Hibiscus Real Estate, what’s the market doing?
To us it really seems like the Hibiscus By The Bay real estate market is improving, albeit the curve is not straight up and a little sideways at times.
The two bedroom units have showed significant improvement from the lows of 2010 and 2011. Prices then for two bedroom units were as low as $153,000.00. Not too long ago we had customers (now our neighbors) that purchased two bedroom units in the range of $160,000.00-$170,000.00. Now prices for base units with no boat slip or garage are in the $200,000.00+ range.
Data from the Bay County MLS for Hibiscus By The Bay two bedroom units shows the following:
|Year||Average Price Per Sq. ft.||Average Sold Price|
What can you conclude if anything? 😕 To us it looks like there may be a trend. The numbers seem to indicate the average price per sq. ft. getting higher and the average sold price seems to be trending upward as well. Of course there can be some anomalies in the data due to garages and boat slips but even so it sure looks like there may be an upward trend.
We recently mentioned to one customer that his unit may have increased in value by $20,000.00 in the two years that he has owned it. He was happy but also slightly concerned that his property taxes may go up. Yup, there are two sides to every coin. 😉
Overall the Florida and Bay County economies continue to improve. Businesses and individuals continue to find Florida an attractive place to be located and to re-locate to for the following reasons:
Now for a shameless plug. Since 1/1/2009 Vivian and I have represented Buyers or Sellers or both of the 5 highest sales of two bedroom, two bath condos at Hibiscus By The Bay.
- 6504 BRIDGEWATER WAY, #T2-203, PANAMA CITY BEACH, FL – $235,000
- 6500 BRIDGEWATER WAY, #1005, PANAMA CITY BEACH, FL – $235,863
- 6504 BRIDGEWATER WAY, #604-II, PANAMA CITY BEACH, FL – $240,000
- 6504 BRIDGEWATER WAY, #503-II, PANAMA CITY BEACH, FL – $245,000
- 6504 BRIDGEWATER WAY, #604, PANAMA CITY BEACH, FL – $255,000
Please don’t hesitate to contact us if you have any questions, if you would like to discuss listing a Hibiscus condo unit or other property. Please post your comments below.
Mike and Vivian Foate – The GOOD life on the water. Live happy! 🙂