in the unit on those occasions.
My calendar, therefore, reflects the dates that I used the property and whether I used it for enjoyment, maintenance or business. I try to keep the enjoyment days to less than 14 days a year, and I make sure the maintenance days are reasonable because the IRS will allow you 14 personal enjoyment days, as well as a reasonable number of maintenance days a year. In my case I typically use the property for 10 to 14 personal days, two to four maintenance days, and 7 to 14 business days a year. The rest of the time it's either rented, or available for rent.
At the end of the year I file Schedule E for this property with my tax return. Schedule E is the form that reports income and expenses (including interest & taxes) from rental property. Don't deduct the interest and taxes for your vacation property on Schedule A of your tax return. Schedule A is the form you file to report personal deductions associated with your personal residence. The IRS is very formal about these things, and they assume that if the property were truly an investment property you would have filed Schedule E.
Make sure too that you are depreciating your property. Depreciation is required for rental property, but not allowed for personal enjoyment property. It's another one of those things that impacts how the IRS views the property.
I recommend that you have a separate bank account for your rental property -- actually I would prefer a separate account for each rental property. You don't want to run the income and expenses for your rental property through your personal check book.
If you want to exchange your property when you sell it, assume that you'll get audited, so do things correctly from the beginning. The difference between being able to do an exchange and deferring the tax, or having to pay tax on the sale of your vacation home depends upon your willingness to follow the steps I've laid out above.
Published: February 4, 2008
Use of this article without permission is a violation of federal copyright laws.
www.InvestSmarter.com
Thursday, February 14, 2008
New Buyers on The Fence?
This article was published on: 02/01/2008
Good investments 5 Things to Tell Buyers on the Fence If you have indecisive buyers, give them these reasons why they should put their money in a home instead of the stock market. BY BLANCHE EVANSIt's high time we told buyers (and sellers, for that matter) the truth about whether a home is a good investment.Despite what Wall Street wants you to believe, owning a home isn't the same kind of investment as stocks or bonds. What you get is a USE asset that depreciates over time while it grows in market value. All you have to do is keep the home in good repair to maximize your investment.Here are five reasons why you get more for your money with a house than the stock market:1. Leverage. With stocks, you put in all your money for a little piece of a company. With a house, you put in a little money to get the entire house.2. Tax benefits. Uncle Sam knows that owning a home is a pain in the neck; that's why you get tax incentives. These are basically government bribes to get you to buy. Think about it, with what other investment can you put in 5 percent of the cost of the asset, reap all the appreciation, and pay no capital gains? That's right: live in your home for at least two years, and you don’t have to pay capital gains tax on up to $250,000 in appreciation if you’re single and a combined $500,000 if you’re a married couple.And that's not all — consider the benefits of fixed-rate mortgages, property tax write-offs, interest rate deductions, and depreciation. Is this a great country or what?3. Control. When you buy stocks, you're paying some CEO 500 times the average worker's salary for company performance that most other workers would lose their job over. With a home, you have control — what you buy, how much you pay, and where you live. You can improve the value with repairs and updates. Try comparing that to getting heard at the next shareholders' meeting!4. Lifestyle. Do you want to look at a concrete jungle or your children playing in your own back yard? With a home, you're purchasing a vantage point for yourself and your family. The neighborhood you want to be in, and the size and style of a home that fits your needs.5. Value. Unlike some stocks, your house will seldom become worthless. Barring a catastrophe, your home will retain a major portion of its value, even in the worst of times. So don't freak out about slight fluctuations in the value of your home in any given year. You'll make it up. Housing has lost value only one year out of the last 35. It's more normal to beat inflation by 1 percent to 2 percent.Take Stock in ThisSo let's add a little perspective here. You lost a greater percentage on the stock market this past year than if you owned a house. You lost more on your SUV. And you sure lost more on your iPhone.And keep this in mind: When it rains, which would you rather have over your head — a roof or a stock certificate?(c) Copyright 2008 Realty Times. Reprinted with permission.
