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Market Area News
General
UF study: The price is right, so buy now
(March 9, 2007) Hopeful homebuyers in Florida should act now: The price is right as the state's single-family residential housing market bottoms out, according to a University of Florida study released today.
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Florida's Real Estate Forecast: Still Sunny
(September 18, 2006) Florida real estate may be in a slump, but its future is golden. That's the good news former Wall Street economist Richard Hokenson delivered last week to Tampa Bay's Chartered Financial Analysts. "Ride the wave," he told them, but he wasn't talking about surfing. Hokenson, who runs a demographics consulting firm in New Jersey, said the wave of baby boomers rolling into retirement provides an investment opportunity.
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Owners of Million-Dollar Homes
Are Not Who You'd Think
(June 6, 2006) "The nice thing about real estate is you can buy it for an investment or buy it to enjoy it -- but it's still an investment," Gillespie said during a phone interview. Real estate also offers "tax write-offs you can't get if you invest in stocks or bonds," he added.
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Second-Home Owner Survey Shows Solid Market, Appetite For More
(May 11, 2006) "Boomers believe in diversifying their assets, and most second-home owners see their purchase as being a better investment than stocks. A surprising majority of survey respondents hold multiple properties, and they are interested in purchasing additional homes." About six in ten respondents own two or more homes in addition to their primary residence.
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Second Home Sales Hit Another Record in 2005; Market Share Rises
(April 5, 2006) The annual report, based on two surveys, shows that 27.7 percent of all homes purchased in 2005 were for investment and another 12.2 percent were vacation homes. All together, there were 3.34 million second-home sales in 2005, up 16.0 percent from an upwardly revised total of 2.88 million in 2004. The market share of second homes rose from 36.0 percent of transactions in 2004 to 39.9 percent in 2005.
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Panama City Beach, Florida
Panama City to construct new airport
(August 22, 2007) The federal government has cleared Panama City, Fla., to build the first commercial airport in the United States since the 2001 terrorist attacks.
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Federal, State And Local Leaders Voice Strong Support For Airport Relocation
(August 20, 2007) The Panama City – Bay County International Airport and Industrial District (Airport Authority) announced today that it had received expressions of strong support for its airport relocation project from federal, state and local officials. The new airport will be located in western Bay County north of County Road 388 and east of State Road 79 on land being donated by The St. Joe Company (NYSE: JOE).
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Panama City - Bay County International Airport Receives Final Federal Permit Needed for Airport Relocation
(August 15, 2007) The Panama City - Bay County International Airport and Industrial District (Airport Authority) announced today that its airport relocation project is entering the construction phase now that the U.S. Army Corps of Engineers has issued the final necessary federal permit, completing the permitting process.
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Development to boost Beach population: Breakfast Point would add residents, school
(August 8, 2007) Without fanfare or ceremony, the St. Joe Company has initiated the largest mixed-use residential community in city history that, upon completion in 2018, will boost the current full-time population by 65 percent.
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Beach town is adopting a new image
(July 8, 2007) A 15-story condo building called Marina Landing is rising here alongside a pile of rubble under a sign that reads "Holiday Lodge."
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Pier Park - A Simon Mall
Pier Park will be a Simon "Signature Project" serving as the premier shopping destination for the Panama City market and the entire Emerald Coast.
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Fight for airport creates waves in Panama City
(January 17, 2007) Supporters, meanwhile, said they are confident jets will be landing at a new facility, continuing to fuel the area's growth and helping fill the new high-rise condominiums that have replaced the mom-and-pop hotels along Panama City Beach.
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A Vacation Town Tries to Take Off Its Blue Collar
(January 5, 2007) LIKE a supermodel showing off her good side, Panama City Beach is not shy about flaunting its most valuable asset. "The World's Most Beautiful Beaches," boasts the sign at the end of Hathaway Bridge, which leads into the city.
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Top Ten Cities: Where to Buy Now. Panama City, FL #1
(December 2006) The real estate slump could get worse before it gets better. But these 10 markets offer great opportunities for those who have the patience to buy and hold.
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The St. Joe Company Records Conservation Easement For Panama City - Bay County International Airport Relocation Mitigation
(November 27, 2006) The St. Joe Company today announced it has recorded a conservation easement for 9,609 acres, for implementation of a mitigation plan by the Panama City - Bay County International Airport and Industrial District (Airport Authority) for environmental impacts of the relocation and construction of the Panama City-Bay County International Airport. The easement becomes permanent upon commencement of construction of the new airport. It fulfills a major commitment JOE made in a land donation agreement with the Airport Authority.
