Luxury apartment complexes are latest trend across Panama City
PANAMA CITY, Fla. (WJHG/WECP) - Panama City is continuing to build back better almost four years after Hurricane Michael. This also comes during a time of rising costs and inflation.
“Housing in Panama city right now is just unreal,” Panama City resident John Feltrop said.
But a new trend of housing is taking Panama City by storm; luxury apartment complexes.
“Oh we need lots of housing here in Panama City. With so many people moving here and if people can afford more expensive, they should be able to do that,” Panama City resident Olivia Dormer said.
In Panama City, apartment complexes like The Enclave, Eagles Landing, and now the Residences at SweetBay are being branded as “luxury” living.
“I think they’re both good and bad,” Panama City resident Toni Hewett said.
According to Rent.com, the average apartment rent in Panama City is from $1,355 to $1,830 depending on how many bedrooms your place has. According to SweetBay’s website, these new luxury apartments range from $1,590 to $2,460.
“The cost of living is high and I’m not sure how people are going to afford those apartments currently,” said Hewett.
That’s why residents seem to have mixed emotions about this new way of living.
“It’s really way out of most people’s reach and the working class need a break,” said Feltrop.
“I think it’s wonderful. they’re beautiful and it’s wonderful little communities that they’re building,” said Dormer.
But residents also said it’s not the locals who can afford this.
“Well, your average person ain’t going to. This is going to be transients that most of them come from up north. That’s where the money is going to come from, it ain’t here,” said Feltrop.
“I think it’s all the big corporations moving into our town and they just felt they needed more people and places for people to live,” said Hewett.
With more people coming in, it’s a trend that’s keeping these complexes full no matter the cost.
“If you can build a luxury apartment complex, then build it. But let’s build some other stuff that people can afford to live in,” said Feltrop.
NewsChannel 7 reached out to luxury apartment complexes such as the Residence at SweetBay, The Encalve, and Eagles Landing for comment. We did not hear back.
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