www.InvestSmarter.com for more information on home buying tips in Panama City Beach, Panama City, and Destin Florida
Good investments 5 Things to Tell Buyers on the Fence If you have indecisive buyers, give them these reasons why they should put their money in a home instead of the stock market. BY BLANCHE EVANSIt's high time we told buyers (and sellers, for that matter) the truth about whether a home is a good investment.Despite what Wall Street wants you to believe, owning a home isn't the same kind of investment as stocks or bonds. What you get is a USE asset that depreciates over time while it grows in market value. All you have to do is keep the home in good repair to maximize your investment.Here are five reasons why you get more for your money with a house than the stock market:1. Leverage. With stocks, you put in all your money for a little piece of a company. With a house, you put in a little money to get the entire house.2. Tax benefits. Uncle Sam knows that owning a home is a pain in the neck; that's why you get tax incentives. These are basically government bribes to get you to buy. Think about it, with what other investment can you put in 5 percent of the cost of the asset, reap all the appreciation, and pay no capital gains? That's right: live in your home for at least two years, and you don’t have to pay capital gains tax on up to $250,000 in appreciation if you’re single and a combined $500,000 if you’re a married couple.And that's not all — consider the benefits of fixed-rate mortgages, property tax write-offs, interest rate deductions, and depreciation. Is this a great country or what?3. Control. When you buy stocks, you're paying some CEO 500 times the average worker's salary for company performance that most other workers would lose their job over. With a home, you have control — what you buy, how much you pay, and where you live. You can improve the value with repairs and updates. Try comparing that to getting heard at the next shareholders' meeting!4. Lifestyle. Do you want to look at a concrete jungle or your children playing in your own back yard? With a home, you're purchasing a vantage point for yourself and your family. The neighborhood you want to be in, and the size and style of a home that fits your needs.5. Value. Unlike some stocks, your house will seldom become worthless. Barring a catastrophe, your home will retain a major portion of its value, even in the worst of times. So don't freak out about slight fluctuations in the value of your home in any given year. You'll make it up. Housing has lost value only one year out of the last 35. It's more normal to beat inflation by 1 percent to 2 percent.Take Stock in ThisSo let's add a little perspective here. You lost a greater percentage on the stock market this past year than if you owned a house. You lost more on your SUV. And you sure lost more on your iPhone.And keep this in mind: When it rains, which would you rather have over your head — a roof or a stock certificate?(c) Copyright 2008 Realty Times. Reprinted with permission.
www.InvestSmarter.com for more information on home buying tips in Panama City Beach, Panama City, and Destin Florida
Tightened Standards on Mortgages
Mortgage Insurer Tightens Standards
Beginning next month, MGIC Investment Corp., the country’s largest mortgage insurer, will reduce its exposure in weak housing markets by requiring at least 5 percent down on homes in what it calls restricted markets.These markets include the entire states of Arizona, California, Florida, and Nevada, as well as the metropolitan areas of Washington, D.C., Detroit, Chicago, Boston, and Atlanta. Home owners hoping to insure condos will have to put down 10 percent.The company also will refuse to insure mortgages with little or no documentation, nor will it insure investment property loans in restricted areas. Home owners in the restricted markets who put down 10 percent will have to have FICO scores of at least 620 out of a possible 850. If they put down less, their scores will have to be at least 680.Home owners typically must get mortgage insurance when they put down less than 20 percent of their home’s value.MGIC expects the new requirements to result in the issuance of fewer new policies, according to its filing with the Securities and Exchange Commission.Competitor PMI Group Inc. also announced in a filing that it would stop covering home loans with loan-to-value ratios of more than 97 percent.Source: The Associated Press, Emily Fredrix (02/11/08)
For more updates on available solutions visit www.InvestSmarter.com today!
Beginning next month, MGIC Investment Corp., the country’s largest mortgage insurer, will reduce its exposure in weak housing markets by requiring at least 5 percent down on homes in what it calls restricted markets.These markets include the entire states of Arizona, California, Florida, and Nevada, as well as the metropolitan areas of Washington, D.C., Detroit, Chicago, Boston, and Atlanta. Home owners hoping to insure condos will have to put down 10 percent.The company also will refuse to insure mortgages with little or no documentation, nor will it insure investment property loans in restricted areas. Home owners in the restricted markets who put down 10 percent will have to have FICO scores of at least 620 out of a possible 850. If they put down less, their scores will have to be at least 680.Home owners typically must get mortgage insurance when they put down less than 20 percent of their home’s value.MGIC expects the new requirements to result in the issuance of fewer new policies, according to its filing with the Securities and Exchange Commission.Competitor PMI Group Inc. also announced in a filing that it would stop covering home loans with loan-to-value ratios of more than 97 percent.Source: The Associated Press, Emily Fredrix (02/11/08)
For more updates on available solutions visit www.InvestSmarter.com today!
