Extreme weather has taken its toll all over the country, and it can be hard to come back from things like hurricanes, tornados, and severe floods. Florida has always been a hot spot for bad weather, which has led to many people considering a move, so they don’t have to worry about it. If you want to know a bit more about what this area has been dealing with economically, check out this article to see what’s happening in Florida’s real estate market after hurricane Ian.
How much damage was caused by hurricane Ian?
According to many sources, Hurricane Ian likely caused around 67 billion dollars in damage, and it’s considered one of the top 5 most damaging storms in America’s history. When a hurricane makes landfall, it brings extreme winds, excessive rain, and sometimes lightning, so it’s not an easy thing to prepare for. Many people found that the wind damaged their homes, while others were stuck seeing their homes fill up with water while they waited in a safe place.
The storm was also very deadly and claimed the lives of at least 92 people in the Florida area. Many people were lucky to evacuate in time, but others had nowhere else to go, with travel becoming limited as time went on and the storm got closer. Those with limited mobility were forced to rely on others to help them get away from the area, but some were unable to make it out in time.
Who was affected the most?
Many people choose to live in Florida due to the fantastic beaches and incredible views of the nearby water, but some of these people might be kicking themselves now that the damage has been revealed. Multiple condo buildings on the Daytona beach shoreline have been damaged, and videos of the area show how many coastal pools were destroyed by the incoming water.
Coastal homes are usually seen as status symbols, and many people seek out the Florida area for vacation homes to escape the northern states’ cold temperates. These popular coastal areas were some of the hardest hit, and it will likely take a long time for them to go back to the same level economy-wise. Fort Myers and Naples were also hit incredibly hard, and most of the homes in the area saw some damage while others were decimated entirely by the high winds and water.
What does this mean for Florida’s real estate?
Real estate can sometimes be an unpredictable game that requires you to deal with tricky situations. Extreme weather makes it harder to sell homes in those areas, and many people will likely avoid the Florida coastline for their new homes until they can rebuild and come back from it. The weather also left many Florida residents homeless with no insurance coverage to help them when it came to buying or reconstruction.
Florida will likely take a significant hit this year in the market, and it will probably be much harder to sell homes or condos that are located along the coastline. We all saw the news coverage and videos of how bad the damage was in many areas. Social media gave us a great view of some of this damage in real-time, and it led to many people reconsidering major purchases in the area.
How long is it going to take to come back?
Hurricane Katrina was another major storm that took its toll on America, and many reports state that it took around 18 months for much of the area to rebuild. The insurance industry is also struggling to keep up with all of the claims coming in over various homes and properties, making it difficult for them to process them promptly. The lack of funds has led to many people relocating temporarily, staying in hotels, or attempting to rebuild their homes with what little they have.
Most of the major damage came from the large storm surges caused by the rising water. The high water levels took down full-sized fishing piers and stayed on land against many homes’ foundations for a few days, which caused cracks, swelling, and significant structural damage. Rebuilding these things will take quite a long time, and we won’t know the full scale of the damages for a few years.
Should I invest in Florida real estate right now?
Florida is a beautiful state that has plenty of great homes in amazing areas, but the potential for extreme weather is always there. It might take a few years to get everything back to normal, but that could change again if we end up seeing another big storm next year. Predicting a hurricane is usually only possible within the first few weeks, so we won’t know what the future holds until we get there.
Some investors have chosen to make “weather flips” their niche and are experts at purchasing damaged homes for repair. Flipping weather-damaged houses can be lucrative if you have some knowledge about repairing the damage, and it’s a great way to help the local community get back to normal. If you are considering investing in Florida real estate, look for properties that are further inland or choose a property to rebuild to give yourself the best chance of selling it within the next few years.
