Real Estate Market Post Irma: Is it over for Florida?

September 10, 2017, Florida was hit with Irma, a hurricane that would forever change the lives of many. That much we know, but will it forever change the future of real estate in Florida, as well?

Irma has definitely affected real estate in a short term sense. Deals that were expected to close in September have been delayed due to the storm. However, The New Home Spot didn't see  any deals broken which is a great sign for the future. "I've seen a crazy amount of inquiries come through about our Anglers at Sombrero project located in Marathon, FL. People still want to live in paradise but they are recognizing the importance of having a home constructed to handle these types of hurricanes. Our homes in The Keys are on the water, but because we've built them to the  newest codes , they are on columns and remained undamaged from the high waters", explains one of The New Home Spot's team members.

The New Home Spot works directly with many builders so that they can provide their clients with the best homes for their needs. "We live in Florida. It's paradise. But like with anywhere there are downfalls. Ours happens to be tropical storms and hurricanes. The best we can do is to be prepared and make sure our clients are getting a home that will protect them and still be there when the storm passes." Jacob Meyer, Broker and President of The New Home Spot has changed his company wide policy to make sure all of his agents are strongly suggesting that their clients get flood insurance even if they aren't in a flood zone. "We don't want any of our clients getting blind sighted. Irma and the projected storm surge panicked many people because some didn't have flood insurance. The reality is, is that even if you're not in a flood zone, freak incidents like Hurricane Harvey happen. Of course it's the clients ultimate decision but we want to make sure we educated them on the risk. It's better to be safe than sorry." 

The New Home Spot is projecting new construction homes and homes with impact windows and doors will start trending and have a much easier time selling. Others might turn to condos due to the ease of preparation and clean up when a hurricane hits. Overall, they are not anticipating any real drop in real estate sales. 

 

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