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FAA Approves New Airport Site
(September 15, 2006) Panama City Beach continues to pull in the accolades for its pristine beaches, as it received a new honor this month from a nationally renowned travel magazine. Conde Nast Traveler included Panama City Beach in its list of the 20 Best Beaches in America.
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Beaches Get National Applause
(February 8, 2006) Governor Jeb Bush today announced the Federal Aviation Administration (FAA) approved the relocation of the Panama City-Bay County International Airport to a new site in West Bay. The airport relocation will greatly enhance the region�s capacity to provide air service to those traveling to and from Northwest Florida
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Booming Bay County
(March 30, 2006) Build it and they will come. Occasionally that happens in real life, and in the case of Bay County, Florida, it's about to happen in a big way. By the end of this decade, Bay County (and its main city, Panama City), promises to be among the fastest growing areas in the state, if not the nation.
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Panama City Facility Close to Takeoff
(February 2, 2006) Groundbreaking for the three-year construction project is scheduled for early 2007, pending an expected record of decision from the Federal Aviation Administration this fall, says Tom Reddaway, project manager with San Francisco-based Bechtel Corp. It is the architect and engineer for the $240-million airport relocation.
St. Joe Land Plan Takes Step Forward
The Mexico Beach City Council on Tuesday took another procedural step toward allowing a land-use change on St. Joe Co. property near Tyndall Air Force Base for mixed-use development.
First round of retailers announced for Pier Park
Simon Property Group announced its plans on Friday for several retailers and restaurants slated for development at the longempty Pier Park complex.
Biloxi, Mississippi
Cashing In:
Casinos emerge as winners in wake of Hurricane Katrina
(August 6, 2006) "When Hurricane Katrina hit last year, wiping out two of the city's 10 casinos and heavily damaging eight others, it looked as if Biloxi's gambling industry would float out to sea with the wreckage. Instead, it's in the midst of a comeback that could put Biloxi on the road to becoming the southern casino capital it has yearned to be since gambling was legalized here in 1990."
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Casino Revenue Remains Steady
"We're witnessing the rebirth of the gaming industry on the Gulf Coast," said Larry Gregory, executive director of the Mississippi Gaming Commission. "I think these numbers are excellent. They seem to be consistent. I think they're sending out a great message to anyone wanting to invest on the Coast."
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Magic's Biloxi Land Going to Harrah's
"We believe in the long-term potential of the Mississippi Gulf Coast and are looking forward to returning to this vibrant market," said Anthony Sanfilippo, president of Harrah's operations in the central United States. "The site we are acquiring from Pinnacle will give us an even larger footprint in Biloxi, giving us greater flexibility in creating a compelling entertainment experience."
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Harrah's Betting on Biloxi
Anthony Sanfilippo, president of Harrah's operations in the central United States, confirmed Tuesday that his company is considering putting two casinos in the city and will spend "hundreds of millions, if not a billion dollars" here. He made the comments in an interview with the Sun Herald the day after Harrah's announced it is acquiring the Casino Magic Biloxi property, which is adjacent to the Grand Casino Biloxi - a Harrah's property that has been closed since Hurricane Katrina, but will reopen this summer.
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Gulf Coast Revival
Biloxi's rebound is a testament to the enduring appeal of coastal real estate, where waterfront home prices have almost always proved far more resilient than many of the homes themselves.
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Mississippi Experiences Reversal of Fortune
Six months after Hurricane Katrina smashed through a fragile necklace of Mississippi coastal towns, the region is enjoying a post-storm boom. Fueled by insurance money, federal reconstruction aid and speculative capital, surviving hotels and restaurants are filled to overflowing, beachfront land prices are soaring, and developers are placing billion-dollar bets that shattered antebellum mansions will give rise to condominium resorts.
Biloxi's real estate market soaring
Real estate experts say Biloxi's market hasn't been this hot since gambling was legalized in the state more than a decade ago. New developers and those already in the Biloxi market plan to rebuild casinos damaged by Hurricane Katrina and create resorts with hotels and condominiums.
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It's the smiles that account for the numbers
The numbers just keep getting better. The Coast casino industry is recovering by leaps and bounds, as evidenced by the official report of the Mississippi Tax Commission issued Wednesday.
Coast to Glimpse its Future
After spending days consulting with local officials and residents, hundreds of planners, engineers and architects spent Sunday drafting designs for a new Gulf Coast they say will recreate the best of what Hurricane Katrina destroyed and improve what didn't work before.
