Panama City Beach Named #1 Place to Own a Summer Home

06/23/2008 03:36:50 PM

There's something for everyone in this Panhandle town where white "sugar sand" beaches along the Gulf of Mexico give way to inland attractions, including six championship golf courses and an active restaurant and nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2 million-plus for single-family homes of five bedrooms or more, according to vacation rental site HomeAway.com.

Why Buy Now: Besides the weather (temperatures rarely dip below the 60s, even in January) a new international airport is slated to open in the next couple of years. With it comes low-cost carriers and an abundance of nonstop flights. (Currently, flying from New York involves at least one connection and travel time of anywhere from 4.5 to 13 hours. In comparison, a nonstop flight from New York to Orlando takes about two hours.) That ease of access should help boost tourism -- and property values, says Anil Pereira, CEO of SecondSpace.com, a property-finding service. "It'll be more feasible to own a second home there," he says. "People will be able to fly in for the weekend."