Latitude Margaritaville community booming in Bay County, 700 homes already sold

Nathan Cobb, The News Herald
·4 min read

PANAMA CITY BEACH — The speed of development at Latitude Margaritaville Watersound in the wake of ongoing supply chain issues is nothing short of remarkable.

As of Thursday, about a year since the community's resort-styled properties hit the market, more than 700 homes have been sold, about 110 homes are occupied and 340 others are under construction.

Homes are popping up at a remarkable pace in the Latitude Margaritaville Watersound development. More than 700 homes have been sold with 110 occupied and 340 under construction.
Homes are popping up at a remarkable pace in the Latitude Margaritaville Watersound development. More than 700 homes have been sold with 110 occupied and 340 under construction.

"We're really ramping up construction," said William Bullock, president of the Latitude Margaritaville Division of Minto Communities USA. "(The project) has definitely found its stride."

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Located along State 79 north of Panama City Beach and near Northwest Florida Beaches International Airport, the Jimmy Buffett-inspired community is designed for those 55 years old and older. It is the third Latitude location, with others in Daytona Beach and Hilton Head, South Carolina.

The local community is being built on land owned by the St. Joe Company through its partnership with Minto Communities USA and Margaritaville Holdings. The first wave of development boasts 3,500 homes, and there is room in the surrounding area to build additional future properties.

According to Bullock, he expects about 30 homes to sell in June and July before ramping up in August to a target of 50 home sales per month.

Bullock plans for about 600 homes to sell in 2023. That then will be the community's annual sales goal for years to come.

At Latitude Margaritaville Watersound, construction is roaring ahead at full speed. More than 100 homes already are occupied with another 340 under construction.
At Latitude Margaritaville Watersound, construction is roaring ahead at full speed. More than 100 homes already are occupied with another 340 under construction.

"The fact that there's 340 houses in various stages of construction definitely exemplifies those targets are achievable," he said. "It would be one thing to say we're going to close 600 homes in a given year and only have 50 homes under construction, but the fact that half of which are going to close (in 2023) are under construction is pretty strong."

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Though Latitude has continued to develop at a fast pace despite the challenges of the past two years, home prices have been raised to compensate for supply chain issues and inflation created by the COVID-19 pandemic.

The community offers four styles of homes that range from about 1,200 square feet to more than 2,500 square feet. There are multiple floor plans of each style.

Latitude Margaritaville Watersound is booming with more than 700 homes already sold.
Latitude Margaritaville Watersound is booming with more than 700 homes already sold.

Bullock said they now cost between $300,000 to $500,000 — about $50,000 more than a year ago.

"That's purely a function of cost of labor and materials," he said. "That's just systemic through homebuilding anywhere you go right now. We raise prices in lockstep with labor and material increases."

New shopping center around the corner

Along with the construction of homes, Bullock said he also is excited about the new Watersound West Bay Center, a commercial shopping center being built adjacent to the community by St. Joe.

Site work on the development started toward the beginning of this year.

The center is planned to feature several mixed-use buildings designed for retail shops, a grocery store, pharmacy and restaurant.

Latitude Margaritaville is developing quickly. The St. Joe Co. is building Watersound West Bay Center, a commercial shopping center, adjacent to the community
Latitude Margaritaville is developing quickly. The St. Joe Co. is building Watersound West Bay Center, a commercial shopping center, adjacent to the community

"We have an incredible lifestyle within the community, and we do have food and beverage (amenities), but the necessities of living in a community are met by the outward facing retail," Bullock said. "(The new center) is going to make that (Latitude) location that much more attractive."

According to Mike Kerrigan, spokesman for St. Joe, the center will be developed in phases as commercial concepts are added.

The first business to occupy the facility will be Electric Cart Company, a golf cart seller with an existing location in Walton County, Kerrigan said. It should operate before the end of the year from a temporary location near the site until construction of the center is complete.

While Kerrigan could not release details about future concepts that might join the center, he said St. Joe is in discussion with grocery store chains interested in setting up shop in the area.

Like Bullock, Kerrigan said it feels good to see progress being made on the community and its surrounding amenities, despite ongoing economic challenges.

"It's been very rewarding to see the continued demand at Latitude Margaritaville Watersound, as well as development and construction progress over the last couple of years," Kerrigan said. "The site work on Watersound West Bay Center continues, (and) it will be a great asset not just for the residents of (Latitude), but the greater area at large."

This article originally appeared on The News Herald: Latitude community in Bay County booming despite inflation struggles