Calypso Resort & Towers

Three towers, two very different purchases

Calypso is three towers at the west end of Panama City Beach, next door to Pier Park and the Russell-Fields city pier. Towers I and II at 15817 Front Beach Road were finished in 2006. Tower III at 15928 Front Beach Road was finished in 2020, and it is the one most people are looking at when they search for Calypso today, because it holds 25 of the 39 units currently for sale.

The thing to settle before comparing any two prices here is which tower. Every one of the 14 listings in Towers I and II is flagged Gulf-front in the MLS. None of the 25 in Tower III is. That is not a knock on Tower III, which is fourteen years newer, but it is why a three-bedroom in one tower can ask $525,000 and a three-bedroom in another can ask $1,165,000.

What sold in the last twelve months

Forty-six units closed across the three towers between October 2025 and September 2026, against 43 the year before. The median sale was $535,000, the average $513,553, and the range ran from $350,000 to $1,180,000. On average a unit took 167 days from listing to closing and sold for 90.4% of its original asking price, which tells you two things: sellers here generally come down before they close, and a buyer who makes a sensible offer on a unit that has been sitting is usually talking to a seller who is ready to listen.

By size, 22 of the 46 were one-bedrooms, averaging $398,702. Twelve were two-bedrooms, averaging $621,417, and twelve were three-bedrooms, averaging $616,250. That the two- and three-bedroom averages sit almost on top of each other is the tower effect again: a Gulf-front two-bedroom in Tower I or II prices like a three-bedroom in Tower III.

What is for sale now

As of October 8, 2026 there are 39 units listed. In Tower III, one-bedrooms ask $389,900 to $467,500, two-bedrooms $630,000 to $899,500 and three-bedrooms from $525,000. In Towers I and II the range runs $454,900 to $1,165,000. Thirty-eight of the 39 listings say short-term rental is allowed, which is the norm on this stretch of Front Beach Road.

What to check before you buy

Ask for the current association budget and the latest milestone inspection and reserve study for the tower you are buying in. Towers I and II are twenty years old, which is the age at which Florida condominium law now requires those documents to exist, and a buyer is entitled to read them. If a unit is already in a rental program, read the management agreement before relying on any income figure a listing mentions. We can get the documents for you, and we will tell you what we see in them.

Sales figures from the MLS, October 1, 2025 through September 30, 2026. Active listings as of October 8, 2026. Figures were accurate when written and change with the market. Nothing here is a projection of rental income or an assurance about future assessments.