Panama City Beach · Gulf Front
Aqua
Seventeen units for sale, from $549,000 — and every one of them can be rented short-term.
The One Number That Defines It
100% of Aqua allows short-term rental
Seventeen units are listed today and all seventeen permit short-term rental. That is not typical. Island Reserve, a few minutes away, allows none. Nautilus Cove allows 40%. In a building where every unit can rent, the question is never whether you can — it is what the numbers look like.
Aqua was built in 2007 on the Gulf front, and it is a purpose-built rental building that people also live in. Units run from a 1,049 sq ft one-bedroom to a 1,649 sq ft three-bedroom, averaging 1,310 sq ft across what is currently for sale.
for sale now
asking price
under contract
rental-allowed
Short-term rental permission is decided by the HOA and can be further restricted on an individual property by its deed. This figure reflects how listings are marked in the MLS, not what any particular home is allowed to do — always have it verified before counting on rental income.
past 12 months
sold price
on market
price ratio
Closed sales in Aqua over the last 12 months. Source: MLS, as of 31 August 2026.
Closed sales by quarter
Homes closed each quarter in Aqua, Q4 '25 – Q2 '26. Source: Emerald Coast MLS. Complete quarters only.
What You Can Actually Buy
Aqua by floor plan
Every unit currently listed, grouped by bedroom count. Prices are asking prices as of today and move as inventory changes.
One bedroom
Two bedroom
Three bedroom
Three Pools
Two outdoor, one indoor
Aqua has an east pool, a west pool and a heated indoor pool. That third one is the reason the building rents in February. On this coast a great many Gulf-front buildings go quiet from November to March; an indoor pool is one of the few amenities that genuinely extends the season, and it shows up in the occupancy rather than the brochure.
Getting to the Sand
Gulf front means Gulf front here
Plenty of listings on this coast say “Gulf front” when they mean across a road. Aqua has its own access straight from the property onto the beach — no highway, no shuttle, no shared easement with three other buildings. If you are buying for rental, that difference shows up directly in what a week is worth.
Before You Buy Here
Four questions we would ask
What is the monthly HOA, and what does it cover? On a $600,000 unit this is not a rounding error. Is there an assessment coming? Aqua was built in 2007 — buildings of that age on this coast periodically face significant repair work, and a fair seller will answer it. What did this unit actually gross last year? Ask for the statements, not the projection. Which rental program, and on what terms? They differ, and so does what you can do with your own place in season.
What Aqua Actually Sells For
Eight sales in the last twelve months
past 12 months
sold price
average sale
to sell
Two things worth reading off those numbers. Sales closed at 90.4% of the original asking price — sellers here start around 10% high, consistently. And 192 days is not quick. If you are buying, there is usually room and time to negotiate. If you are selling, price it for a six-month runway rather than a six-week one.
Before you write an offer here, read what we check on any building — association finances, where it stands on Florida’s structural reporting, and which lenders are currently approving this kind of purchase.
Emerald Coast MLS via CPAR, sales closed in the twelve months to August 2026, outliers excluded. Listing counts above update automatically.
Comparable Buildings
If Aqua is not the one
On the same stretch: Calypso Towers III (27 for sale, median $638K, also 100% rentable), Shores of Panama (70 across three phases, from $285K) and Laketown Wharf (72 for sale, from $222K). Or see every building we track.
Aqua · Panama City Beach
Ask us what a unit here actually earns
Not a projection — the real figures, from owners and from what has sold. We will pull the HOA, any pending assessment and the rental terms on any unit before you drive out to see it.