The Florida Panhandle: a Great Place to Invest in Real Estate

We have vacationed in the Emerald Coast, Walton County in particular, for twenty years -- and love it! The best, uncrowded beaches in the country -- reasonable cost -- great restaurants -- beautiful beach homes to lease!

So we are excited about the area -- but what about the financial realities of buying real estate in Florida -- now?

We believe Northwest Florida is an excellent place to buy real estate, and that real estate values, though flat right now (January 2008) are likely to move sharply upward, especially for seaside and Gulf view homes. But that's our view! Here are some other opinions on the area.

CNN Money.com (Feb. 12, 2007) chose Panama City, Florida as the #1 place to buy real estate in the country.

American Express says that Northwest Florida is one of its Top Ten vacation destinations in the country. Northwest Florida is second behind the Orlando area in Florida tourism. Northwest Florida beaches are world-class, drawing over seven million tourists each year -- more than any other East Coast beach area.

Real estate professionals in Walton County say that prices are lower than during the boom year of 2005. But they are expecting sales to increase, as more properties come on the market. Many residences are priced below the cost to build. "If you are looking for an investment to hold on to for the next five years, the time to purchase is now. We are still very undervalued compared to other regions of Florida."

The St. Joe Company (NYSE:JOE), whose corporate headquarters are in Jacksonville, FL, is the largest landowner in Northwest Florida, owning over 718,000 acres of prime development land -- half of it less than ten miles of the coast. St. Joe has been a large player in the Florida panhandle for a long time, starting out as a timber company but realizing in recent years that the value of its acreage was much greater as investment property. So now they're in the property development business, with major activity focused in Walton County.

According to St. Joe's Investor Relations Department the long-range prospect for Florida panhandle real estate is particularly upbeat.

The Florida panhandle's beaches are Florida's second favorite tourist destination, trailing Orlando. The Florida Panhandle's beaches attract more than seven million tourists yearly, more than any other stretch of beach on the East Coast.

Beaches in Northwest Florida rate as some of the most spectacular in the U.S. and the world. Beaches in Walton, Bay and Gulf Counties have been chosen for the number one ranking by Dr. Stephen P. Leatherman, an expert on beach quality and author of America's Best Beaches.

The Florida panhandle enjoys a temperate climate, with mild winters, lots of sunshine and clear days. Northwest Florida lies in U.S. Climate Zone 8, the same climate zone as exclusive and highly successful vacation areas such as Hilton Head (SC), Amelia Island (FL), Kiawah Island (SC) and St. Simons and Sea Island (GA). Florida's beauty and diversity is well-known. The Florida panhandle has a distinctive geography, culture and cuisine that is unique.

Northwest Florida entertains approximately seven million visitors each year. According to Visit Florida, Florida's tourism and visitor department, 33 percent of these tourists are from households with incomes over $75,000 and 16 percent are from households with incomes over $100,000.

The number of elite resort communities in the Florida panhandle is increasing. At communities like Seaside, Rosemary Beach, WaterColor and WaterSound Beach, beachfront lots have sold for $40,000 per linear beachfront foot to wealthy individuals who have chosen Northwest Florida.

The new Panama City airport now under construction is projected to be in operation by first quarter 2010. It will be a major international airport, thus opening the area to easy access from the East and West coasts, the Midwest, Canada and Europe. Previously, access to the area by air was limited to regional airports.

Economists predict that the new airport will become a strong economic development engine for the region. Historically airports have a powerful track record for accelerating economic growth.

The new Panama City airport now under construction is projected to be in operation by first quarter 2010. It will be a major international airport, thus opening the area to easy access from the East and West coasts, the Midwest, Canada and Europe. Previously, access to the area by air was limited to regional airports.

Economists predict that the new airport will become a strong economic development engine for the region. Historically airports have a powerful track record for accelerating economic growth.

The new Panama City airport will be the first major airport constructed in the country in over 15 years. As a large-scale greenfield airport development, it offers unique opportunities and tremendous flexibility for companies dependent on aviation and logistics infrastructure.

Examples of how airport construction stimulates business may be seen in Huntsville, AL, Savannah, GA, Jacksonville, FL, Fort Myers, FL and Northwest Arkansas. All of these airports have stimulated significant adjacent development.

The State of Florida projects that over its first ten years, the new airport is likely to create 8,000 new jobs and at build-out a total of 13,000 jobs. An important comparison is the building of the new Southwest Regional Airport in the Ft. Myers/Naples area in 1983, which had a huge impact on real estate values. Since the opening of the airport in 1983, total residential real estate values in the surrounding area have increased an average of 11 percent per year.

Fortune Magazine (October 14, 2007) picked the St. Joe Company as one of the "Ten Best Stocks for 2008", citing the long-term potential of the company and its development business located in Northwest Florida. The article says: "When Florida real estate does rebound, investors will be kicking themselves for not recognizing today's $28 stock price for St. Joe Co (JOE) -- Florida's largest private landowner -- as a rare opportunity."

In the quickly changing economic climate, it is necessary to research and ask questions before making any investment choice. Yet the reality is that the Florida panhandle is a rare gem, with a delightful climate and stunningly beautiful, uncrowded beaches.

As you sit on the clean, white sand with your feet in the emerald clear Gulf water, with pelicans and gulls wheeling overhead and dolphins cruising by - you recognize that there are some very important intangibles to be considered. The Florida panhandle is a very special place -- and they're not making any more beach property!

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