Northwest Florida

Northwest Florida An Enduring Appeal

THE EMERALD COAST ENRICHES LIVES

BY STEVE BORNHOFT

In the 1930s, when much of the country had ceased roaring, development along Northwest Florida’s Emerald Coast was stirring.

As of the middle of the decade, construction of U.S. 98 through the region was complete and, before long, the highway would be more than just a conduit linking Mobile and Panama

City. It would provide ready access to newly built cottages and motels springing up along some of the world’s most beautiful beaches. Visionary businessmen were convinced that the Gulf of

Mexico was a draw powerful enough to lure people in numbers from the piney woods of South Alabama to saltwater.

The Gulf invited wonder, its clarity and relative buoyancy were pleasurable and many believed that it had medicinal properties.

Over time, cottages and motels gave way to hotels and, later, resort condominiums. Gulf-front tourist corridors grew congested and stretches of the beach reserved for homes grew dramatically in value. Today, the Emerald Coast real estate market is among the hottest of the hot.

“The reasons people are moving and buying here include safety, the schools, the climate and outdoor recreation and obviously the beach,” said Hilary Farnum-Fasth of Corcoran Reverie. “The beach is first, and everything else just happens to be amazing.”

Fact is, the Gulf is still good medicine.

“Unlike any other time in our industry, we are seeing young professionals move here because they can now work from anywhere,” Farnum-Fasth observed. “They're working remotely with really

The Emerald Coast region is unique, not only for its pristine beaches, but for its coastal dune lakes, with 15 across Florida's panhandle.

good, high-paying jobs and they want to live at the beach. They want our lifestyle and they want the tax benefits of living in Florida.”

Farnum-Fasth expects that the prices of Gulf-front properties will continue to rise. The reason is simple: Scarcity equals value.

“Inventory is low, and I believe the properties that are highly desirable due to their amenities and their location are going to hold strong through this year,” Farnum-Fasth said.

Scarcity also tends to make for good investments.

“When interest rates go up, the stock market may become less appealing and people with wealth actually then put their money more into real estate,” Farnum-Fasth said. “So, the luxury-wealth market is a more protected market and it actually gives us a path for staying where we are or, even getting bigger.”

The migration by people of working age to the Emerald Coast has enlarged local economies, too, as new arrivals launch businesses in the area. Plus, the strong demand for new homes has been a boon for builders.

“The pandemic, because of the job shift, gave younger couples an opportunity to move somewhere they never would have moved before,” Farnum-Fasth said. “And it also gave them an opportunity to start businesses and create jobs for our local community.”

Added Farnum-Fasth, “New construction homes are still the most highly desired. The builders cannot build the homes quick enough to keep up with demand. I believe that trend is going to stay true for years to come. The desire for new homes is going to continue to push pricing up for a long time.”

Fundamentally, of course, the strength of a market relates to the strength of its appeal. A golf hole that meanders along a salt marsh, a red snapper retrieved from the bottom coming into view, a sunset that intensifies anticipation for tomorrow — those experiences are timeless. 