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Orlando, Florida
The best jobs in the hottest markets
(April 26, 2007)
The great American hiring boom is slowing down--but as labor cools with the rest of the economy, a
few choice regions will stay red-hot. You just have to know where to look. 1. ORLANDO, FL
2-year job-growth forecast: 6.8%
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Commercial real estate investors are entering new era in 2007
(January 30, 2007) Investors can continue to earn relatively attractive returns in real estate
by adapting to an expanded universe, according to LaSalle Investment
Management's annual report. Among other highlights, the report notes
that apartment investments in Tampa and Orlando will benefit from
above-average job growth and improving real estate markets.
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The Orlando area's market will stay No. 1 in Florida, a new report says
(January 8, 2007) The Orlando area is Florida's strongest real-estate market as the state heads into the new year, while Fort Myers and Miami are the weakest, according to a new, three-year forecast that has mostly good news for the region.
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Orlando: A Real World Of Simulation Shops
In a new game under development at Electronic Arts Inc.'s (ERTS ) Orlando studio, Superman rockets through an 80-square-mile cityscape, honing his X-ray vision and strength to save Metropolis from the villain Parasite. On Walt Disney World's (DIS ) back lot, a team for digital ...
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All Systems Are Go for Growth
"The first thing they say is, 'Wow, I had no idea this all existed here in Orlando,'" Sloan says. "They're usually just dumbfounded and surprised at the depth and breadth of the infrastructure. The best thing you can do is exceed expectations."
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NAR: Orlando home prices expected to see healthy gains
In addition, the median price of an existing home in the Orlando area has risen 73 percent over the last three years. There have been 102,000 new jobs created in the past five years, and 110,000 new single-family homes have been constructed within the same time frame.
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Orlando holds on to its ranking as the 7th-fastest-growing area in the country.
Orlando remains one of the nation's fastest-growing metropolitan areas, better weathering the economic troubles that slowed growth in some other big cities, according to a study released Tuesday Through the first four years of this decade, Orlando was the seventh-fastest-growing metro area in the country, the same rank it held through the 1990s.
Central Texas
South stands out for home value
Buyers seeking a bargain should evaluate housing affordability, the potential for appreciation and an area's underlying economy.
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New Rules of Real Estate 2007. How to play the real estate bounce-back
The housing market may be melting down, but Business 2.0 worked with Moody's Economy.com to identify 10 cities that have just about hit rock bottom - and offer opportunities for savvy investors to get in while the getting's good. In Austin, the rental market takes a backseat to buyers, many of whom hold high-paying jobs with tech giants like Dell, IBM, and Freescale Semiconductors. Austin's population is well ...
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Median Price Of Homes May Fall - Except Austin
Economists believe that an upcoming report will show the median price of single-family homes has fallen. If they're right, it will be the first time ever.
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LUXURY TOWN, U.S.A. - High-End Brands Expand,
And Austin Gets a Makeover
(September 4, 2007) AUSTIN, Texas -- This is the year high-end retail discovered Austin. While Dallas and Houston have long tended toward gowns and spangles, this intellectual hub -- home of the University of Texas, the state capital and some 700,000 people -- had a jeans and T-shirt reputation. But now, as new technology wealth comes to town and the local charity-gala circuit booms, Austin has become one of dozens of U.S. cities undergoing a fashion and luxury-goods makeover.
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Lure for Businesses: Inexpensive Real Estate
(August 22, 2007) As Austin continues to recover from its early 2000s tech downturn, the metro area's relatively cheap real estate has been a big factor in luring businesses to the city.
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Austin bucks the trend -- metro foreclosures down 6 percent in 2007
(August 21, 2007) Foreclosures in the metropolitan area are down 6 percent so far this year making Austin the only major Texas market to show steady improvement in the foreclosure picture, a monthly report shows.
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Job growth keeps area real estate healthy, economists say
(August 8, 2007) Backed by healthy job growth, Central Texas' real estate market is expected to remain strong in 2008, a Texas economist predicts. The strength should span the region's housing, retail and apartment sectors, though the office market might lose some steam, said Mark Dotzour, chief economist and director of research at the Texas A&M Real Estate Center.
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It's Also the Texas Capital of Construction
(February 14, 2007) Construction cranes are dotting the skyline here after a six-year hiatus. Large swaths of downtown, once largely parking lots, low-slung buildings and warehouses, are being demolished to put up glass skyscrapers, and land that had been vacant for years is being cleared for new offices and homes all over town.
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