I was checking out the listed Panama City Beach properties that are bank owned in our area and it never ceases to amaze me in what I find for sale and the price history. There is Panama City Beach property that is unusual in that it is less than a block from the Gulf and backs up to a lake. It is a beautiful fresh water lake. We have lots of fresh water lakes in the Panama City Beach area. It is amazing as these are literally a stone’s throw from the Gulf. This is in one of those areas where the lake is just separated from the Gulf by a road. When you are located on one of these lakes looking south, if you have an elevation you will have a pretty much unimpeded few of them Gulf. This view would provide some wonderful sun sets views to the south and west.

One of the Panama City Beach properties for sale is a bank owned house that is up for $260,000. The house in vintage but in nice shape and a 3/2 with a nice lot that runs down to the lake. This house also includes the empty lot next door. This means that you not only get Panama City Beach property on a lake front lot that is just across from the Gulf but also a full sized 50 ft lot next door that would make an excellent location to build another home of several stories that would provide excellent views.

What caught my attention was that this Panama City Beach property sold in 2005 for $750,000. That is right–$750,000. For a time it was for resale for $899,000. Now four short years later this Panama City Beach property is bank owned and for sale for $260,000 and it included both lots.

You have to ask how could perceptions of value undergo so much change so quick. Someone in 2005 thought this property was worth $750,000. Now it seems totally insane.

Question now, what is it worth today? It has been for sale for several months and falling from $360,000 and still has not sold. We will soon find out what the value is because it will continue to fall until it sells. This is the value at this time.

At $260,000 I now think this property is a value. The house is ok to live in as it is and the lot next door would make an excellent location for another home. The property is the west end of Panama City Beach. It is hard to imagine how anything that was sold for $750,000 just 4 years ago would not be worth $260,000 today. I think Panama City Beach properties like this are not presenting some wonderful values. But nothing is a value if it doesn’t fit into your bigger financial plan.

To sum up, there are some incredible values in our market in Panama City Beach, but nothing is a value if it does not full fill a need for you in your overall financial and personal plan. If you are looking for a second home or investment near the beach that will most certainly grow in value over the next few years this is one of those Panama City Beach properties. Please contact me if you are interested. Thanks. Jay Davis, Beachside Resorts Realty.