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The BP Effect - How have You Been Affected?

The BP Deepwater Horizon disaster has wreaked havoc on businesses and property values in Bay County,  Florida.  If you owned property or had a business in Panama City Beach or Panama City surrounding areas, you are likely to be suffering economic losses.  The Oil Pollution Act of 1990 provides a remedy that will help with your economic loss claims, even if the business or the property that you own was not directly impacted by oil from the Deepwater Horizon incident.

Recent studies conducted by Clear Capital and Core Logic have shown that access to the beach is an environmental amenity that can be economically evaluated.  In impacted Gulf Coast areas, a reduced number of property sales have undeniably occurred since April 20, 2010, the date the Deepwater debacle occurred.  Property sales have declined 10% in Panama City Beach since April 2010.  The economy in Bay County was definitely on an upswing in the year preceding the oil blow out.  The uptick in economic property values occurred in part because of the “Southwest” effect which resulted from the anticipation of the opening of a new international airport in Panama City.  In Panama City Beach, tar balls washed onto the beach which was closely followed by an outpouring of media attention in what was supposed to be a peak season for tourists that turned out to be a dismal one.  Inventories of both rental and for sale properties rose dramatically.  The increased inventory of properties was marked by a 33% decline of sales compared to one year ago.  Panama City had seen a price stabilization within the year before the spill.   Now there is only uncertainty.

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The BP Effect – Business Down, Costs Up at Bayou on the Beach

Fresh Apalachicola oysters, on the half shell or baked, shrimp po-boys, grilled or blackened fresh fish baskets, crawfish etouffee bowl – is your mouth watering yet? These are just a few of the mouth-watering menu items to be found at a local favorite, Bayou On The Beach, located on Middle Beach Road in Panama City Beach. Having been in business since 1999, the Buxtons are not new to the restaurant business here on the beach. They’ve had good years and they’ve had bad years, this year was supposed to be better than them all, but the BP oil spill changed everything.

Read more: The BP Effect – Business Down, Costs Up at Bayou on the Beach

 

The BP Effect – Finn’s Island Style Grub

Best fish tacos in PCB.

They said he has the best fish tacos in town.  Knowing the term “best” is relative, depending on who’s using it, the term “best” is relevant to me in my description of them; they are delicious.  But, I’m hardly a fish taco connoisseur.  After countless emails raving about the superb quality of Finn’s Island Style Grubb, located next to Mr. Surf’s Surf Shop on Thomas Drive, I had to check them out.  What I found was amazing, and what owner Justin Buxton does to his fish tacos is inspiring.  His business model is simple: provide excellent quality, unique flavor, keep it small and do it in a laid back atmosphere.  This is what kept him in business over the summer when oil threatened the beaches of Panama City Beach, trashing summer tourism numbers and possibly damaging the perception of Panama City Beach for years to come.

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The BP Effect – Kayak Sales Down 60%

If you’re in the market for a kayak, Sunjammers Watersports in Panama City Beach is the place to go.  There are few others that sell kayaks in the area, but during the summer 2010, they sold 40% what they sold in the summer of 2009 – and kayak sales is their bread and butter.  Luckily, low overhead and a diversified selling strategy allowed them to keep their doors open.  The BP Effect was clear and present for Sunjammers this summer.  Not only were kayak sales way down, other aspects of their business they were growing saw a fraction of the growth they were expecting.

Got a yak?

Read more: The BP Effect – Kayak Sales Down 60%

 

The BP Effect 1– Business Down, Costs Up at Bayou on the Beach

Fresh Apalachicola oysters, on the half shell or baked, shrimp po-boys, grilled or blackened fresh fish baskets, crawfish etouffee bowl – is your mouth watering yet?  These are just a few of the mouth-watering menu items to be found at a local favorite, Bayou On The Beach, located on Middle Beach Road in Panama City Beach.  Having been in business since 1999, the Buxtons are not new to the restaurant business here on the beach.  They’ve had good years and they’ve had bad years, this year was supposed to be better than them all, but the BP oil spill changed everything.

Read more: The BP Effect 1– Business Down, Costs Up at Bayou on the Beach

   

The BP Effect

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Economic Loss Claims

The framework of the settlement allows individuals and businesses who have suffered financial losses due to the oils spill to be fully compensated for these losses. The settlement is intended to encompass all economic losses that are reasonably attributable to the oil spill.

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Medical Claims

The medical portion of the settlement will potentially benefit hundreds of thousands of Gulf Coast residents and clean-up workers who have suffered acute or chronic illnesses as a result of exposure to oil or chemical dispersants in the months following the spill.

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Property Owner Claims

The settlement framework allows for property owners and long-term lessees of waterfront property in the areas affected by the spill to be compensated for loss of use and enjoyment of their property, this form of compensation was not previously available to property owners...

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