# Why the Spring Break Capital of the World Is Trying to Go Luxury

## Метаданные

- **Канал:** The Wall Street Journal
- **YouTube:** https://www.youtube.com/watch?v=zQNTZoJPmbo
- **Источник:** https://ekstraktznaniy.ru/video/28090

## Транскрипт

### Segment 1 (00:00 - 01:00) []

The spring break capital of the world wants a rebrand. For decades, the Panama City Beach area in Florida built its reputation on massive beach parties, celebrity concerts, and MTV cameras. It was also a filming location for the adult entertainment franchise Girls Gone Wild. Now, the nearly 20 m of Shoreline are attracting a new type of crowd. Home buyers increasingly willing to spend seven figures. In 2017, there were just 22 home sales at or above a million dollars in the Panama City Beach area. Last year, there were 89. So, how did this party hub turn into a luxury real estate market? In the later half of the 20th century, officials began promoting the area as a spring break destination to boost revenue for local businesses during the offse. Not long after, hundreds of thousands of college kids began descending on the shoreline each year. But the partying came with criminal activity. In 2015, local officials cracked down and banned alcohol on the beach during the month of March. Leading up to the ban, local officials had a goal. shift the local economy away from spring break. Then came the pandemic and the area exploded in popularity due to fewer restrictions in the state. New visitors meant new home buyers and rising home prices. Buyers from the neighboring 3A area were being priced out and began looking to Panama City Beach for luxury real estate. Today, spring breakers still come to the area, but the crowds are significantly smaller than they were during the MTV days. Still tourism revenue in the area remains