PANAMA CITY BEACH — A thriving Jimmy Buffett-themed community in the Panama City Beach area has already garnered national attention.
According to Minto Communities USA, Latitude Margaritaville Watersound was ranked 23rd in RCLCO Real Estate Consulting’s list of the 50 best-selling planned communities in the United States based on sales activity so far this year.
Located off State 79 north of Panama City Beach near the Northwest Florida Beaches International Airport, the community is being built on land owned by the St. Joe Company through its partnerships with Minto and Margaritaville Holdings.
Community Latitude Margaritaville:Booming in Bay County, 700 homes already sold
“In our first year (after) its launch, it’s already hit the top 50, so that’s definitely a strong testament,” said William Bullock, president of Latitude Margaritaville’s Minto division, of what this means for the local project to do list.
Bullock said Tuesday that Latitude Margaritaville Watersound, which started in 2020, has sold 760 homes with more than 300 more under construction. Its first phase of development has plans for 3,500 homes, and there is room nearby to build additional properties.
The community offers four home styles ranging from approximately 1,200 square feet to over 2,500 square feet. There are several floor plans of each style.
The local community is Minto’s third Latitude location. Its Daytona Beach site was tied for 23rd on RCLCO’s list, and its Hilton Head, South Carolina site was ranked 39th. The company also had a fourth planned community on the list—Westlake in Palm Beach—which was ranked 31st.
“Having all three Latitudes in the top 50 is pretty powerful, and we look forward to continuing that trend (as) we expand into other markets,” Bullock said.
The release notes that 2022 has already been a banner year for Minto. More than 1,100 homes have been sold this year in its four communities recognized by RCLCO, which has annually ranked the best-selling planned communities in the United States for nearly three decades.
Bullock said he believes Latitude Margaritaville Watersound will have a huge impact on the future economy of Panama City Beach and all of Bay County.
With huge construction work underway and many more in the pipeline, the community will continue to create hundreds of jobs. It will also attract thousands of new residents who will shop at local businesses and generate increased tax revenue for the area.
Bullock said he expects Latitude Margaritaville Watersound to reach its goal of selling 50 homes over the next two months, beginning construction on 50 homes and bringing in 50 new buyers each month.
“And this is just the beginning,” he said. “As we build our labor pool and the community matures, we expect that number to grow.”