Impact of New Airport on Real Estate

**xaa** · 05-27-2009, 11:09 PM

I'm constantly being reminded by area agents that the new airport will be completed soon suggesting that a flood of new buyers will soon be coming down to buy into a market once reserved for only a few. It's a tempting thought to buy before flocks of snowbirds hit the air! How much time do us "sideliners" have?

**kurt** · 05-28-2009, 07:43 AM

My personal opinion is that it won't create any stampedes to our area, but it will have a very large impact over time. Walton and Bay Counties are poised for massive growth. People who exaggerate the effects of the airport are stuck in the mindset of wanting property values to double every 12 months (or at least want to sell their own property or make a few sales). The folks who downplay the effects the airport will have are too caught up in trying to burst the bubble of the exaggerators.

I believe the introduction of a "major carrier" like Southwest would really accelerate things. It might create a domino effect of major companies entering the market, as well as cruise ships, theme parks, etc. While this will probably happen anyway, the announcement of a major carrier with the massive attention and resulting press could make Bay County quite hot.

**Scooter** · 05-28-2009, 08:49 AM

When will jobs start coming available at this new airport?

**scooterbug44** · 05-28-2009, 01:41 PM

I think the immediate impact of the new airport will be far less than the realtors keep telling you.

Over time it will draw more people in, but I don't buy the "boom" theory that as soon as we get a good discount carrier we'll have to dive to the side to avoid being trampled by the hordes arriving to buy property.

When was the last time you heard someone say - it's only 45 minutes from a regional airport, that's why I bought my second house?

When the economy recovers the airport will probably be a boon to the area and spur some additional growth, but daily flights from London and Paris full of buyers - not so much!

**steyou** · 05-28-2009, 03:46 PM

I am a Real Estate Broker (associate) and if any agents are saying this it is very close to speculation. Which is treading dangerous waters.

**ray** · 05-28-2009, 04:41 PM

Kurt you think cruise ships will come to panama city?I sure hope not

**Smiling JOe** · 05-28-2009, 05:50 PM

scooter, jobs at the new airport are already available. Currently, I believe they are construction based. Go to the pcb website and you can register.

**kurt** · 05-28-2009, 09:10 PM

Originally Posted by ray

Kurt you think cruise ships will come to panama city?I sure hope not

Without doubt.

As an addendum - when casino gambling is legalized in Florida, everything changes. Notice I said when, not if.

**Scooter** · 05-28-2009, 09:28 PM

Thanks SJ. Looking more for reservationist.

**Paula** · 05-29-2009, 08:07 AM

A key issue is whether there will be direct flights from the midwest (Detroit/Chicago), New England, and elsewhere. People from the northern and distant states are more likely to vacation in SoWal and buy in SoWal if there are direct flights and inexpensive flights. Right now, it's significant less expensive to fly into other parts of Florida and there are direct flights (which make it easier and faster). So, let's hope for direct and less expensive flights if we want to encourage people from distant places in the US to come to SoWal (those of us from the midwest are OK to have around

). I'm hoping Northwest/Delta get a direct flight to the new airport.

**GoodWitch58** · 05-29-2009, 08:52 AM

It will be interesting to see how it plays out in the short term. According to this Boardings down at area airports | airport, percent, business - News - Northwest Florida Daily News traffic at all the area airports is down at the moment.

Since the airlines make decisions about direct flights and schedules based on the demand from or to an area, it is difficult for me to see how this will have much of a short term impact. We do not fully utilize the airport facilities we have now. The Chamber and the TDCs in the area are working hard to lure Southwest--but, from a business point of view, why would Southwest come here, unless there was a demonstrable demand?

I agree with Kurt that 20 years or so down the road, things will be different--I just don't see where much will change next year.

I have not seen the Market Research that supports a huge influx of people--visitors or otherwise.

**30ashopper** · 05-29-2009, 09:08 AM

Originally Posted by Paula

A key issue is whether there will be direct flights from the midwest (Detroit/Chicago), New England, and elsewhere. People from the northern and distant states are more likely to vacation in SoWal and buy in SoWal if there are direct flights and inexpensive flights. Right now, it's significant less expensive to fly into other parts of Florida and there are direct flights (which make it easier and faster). So, let's hope for direct and less expensive flights if we want to encourage people from distant places in the US to come to SoWal (those of us from the midwest are OK to have around

). I'm hoping Northwest/Delta get a direct flight to the new airport.

I've always enjoyed the little junket flights down from Atlanta to here. It makes me feel as if I'm off to some exotic, hidden paradise. A major airport in the area IMHO ruins some of the appeal.

**Busta Hustle** · 05-29-2009, 10:15 AM

So far the "anticipation" of the new airport (opening2010?) is not slowing down price declines or spurring increases in sales. However the increasing foreclosures and price declines are helping sales numbers. So we got that going for us.

**Bobby J** · 05-30-2009, 08:09 AM

I think like many the airport impact will not be felt right away but will give the area more press and much needed jobs. It is really hard to gage what kind of impact it will have. I think during the boom many were using it as a selling tool. I could never really get my hands around what the impact would be but I also grew up next door to Seaside and never really saw the impact of that one until it was almost built out. We would look over from Dogwood street and say, huh? That man must be crazy!

**kurt** · 05-30-2009, 09:24 AM

Originally Posted by Bobby J

I think like many the airport impact will not be felt right away but will give the area more press and much needed jobs. It is really hard to gage what kind of impact it will have. I think during the boom many were using it as a selling tool. I could never really get my hands around what the impact would be but I also grew up next door to Seaside and never really saw the impact of that one until it was almost built out. We would look over from Dogwood street and say, huh? That man must be crazy!

People called him every name in the book. St. Joe now gets all of it. Seems like 75% said nowadays is negative or 75% is positive, depending on which way your head is turned. It all adds up to 150% of hot air. The other 25% is watching the sun rise and set.

Meanwhile, the West Bay Sector north to the interstate and Panama City Beach is set to become the largest population center between Jacksonville and New Orleans.

Mobile to Appalachicola = metroplis