Friday, February 8, 2008
Daily Real Estate News February 8, 2008
Housing Inventory Seen Stabilizing
Housing inventory in most major metropolitan markets rose only slightly in January, a month when post-holiday for-sale signs usually sprout.Total listings of homes in 29 major markets were up only 1.1 percent compared to December, according to figures compiled by ZipRealty Inc., a real estate firm based in California.There are still plenty of homes on the market. Inventory was up 20 percent from January 2007 in 18 metro areas for which Zip has comparable year-earlier data.Housing inventory usually rises about 5 percent compared with December, says housing economist Thomas Lawler. This year, people appear to be holding off because “conditions are so lousy,” Lawler says.Source: The Wall Street Journal, James R. Hagerty (02/08/2008)
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
www.RandBCoastalRealEstate.com
For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!
Housing Inventory Seen Stabilizing
Housing inventory in most major metropolitan markets rose only slightly in January, a month when post-holiday for-sale signs usually sprout.Total listings of homes in 29 major markets were up only 1.1 percent compared to December, according to figures compiled by ZipRealty Inc., a real estate firm based in California.There are still plenty of homes on the market. Inventory was up 20 percent from January 2007 in 18 metro areas for which Zip has comparable year-earlier data.Housing inventory usually rises about 5 percent compared with December, says housing economist Thomas Lawler. This year, people appear to be holding off because “conditions are so lousy,” Lawler says.Source: The Wall Street Journal, James R. Hagerty (02/08/2008)
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
www.RandBCoastalRealEstate.com
For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
We have developed a few Panama City Beach Florida and Panama City Florida Related Real Estate Websites along with sites for Destin Florida and the Niceville area. We would appreciate any feedback on these sites. Thanks and have a great day!!!
Wednesday, February 6, 2008
Panama City Airport Update
The Panama City - Bay County International Airport and Industrial District (Airport Authority) announced today that the United States Second Circuit Court of Appeals (Court) has vacated its stay that limited construction for the relocation of the Panama City - Bay County International Airport on property donated by The St. Joe Company (NYSE: JOE).
“We are grateful to the Court for its time, attention and judgment,” said Airport Authority Vice Chairman Bill Cramer, who attended the hearing in New York City. “We will now move forward with all due speed to complete this project and deliver its aviation, economic and evnironmental benefits to Bay County and Northwest Florida.”
The order from the Court noted that the four criteria are relevant in considering a stay: “. . .the likelihood of success on the merits, irreparable harm if a stay is denied, substantial injury to the party opposing the stay if one is issued and the public interest.”
The order concluded, “. . .having reviewed the briefing on appeal and the administrative record before the agency, and having heard oral arguments on the merits on January 23, 2008, we now conclude that these factors balance in favor of the respondents (The FAA and the Airport Authority).”
“We appreciate the fact that the Court expedited this final hearing,” Cramer said.
The New York City-based National Resources Defense Council (NRDC), Defenders of Wildlife and Friends of PFN (a small group of Bay County, Florida, recreational pilots) initiated the petition for review.
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
www.RandBCoastalRealEstate.com
For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
www.Destin-Florida-Commercial-Real-Estate.com
“We are grateful to the Court for its time, attention and judgment,” said Airport Authority Vice Chairman Bill Cramer, who attended the hearing in New York City. “We will now move forward with all due speed to complete this project and deliver its aviation, economic and evnironmental benefits to Bay County and Northwest Florida.”
The order from the Court noted that the four criteria are relevant in considering a stay: “. . .the likelihood of success on the merits, irreparable harm if a stay is denied, substantial injury to the party opposing the stay if one is issued and the public interest.”
The order concluded, “. . .having reviewed the briefing on appeal and the administrative record before the agency, and having heard oral arguments on the merits on January 23, 2008, we now conclude that these factors balance in favor of the respondents (The FAA and the Airport Authority).”
“We appreciate the fact that the Court expedited this final hearing,” Cramer said.
The New York City-based National Resources Defense Council (NRDC), Defenders of Wildlife and Friends of PFN (a small group of Bay County, Florida, recreational pilots) initiated the petition for review.
For more information on properties located throughout our Emerald Coast please use the following website to assist in your search:
www.RandBCoastalRealEstate.com
For a more specific look at Panama City Florida, Panama City Beach Florida, Lynn Haven Florida, Bay Point Florida, Callaway Florida, Springfield Florida, Tyndall Air Force and other properties located in Bay County please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Panama City Florida and Panama City Beach Florida
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
For a more specific look at Destin Florida, Fort Walton Beach Florida, Crestview Florida, Niceville Florida, Defuniak Springs Florida, Eglin Airforce Base, and the beautiful coast through 30A please use the following sites to narrow your search to Residential Homes, Condominiums, and Commercial Real Estate in Destin and Niceville Florida
www.30a-Florida-MLS.com
www.Destin-Florida-MLS.com
www.Destin-Florida-Condominiums.info
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Monday, February 4, 2008
Florida Trend Panama City Beach Florida Airport Update
Airport Growing Pains
Northwest Florida's attempt to build a new airport is not out of the woods yet. A court ordered limited construction.
