Harvey, Irma, Maria, and Nate, without a doubt, have made the 2017 hurricane season the most active in modern history. This hurricane season, still weeks away from being over, has been the busiest and most destructive ever. When a natural disaster strikes, the priority is, and should always be, personal safety. But once the storms pass and we start to put our lives back together, the economic impact starts to unfold, particularly when it comes to real estate.
In the short term, there is no doubt the market will certainly take a hit. Buyers who were always on the fence will surely see this as a “sign” to wait for a better time to buy. And out-of-town buyers are bound to be a little skittish about investing in this area.
In the long run, hurricanes typically raise real home prices for years for several reasons … those whose homes are damaged must move; those who missed the path of destruction are now living in some of the city’s most desirable addresses; and real estate investors looking for a deal are eager to purchase damaged homes to repair and flip.
The theory that we’re now entering an era of “super storms” may deter people from buying property in Florida, mainly because Florida tops the list of states at high risk of natural disasters. But, in truth, natural disasters happen everywhere, and South Florida residents are willing to take the risk. Homes with hurricane-resistant features like impact windows and whole home generators, will likely become very attractive selling features. But the fact remains that year-over-year median sale prices in Broward and Palm Beach counties continue to climb. Proof positive that people live and move to South Florida because of the lifestyle, and in spite of the hurricane threats.
Looking for a “hurricane-resistant” home that will keep you secure before, during and after a super storm? Reach out and I’ll send you a personalized Compass Collection to review.