It's official!
The ribbon cutting was this morning at the site of the new Panama City International Airport! While there were no bulldozers gearing up once the ribbon was cut, there was a promise that the ground would be broken at the beginning of December. This means GREAT news to our local economy, and to the real estate market in particular! An international airport brings with it many aspects that will help our market: employees (full time) that need to either buy or rent real estate, jobs, and the ease of travelers to visit our area without having to make the dreaded layover in Atlanta, New York, or Miami!
There were no definitive answers as to when the first flights will take off and land at the new Airport, but most experts say that it will be 2 years. The contractor has a 2 year contract to get it built.
If you are contemplating buying real estate in the local area, NOW IS THE TIME TO DO IT! As we get closer to the airport's completion, the market should experience increases in pricing. Currently, pricing is at a 5 year low, rates are still low, and the credit crisis hasn't hit as hard as it may end up. We are still having mortgage programs dry up and go away and if you are looking for a stated income, no ratio or no doc loan, the time to get approved and get to closing is getting shorter!
If you own real estate and are looking to refinance, we can assist with that, as well. We have also found an investor that will allow us to do 100% second homes - in the form of an equity line or 2nd mortgage! Their guidelines have tighted up a bit, but we can still do them
The ribbon cutting was this morning at the site of the new Panama City International Airport! While there were no bulldozers gearing up once the ribbon was cut, there was a promise that the ground would be broken at the beginning of December. This means GREAT news to our local economy, and to the real estate market in particular! An international airport brings with it many aspects that will help our market: employees (full time) that need to either buy or rent real estate, jobs, and the ease of travelers to visit our area without having to make the dreaded layover in Atlanta, New York, or Miami!
There were no definitive answers as to when the first flights will take off and land at the new Airport, but most experts say that it will be 2 years. The contractor has a 2 year contract to get it built.
If you are contemplating buying real estate in the local area, NOW IS THE TIME TO DO IT! As we get closer to the airport's completion, the market should experience increases in pricing. Currently, pricing is at a 5 year low, rates are still low, and the credit crisis hasn't hit as hard as it may end up. We are still having mortgage programs dry up and go away and if you are looking for a stated income, no ratio or no doc loan, the time to get approved and get to closing is getting shorter!
If you own real estate and are looking to refinance, we can assist with that, as well. We have also found an investor that will allow us to do 100% second homes - in the form of an equity line or 2nd mortgage! Their guidelines have tighted up a bit, but we can still do them
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