Caveat emptor

From CNN's "Business 2.0" section, we have Top 10 cities: Where to Buy Now.

The interstate highway system bypasses it, and the runway at the local airport isn't long enough to support anything beyond regional jets.

"Panama City is an economy waiting to break out," says Steven Cochrane, chief regional economist for Moody's Economy.com. Other factors increasing demand: Property prices are still low by Florida standards, and the local market has already absorbed a price correction after peaking last year.

Janet Roan, a Century 21 agent in Panama City, notes that two-bedroom beachfront condos are going for as little as $330,000 - down by more than $100,000 from 2005.

CAUTION: Local politicians, notoriously cozy with builders, have green-lighted several master-plan communities for future development. If supply gets out of hand, prices will stall.

Wow! Prices have already dropped by roughly 25% (how's that for a stall?), politicians are "cozy" with builders, there's no connectivity by road or air, the per-capita income will barely rise from $31K to $40K by 2011, but the economy is "waiting to break out"?

I think it's going to be "waiting" a long time!