The Real Deal Miami

A spill for Gulf property sales

June 24, 2010 11:15AM

The Regency Towers condo on Pensacola Beach

There was hope that, after a series of bad hurricanes and the slowing of
the downturn, condo sales in the Florida Panhandle would rebound this
year. The oil spill generated quite a different outcome, however. Owners
and agents say the disaster has had an extremely negative effect on
beachfront homes, especially to the property owners who use them to
derive rental income. “The market value on Jan. 1 is a lot different
than the market value now,” said Rep. Dave Murzin of Pensacola. “The
potential buyers, just like vacationers, aren’t coming down here because
they think the oil is soaked on the beaches.” According to data from
Florida Realtors, condo sales, though not home sales, have
suffered in Panama City and Pensacola
since April. [Sun
Sentinel]