A lot of buyers think some homeowners will want to move away from the coast – and others, perhaps older, won’t want the hassles that come with rebuilding.
NEW YORK – Investors and other buyers are looking to storm-hit Florida cities for housing deals. Residential real estate agents in Naples and other cities damaged by Hurricane Ian report strong demand from both locals and out-of-staters.
Many buyers hope to find homeowners who want to move out after the hurricane, or owners, perhaps older, who don’t want to go face the frustrations involved with rebuilding.
Rhode Islander Rick Lema, who owns a residence in Englewood, thinks owners of damaged properties will be eager to sell their holdings in the wake of the storm.
CoreLogic notes some potential buyers are reconsidering because of Ian’s damage, however. And Redfin says 62% of U.S. residents who plan to buy or sell a home in the next year are reluctant to move to a state with climate risk.
Others are undaunted, though, and some analysts expect housing shortages will cause property prices to appreciate, at least for the short term.
“While pricing might be erratic for the first few months, the demand for living along a coastline with warm weather and a business-friendly economy seems to have led to quick economic recoveries after recent past hurricane strikes,” says Florida Atlantic University’s Ken H. Johnson.
Kristen Conti, broker-owner of Peacock Premier Properties in Englewood, anticipates home prices increasing for 12 to 18 months due to tight inventory as well as demand from both end-users and investors.
For more information on Hurricane Ian recovery efforts and survivor options, visit Florida Realtors Hurricane Recovery Center.
Source: Wall Street Journal (10/18/22) Friedman, Robyn A.
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