Florida Realtor Says People Are Ready to ‘Swoop’ Into Hurricane-Ravaged Southwest Florida to Make Deals
Large hurricanes can actually accelerate home value appreciation, studies have shown. It can also speed up gentrification.
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A Florida realtor is already seeing people looking for properties in Hurricane-ravaged Florida, .
“There are some that have been scared away and equally as many who say this is my time to swoop in and make a deal,” said Kristen Conti, realtor of Peacock Premier Properties, on the evening program “Rush Hour” on Wednesday.
In late September, Hurricane Ian swept through Florida, killing , and the “indirect” death count, between medical issues and other factors, could be in the thousands, according to .
It decimated towns like Fort Myers and will likely cost the U.S. .
But don’t expect it to push prices down, Conti added.
“I wish I could say prices were going down — I know that’s what everybody wants to hear — but unfortunately they’re not. We still have tremendous demand. And when you have high demand and low supply, it’s a straight-line economics equation which means prices are going to stay high,” Conti said.
This is actually a relatively common phenomenon, the outlet notes.
After some of the most expensive hurricanes in the country, home values appreciated more quickly after the storm than before, .
Hurricane Charley hit Fort Myers in 2004 and cost $23.2 billion in damage, for example. Home value appreciations jumped from $21.6% to 33.6%, the report added.
The same is viewable at the neighborhood level. A 2019 paper from Urban Studies showed that the damaged neighborhoods in New Orleans, especially really damaged ones, after Hurricane Katrina, were generally more likely to be gentrified, .
Another real estate and economy expert, Ken H. Johnson, told the outlet that basically, a disaster isn’t going to prevent people from wanting to live in desirable areas.
“A hurricane or a forest fire is not going to stop the overall progression of where people want to live,” Johnson said.
Still, hundreds in Florida are still — and likely not in a position to make money on a post-disaster gold rush. It is also likely the damage will the state’s housing crisis.
A Florida realtor is already seeing people looking for properties in Hurricane-ravaged Florida, .
“There are some that have been scared away and equally as many who say this is my time to swoop in and make a deal,” said Kristen Conti, realtor of Peacock Premier Properties, on the evening program “Rush Hour” on Wednesday.
In late September, Hurricane Ian swept through Florida, killing , and the “indirect” death count, between medical issues and other factors, could be in the thousands, according to .