Numerous news stories have highlighted the issue of special assessments for condos in Florida. In Panama City Beach, these assessments are typically less severe than those in South Florida. This disparity largely stems from the age of the buildings and the fact that many are used as secondary residences, where owners generally have greater financial resources compared to those with primary residences.
There is currently a vote at Ramsgate Harbor for an $85,000 special assessment this month. This is the exception and not the rule. You might see a couple more assessments of this magnitude at some of the larger resorts later in the year, but these will be exceptions rather than the norm. Most buildings will either have no special assessments or ones that are less than $10,000. This situation is a significant consideration for potential buyers looking at condos in Panama City Beach.
Over the past five years, association fees here have increased by more than 50%, contributing to price reductions in some condo buildings, while others have not seen similar impacts. This situation has even pushed some capitalization rates into negative values.
Despite these developments, the condos for sale in Panama City Beach maintains its uniqueness compared to South Florida, where condos are more commonly owned by primary residents.