Laguna Haven Community opens on west end of Panama City Beach
PANAMA City BEACH — Amid a limited housing current market in Bay County, a new significant-conclusion community has opened on the west end of the Beach.
Positioned north of Panama Town Seaside Parkway close to North Wells Street, the Laguna Haven Neighborhood hosted a grand opening ceremony June 15. It features about 25 homes now developed with a further 15 either prepared or below development.
According to Marina Grigoryan, product sales agent and portion owner of the advancement, households arrive in six ground plans that vary from about $499,000 to $756,000. The most economical solution is 1,648 sq. toes with 3 bedrooms and two bathrooms, even though the most high priced design is 2,496 sq. feet with 4 bedrooms and three loos.
“The west finish of Panama Metropolis Beach is a incredibly desirable region,” Grigoryan said. “By heading into that location on the north aspect of (PCB Parkway) that nevertheless was a minimal little bit underdeveloped, (my associates and I) felt like we could assist lead to bettering that area.”
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As of Friday, about 10 of the 25 residences designed in Laguna Haven ended up sold, and six others have been under agreement.
Grigoryan noted the group was created to accommodate entire- and element-time people, along with investors intrigued in getting a assets to use as a holiday vacation rental.
She also stated the original intention for the undertaking was to offer you additional cost-effective households that started near the upper $200,000 mark. Nonetheless, as provide costs skyrocketed all through the COVID-19 pandemic, that turned not possible.
“The intention, originally, was to make it an entry-amount local community (that was) affordable for first-time homebuyers,” Grigoryan claimed. “The lumber rates dictated the pricing to go better than we expected … but the goal is continue to to make it as cost-effective as possible.”
Keith Carnley, aspect operator and developing contractor of the group, stated it now fees virtually double the volume to create a dwelling than it did when they obtained the land in December 2017.
And it truly is not just the value of lumber that professional a spectacular spike.
“Lumber is 1 issue, but (there also have been) cost increases to roofing, in concrete, in drywall (and) in cabinetry,” Carnley said. “Every thing has absent up and absent up rather substantially, especially in the last two yrs.
“What we at first thought we had been going to be able to market them for, it is really costing even far more than that to get them created at this position.”
Carnley also claimed though it is regrettable that latest inflation shifted the project’s first plans away from reasonably priced housing, he even now expects for the neighborhood to be a gem in Panama Metropolis Beach — one that however features households at price ranges perfectly below others in the encompassing spot.
He famous construction on the first wave of homes broke ground in April 2021. Carnley claimed he hopes for all 40 of the planned residences to be comprehensive by the summer of 2023.
“However, the values and the raise in pricing (have) driven the charges to in which (they are) in the housing current market,” Carnley stated. “(The group) is about 3 miles from Pier Park, about 5 miles from 30A … so I consider individuals will like going into that place.
“… We have set in an cost-effective substantial-close community, (and) it’s going to be good.”