Florida is Back to Business as Usual

Photo by branin

Less than a month after Hurricane Ian devastated much of southwestern Florida, investors and other purchasers are back to chasing Florida properties.

The real estate market seems to be recovering quickly

According to residential real estate professionals in Naples, Florida, and other places close to the path of the Category 4 storm, demand from both locals and visitors is still high. They claim to have gotten several queries from people who are still considering moving to the Sunshine State or who want to buy foreclosed properties.

“It’s pretty much business as usual,” said Kelly Baldwin, an agent for Coldwell Banker in Longboat Key, Fla. “I haven’t had anyone reach out who wants to stop their home search.”

However, soaring insurance premiums are not sitting well with current Florida residents. Increasing premiums for homeowner and flood insurance, together with the expenditures of protecting property against wind and flooding, are enough to drive away some long-standing Floridians.

Some cash-rich investors are expressing interest in buying more homes. Friley Saucier, a global real-estate adviser at Premier Sotheby’s International Realty in Naples, is working together with rich individuals planning to spend as much as $50 million on troubled real estate in places that suffered damage in recent weeks.

Other buyers seem discouraged. The recent storm damage is predicted to reach anywhere between $40 billion and $64 billion, according to data firm CoreLogic.

“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,” said Dr. Ken Johnson, a housing economist at Florida Atlantic University’s College of Business.

People are flocking to Florida to buy more homes. The risks seem to pale in comparison with a spot in the Southern sunshine.

How do you feel about people buying more property in Florida?

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