Hurricane Irma devastated Florida. Before that, Hurricane Harvey devastated Houston, and most recently, Hurricane Maria devastated Puerto Rico. That is only the US territories that were affected, not to mention other countries, and it is in one hurricane season. Florida got hit hard. Is the real estate market going to recover there? Florida is pretty resilient, but let’s look at the details.
Florida has been through major disasters before. Remember Hurricane Andrew, and there have been others, too. Hurricane Irma was one of the largest and most devastating though. To add, the point I am trying to make is that Florida is as mentioned very resilient and has proved itself in recovery before. Now, of course, the state itself and its people will recover, but what about the real estate market itself? That part has been proven, too.
It takes time, but the markets bounce back after natural disasters. The markets are what they are, so they will always move towards the reality of the situation. Natural disasters do a lot of damage, but people rebuild. Florida will always be a major vacation destination, the entire state.
Florida is a peninsula, and so it can be very vulnerable all the way around when it comes to storms. This last one, Hurricane Irma, went right down the middle from Miami on up. While there has been much devastation throughout, not just to the coastal properties, Floridians have banded together and help has poured in. They still need help down there, but repairing and rebuilding will be taking place over time.
In fact, the real estate market will likely be recovered almost instantly, at least once people have completely cleaned up. Sure, many homeowners are making insurance claims, and the insurance market does impact the real estate market. There will be some backlash, but property values are always strong in Florida.
Yes, they bottomed out during the recession and housing market crisis years ago, just like everywhere else. However, property values have rebounded along with the market, not to heights from a decade ago maybe, but have rebounded all the same. They will rebind from this, too.
Do you own property in Florida? If so, how badly was your property affected? If your home was damaged during the hurricane, my heart goes out to you. Many Florida business owners have dealt with property damage, and the commercial real estate market is going to have to recover, too.
What have areas of Florida been damaged the most? It would be interesting to know a damage total in numbers, too, and whether or not it was the most catastrophic hurricanes in terms of damage. Usually, hurricanes are because as the years go by, there are more real estate developments and they are more costly. As far as what areas were hit by Hurricane Irma, I was just writing an article the other day about Coral Gables. It wasn’t hit as hard as some other areas, but it was still hit hard nonetheless.
If you are looking at investing in real estate in Florida, then you might be able to get a good discount at the moment. That will get buyers continuously interested until the market has corrected itself. Are you looking at homes to buy, vacation properties or commercial properties? What’s your price range? How long is it going to be before you want to make a purchase? Don’t rush into a discount. Whether you are a property owner in Florida already or not, you know the state’s real estate market will certainly recover once again.