Waterfall Homes for Sale

Living in Waterfall

Waterfall is recorded as Waterfall Phase I in Plat Book 22, page 38 and a Phase I replat in Plat Book 26, page 35. The county draws Phase I as three separate pieces of about 8.2, 1.5 and 9.7 acres, close to 19.4 acres in all, and the replat as one piece of about 2.0 acres that overlaps none of them. The tax roll files 74 parcels under Phase I and 33 under the replat, all with Panama City Beach addresses in ZIP 32407 on nine lanes whose names all end in Falls Lane: Fossil, Cascade, Enchantment, Harmony, Grand, Inspiration, Angel, Barefoot and Victoria Falls Lane. Cascade Falls Lane crosses the plat line, with 3 parcels in Phase I and 11 in the replat. The county boundary layer treats Waterfall as city territory throughout, with no unincorporated pocket among its 107 parcels.

Of the 107 parcels, 106 carry a single family code and the other, at 100 Victoria Falls Lane, is coded residential common area. Lots are small: roll lot sizes run from about 1,870 to 5,660 square feet with a median near 2,350, and roll living area from about 1,620 to 2,570 square feet with a median near 2,270. Build years cluster hard. Nine homes date from 2007 or 2009, then 97 of the 106 were built from 2016 through 2019, 56 of them in 2018, and every replat home is from 2018 or 2019.

The common-area parcel, 34025-208-000, is drawn as six separate pieces totaling about 12.1 acres, nearly all inside the Phase I outline. The tax record's acreage field for that parcel number reads 22.622, more than both plats together, so size the ground from the drawn pieces and not from that figure. FEMA's national map puts nearly every homesite mostly in its 500-year band (0.2 percent a year); the exception is Inspiration Falls Lane, where six of the eight lots lie mostly in minimal-hazard Zone X. Fifteen homesites also touch Zone AE ground along an edge, none for more than about 14 percent of the lot, and roughly two-thirds of the common-area parcel is mapped Zone AE. An older county copy of the map, from January 2022, shades a wider Zone A with no elevation, so verify the exact lot against FEMA's current panel.

Filed February 15, 2005 and listed as active today, Waterfall Townhome Owners' Association, Inc. (document N05000001575) has a reinstatement in its registry history and annual reports for every year from 2015 through 2026. The registry does not publish dues, insurance arrangements, rental limits or who maintains the lanes, so request the declaration, budget and master insurance summary for the lot. Listings filed under the community name on September 24, 2026 numbered none active and 12 sold, closing between February 21, 2017 and July 27, 2026; treat that as one dated reading, not a tally of the plat's sales.