Posted on 10/14/2022 3:23:02 PM PDT by Jacquerie
FORT MYERS, Fla. – In the month before Hurricane Ian hurtled into southwest Florida, shredding Lee County and destroying or damaging more than 32,000 homes, the area reigned as having the most overvalued real estate in the nation.
Two weeks after Ian’s Category 4 wrath, economists and Realtors said the Sept. 28 storm may be a pause in Florida’s humming housing market but is unlikely to have long-term impacts because “people want to live near saltwater in a warm and business-friendly climate,” said Ken H. Johnson, an FAU housing economist.
In the near term, however, Ian could bolster unaffordability in Southwest Florida and Palm Beach County by reducing the number of homes for sale and rent as locals look for temporary residences while their Lee County homes are rebuilt.
“I haven’t lost a single potential buyer because of the storm,” said Bob Ashworth, a real estate agent with RE/Max Realty Team in Cape Coral. “We still have strong demand. People still want to buy.”
At the end of August, Lee County buyers were paying an average of about 70% above the area’s long-term pricing trend. Four Florida housing markets in addition to Lee County made the university study’s top 10 list of most overvalued in the country when compared to historic trends back to 1996.
“I wouldn’t be shocked if prices went down for one month, but what I’m hearing is people are coming in with cash and trying to buy up lots and sellers are saying no,” Johnson said. “There is no fire sale going on from what I’m hearing.”
“People have short memories,” Ashworth said. “When it starts to get cold up north, they’ll be looking south.”
(Excerpt) Read more at floridarealtors.org ...
Bottom feeders swarmed in and drove prices to new highs.
There are people who claim Hurricane Frederick in 79 changed the Alabama coast completely. Instead of single family homes and a few 2 story hotels suddenly condos started springing up in its aftermath. I wonder if the same thing will happen in Mexico Beach.
The DeSantis Effect
I went to New Orleans a couple of years after Katrina. It looked as though the water had just receded in many areas. Then I drove to Pass Christian, Biloxi, the Mississippi area hit hardest. There were no trees but the area were essentially rebuilt and beautiful. I think people will be amazed how quickly the property owners of the Ft Meyers area will bring their homes back. I’d bet on the good people of SWFL any day. You take your chances with the next hurricane.
“You take your chances with the next hurricane.”
Exactly. How often does any one particular spot on the FL coast get his with a devastating Cat 4 or 5 Hurricane, anyway? Every 20 years? 30? I don’t think your odds of getting wiped out are that high.
It’s somewhat like living with the earthquake risk in California.
I have a friend who rode it out in Bonita Springs with minimal damage. He thinks he has bested pretty much the worst nature can throw at him.
Our neighbor’s daughter and husband moved to St. Pete earlier this year and moved into their brand-new house not long before Ian hit. They came through unscathed — just lost one limb on a tree! Damage is always so localized, but the TV makes it look widespread.
We were at Disneyland with the kids when the 1989 earthquake hit San Francisco during the World Series. Based on the TV coverage, I thought the whole Bay Area was flattened and we couldn’t return home. We phoned our neighbor and she said she had already been in our house. We lost exactly one figurine! (but we did discover a year later that our masonry chimney was cracked and nearly broke off at the eaves!)
The same area in Florida got hit with the eye of Irma just 5 years ago.
This one was different because it was very slow moving and swept the Gulf waters onto land.
<>no doubt to avoid paying out claims for repair/rebuilding homes.<>
Nope. Homeowners will get their $.
Otherwise, a good point in that rebuilding will be done to the current very strict and expensive building code.
I heard that. They say it was so slow moving that some areas got hit with two tidal surges.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.