Panama City Beach, Florida

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Panama City Beach is a city in Bay County, Florida, United States, on the Gulf of Mexico coast. The city is often referred to under the umbrella term of "Panama City", despite being a distinct municipality from the older and larger inland Panama City to the east, making Panama City and Panama City Beach two separate cities. Panama City Beach's slogan is "The World's Most Beautiful Beaches" due to the unique[citation needed] sugar-white sandy beaches of Northwest Florida.

For quite some time Panama City Beach has been a popular vacation destination, especially among people in the Southern United States. The city is also a very popular spring break destination, sometimes being referred to as "The Spring Break Capital of the World," due to about 100,000+ college and high school students who arrive during the months of March and April.

Well-known locations in the city were places such as "The Hang-Out" at the Long Beach Resort motel and the now closed Original Miracle Strip Amusement Park. A construction boom from 2001 to 2007 dramatically changed the beachfront skyline with high rise condos and hotels. New attractions, such as Pier Park (a property of Simon Property Group), located in the heart of Panama City Beach, are a positive turn-around from the real estate down-turn from 2007-2009.

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Real estate boom

A construction boom in the early to mid 2000s raised the economic image of the area due to the older homes & downtrodden motels, as pricey high-rise condominiums and luxury homes replace the older structures. However, this is turning unobstructed, low-rise beach views and affordable waterfront property into rarities. At the peak of the real estate boom, many beachfront properties had quadrupled or more in value since 2000. The real estate prospects were so promising that CNN/Money had named Panama City Beach as the #1 real estate market in America for the next 5 years in November 2006.[3] Beachfront property has sold for upwards of $60,000 per "front foot" (linear foot) at the top of the market. The downturn in the USA real estate market in 2007, combined with a flux of new condo construction have brought spiraling prices somewhat under control, but they are still at lofty levels from their pre-boom days of the 1990s, yet still undervalued compared to other Northwest Florida coastal cities like Destin.[4]

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