[Tony1790]

Hello all,

Got a question for you, I just retired from the military and have a tentative job offer in Panama City, FL working at the Navy Base. Funny the Navy Base is where I started out, I lived in Panama city for 2 years. I can't say I loved it, it was nice enough but after 2 years there I was bored of the beach and flat terrain.

I'm currently unemployed and having a job would be nice, last time I was in Panama city you could buy a house for $45,000 - $55,000, how much do homes cost now? Looking at 3 - 4 bedrooms, 2 ba, 1800 sqft, NOT on the beach.

Also what is the story with property tax and insurance rates, I keep hearing that they are through the roof, but I haven't been in FL for a while.

I'm currently located in WA state and looking for work, if I don't find anything by June (schools out for the kids) we are going to move to TN and try to buy a place for cash (under $150,000) and live there. But if I can get a good paying job in FL and if houses aren't too much then maybe it makes sense to move there.

What do you think?

Tony in WA

[BlueWillowPlate]

Well, this is strictly my opinion, but to me, Panama City, while it has a few pretty spots, is not the most attractive town. Again, others may disagree, this is my opinion only.
And if you got sick of flat terrain and the beach, I can't imagine why you'd want to return there. Add the real estate prices (they have gone up since your time here) property taxes and insurance rates, and the situation seems even more negative.

[momcantrell]

Tony1790,
We are in Panama City now looking for a home, we are trying to find a 4 bedroom in the lynn haven area, outside of PC. A nice 4 bedroom in a good area is running 350,000 - 400,000. They are out of our price range as well so we are having to look at a 25-30 year old house that needs to be redone in order to get it for 250-300,000. Taxes are also thru the roof. On a 300,000 they will run now about 4200.00.

[Tony1790]

Originally Posted by momcantrell

Tony1790,
We are in Panama City now looking for a home, we are trying to find a 4 bedroom in the lynn haven area, outside of PC. A nice 4 bedroom in a good area is running 350,000 - 400,000. They are out of our price range as well so we are having to look at a 25-30 year old house that needs to be redone in order to get it for 250-300,000. Taxes are also thru the roof. On a 300,000 they will run now about 4200.00.

Wow,

I remember when Lynn Haven wasn't all that swift and that you could buy a house for $30,000. Buddy of mine bought and couldn't give the house away for what he paid for it a few years later.

Let me say this, and no offense meant, I may be waaaay off. But I would not buy within the next 18 months. There is a tremendous credit crunch in the process of happening and many parts of FL the property values are falling. But if you are set on buying and don't plan on moving for 5 - 10 years than by all means buy.

I got a phone call about the job in Panama City, it starts at $20.35 per hour and I can start in a few weeks. I won't know if I'm getting the job until next week. I don't think I'd want to work in PC more than about 2 years, but I can save up some money while working there and rent. I still want to wind up in TN at some point.

My youngest son was born at Eglin AFB not far from Panama City.

Tony

[sunrico90]

The housing market is changing every second and can be more affordable in the near future. Google the housing list and look for something within your range. I retired at Hurlburt Field and live in Navarre our prices has dropped $35K, housing can be found in the $150K and I sure the same is taking place in Panama City.

What is your MOS, Pcola has many Navy jobs contractor/civil service...

[mikespot]

You might want to look at moving to the Dothan area and spending the money in Gas. Insurance and Taxes in FL are more than a House pmt. A friend of mine has an 150,000 home pmt is 750.00 a month. The taxes and insur is also 1200.00 a month. they pay 2000.00 a month for the same home in Dothan you Pmt would be around the 800.00 including insur and taxes.

[2goldens]

I would not outright purchase a home without spending time in the area for at least six months. You can search Bay County real estate or rentals online to get acquainted.
If you like the small town feel, and don't mind the drive - Apalachicola is pretty area from the base. Keep us posted how things turn out.