Northwest Florida's attempt to build a new airport is not out of the woods yet. A court ordered limited construction.
In November, proponents of the new Panama City-Bay County International Airport were flying high. After more than a decade of wrangling, officials broke ground on what will be a state-of-the-art airport 20 miles northwest of the city on land donated by St. Joe Co. Less than a month after the ceremony, a New York court ordered construction to stop then reversed itself, allowing limited construction.
The controversy is par for the course for the northwest Florida airport, which has been under discussion since the late 1980s and in the formal planning process since 2000. While opponents cry that the airport, on raw land near State Road 79 and County Road 388, will cause significant environmental damage, business leaders say it is critical to northwest Florida’s real estate, tourism and defense-related industries. “It’s the centerpiece of our economic development plan. It’s the centerpiece of our land-use plan,” says Ted Clem, executive director of the Bay County Economic Development Alliance.
Panama City’s current airport, only three miles from downtown, is hemmed in on three sides by residential development and by water on the fourth side. Joe Tannehill, chairman of the Panama City-Bay County Airport Authority, says that the main landing strip does not meet FAA guidelines for length. Environmentalists opposed extending the runway into Goose Bayou in the late 1980s, which led to the idea for a new airport.
The number of flights has dropped off dramatically at the current airport, says Tannehill, and the current facility, which handles about 350,000 passengers a year, is losing 15,000 passengers every month. The airport is one of the most expensive in the state to fly into and out of, serving only Atlanta, Memphis, Orlando and Cincinnati with direct flights. Clem says a priority for the new airport is a direct flight to Washington, D.C., a route that would help the area’s military-related businesses. Along with D.C., New York and Chicago are also high on the list.
The new airport will have an 8,400-foot runway (compared to 6,304 at the current airport), which is permitted for up to 12,000 feet, and a 5,000-foot crosswind runway. There’s also room for a second 8,400-foot runway if needed. Tannehill expects the cost to come in at $312 million to $313 million — less than the $331 million originally slated. The state will pay about $110 million and the FAA $90 million. Much of the rest will come from financing related to the sale of the current airport.
‘Joe’ knows
No one needs the new airport more — or has pushed for it harder — than Jacksonville-based St. Joe Co., Florida’s largest private landowner with 800,000 acres, primarily in northwest Florida. In the 1990s, the company embarked on developing more than a dozen residential and resort communities, including WaterColor and WaterSound in Walton County, SouthWood in Leon County and SummerCamp in Franklin County. To help spur development of a new airport, the company donated 4,000 acres of its 75,000-acre West Bay property and, with the support of the National Audubon Society, set aside 40,000 acres for a preservation area. St. Joe wants to develop the property around the new airport with commercial and residential development. Phase one is slated to include 4.4 million square feet of industrial, commercial and retail space, 5,842 residential units, 490 hotel rooms and two marinas.
“With a link to Panama City’s deepwater port, we believe this airport has significant unique competitive advantages and ‘Joe’ is positioned to work with dynamic third-party developers and end users to be operational when the new airport opens,” said St. Joe Chairman and CEO Peter S. Rummell in a statement announcing the airport groundbreaking.
A key for St. Joe is getting the “third-party developers and end users” interested in the property, which necessitates the upgraded airport. St. Joe’s fortunes have fallen dramatically since residential real estate sales began declining in late 2005. For the quarter ended Sept. 30, the company posted a loss of $6.8 million and in early October announced a massive restructuring that includes an increased focus on strategic business partners.
Economic development leaders are counting on St. Joe’s West Bay development to help more than St. Joe. “I think it’s important as far as the region being part of the global economy,” says Port Panama City Executive Director Wayne Stubbs. Bay County economic development authority’s Clem has a more immediate interest. “It’s the ability to create jobs,” he says, citing the 3,000-acre commercial and industrial center adjacent to the airport that is part of St. Joe’s first phase. He sees the airport and the surrounding area as a key economic driver. Says Clem, “It’s a once-in-a-generation opportunity for Bay County citizens.”
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