$309,000
Panama City Beach, FL 32408
MLS# 771218
Status: Under Contract - Taking Backups
3 beds | 2 baths | 1736 sqft
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Property Description
CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS' Just five blocks from the sugar-white sands of Panama City Beach and within walking distance to the lagoon and a public boat ramp, 5501 Lagoon Way offers a unique opportunity in a prime coastal location. This 3-bedroom, 2-bathroom home features a flex space off the Florida room, ideal for a home office, playroom, or hobby area. Originally a 2-bedroom, 1-bath layout, the home was expanded to include a third bedroom and second full bathroom through a garage conversion that was previously used as a private beauty salon. A wood-burning fireplace adds charm to the main living area, and while the home showcases a vintage design, several major system upgrades have been completed. Recent improvements include storm-rated double-pane vinyl windows installed in 2024, a roof replacement in 2019, and updated wood siding on the back of the home in 2022 with new base trim around the entire exterior. The HVAC system was replaced around 2019, and the Whirlpool water heater, 2022 stainless steel LG refrigerator, and 2021 Samsung front-load washer and dryer offer modern comfort and efficiency. The addition was fully insulated, and the home is located in Flood Zone X. The septic system is situated in the front yard for easy access. All information is deemed reliable but not guaranteed. Buyer to verify all information.
Details
Maps
Contract Info
Status: Under Contract - Taking Backups
List Date: 2025-03-31
List Price: $309,000
List Price/SqFt: 178
Current Price: $309,000
Location
Area: 03 - Bay County - Beach
Street #: 5501
Street Name: Lagoon
Street Suffix: Way
State: FL
Zip Code: 32408
County: Bay
Sub Area: 0323 - Beach - South of Grand Lagoon
Subdivision: Biltmore Beach
Community/Resort: None
Waterfront: No
Parcel ID: 31841-000-000
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: From Schooners West bound on Thomas Drive, turn right on Biltmore, then right on Lagoon Way, house will be the first on the right
Legal Description: BILTMORE BEACH LOT 17 BLK I ORB 1283 P 1685 MAP 70B2
General Property Info
Sub-Type: Detached Single Family
Design: Contemporary
Apx SqFt(Htd/Cooled): 1736
SqFt Source: Prop App Site
Bedrooms: 3
Full Baths: 2
Total Baths: 2
# of Stories in Building: 1
Year Built: 1977
Construction Status: Construction Complete
New Construction: No
Garage Y/N: No
Covered Spaces: 1
Lot Dimensions: 50x120
Acreage: 0.14
Lot Size (SqFt): 5968
Pool: No
Status Change Info
Under Contract Date: 2025-09-08
Property Features
Appliances: Dishwasher; Dryer; Oven - Electric; Refrigerator; Washer
Full Bathroom: First
Bedroom: First
Cooling: Central Air; Electric; Window Unit(s)
Heating: Central; Electric; Fireplace(s)
Exterior: Fenced Back Yard; Patio Covered
Financing: Cash; Conventional; FHA; VA
Furnished: Unfurnished
Interior: Floor - Carpet
Kitchen: First
Living Room: First
Lot Features: Interior Lot; Near Beach Access; Near Public Boat Ramp; Within 1/2 Mile to Water
Laundry: First
Office: First
Studio: First
Storage: First
Sun Room: First
Parking Features: Carport Attached; Driveway
Rooms: Bedroom; Full Bathroom; Kitchen; Laundry; Living Room; Office; Storage; Studio; Sun Room
Sale Type: As Is
Showing: ShowingTime
Utilities: TV Cable; Electricity - Connected; Garbage; Public Water - Available; Septic Tank
Room Information
| Room Name | Level | Dimensions | Length | Width | Dimensions |
| Bedroom | First | 12.1 x 13.2 | 12.10 | 13.20 | 12.1 x 13.2 |
| Bedroom | First | 12.1 x 9.11 | 12.10 | 9.11 | 12.1 x 9.11 |
| Full Bathroom | First | 8.2 x 7.1 | 8.20 | 7.10 | 8.2 x 7.1 |
| Kitchen | First | 19.2 x 12.8 | 19.20 | 12.80 | 19.2 x 12.8 |
| Laundry | First | 4.4 x 6.1 | 4.40 | 6.10 | 4.4 x 6.1 |
| Living Room | First | 19.2 x 11.2 | 19.20 | 11.20 | 19.2 x 11.2 |
| Office | First | 13.3 x 12.9 | 13.30 | 12.90 | 13.3 x 12.9 |
| Full Bathroom | First | 7.11 x 4.11 | 7.11 | 4.11 | 7.11 x 4.11 |
| Storage | First | 7.11 x 7.5 | 7.11 | 7.50 | 7.11 x 7.5 |
| Studio | First | 9.8 x 7.4 | 9.80 | 7.40 | 9.8 x 7.4 |
| Sun Room | First | 9.8 x 18.5 | 9.80 | 18.50 | 9.8 x 18.5 |
Listing Office: Coldwell Banker Realty
Last Updated: September - 18 - 2025
Information deemed reliable but not guaranteed.