How Will Hurricane Irma Impact the South Florida Real Estate Market?
After Hurricane Irma, real estate professionals in South Florida are assessing the damages and trying to determine what impact, if any, it will have on the market in the short and long term.
Because of the fact that Irma was not as severe as anticipated, the expectation is that the hurricane will have a minimal long-term effect on the market.
Damage to homes in several cities was minimal, however, there are some complications that have arisen and may require the assistance of a South Florida luxury real estate attorney.
Real estate sales throughout South Florida were up prior to Irma
Prior to Irma, real estate sales for South Florida were at highs and the market was strong. However, several real estate closings throughout Florida had to be delayed due to the hurricane, with some of them falling through due to a variety of factors.
One new negotiation concern for many buyers, understandably, is the modernity of the homes they are buying and whether or not they are hurricane proof.
The market may get a boost from Irma
Some experts predict that Florida’s real estate market may actually get a boost from Irma, as many luxury sellers may be more willing to negotiate prices for their homes following the hurricane.
Many local buyers and those who are relocating to Florida remain undeterred. Natural disasters affect every part of the country, and South Florida remains an attractive place to retire or relocate to work in a booming local economy.
It’s not clear what the full impact will be
It remains unclear what the full impact of Irma will be, as at least a few months of data will be required.
However, it’s expected that many luxury homes and modern homes in South Florida will be in higher demand than ever before. Many of them feature the latest in hurricane resistant windows and construction, which will likely put them at the top for buyer demand.
Now is a good time to meet with a South Florida luxury real estate attorney
If your real estate deal has been impacted by Irma in any way, it’s a good time to meet with an experienced South Florida luxury real estate attorney.
There may be new implications to consider, such as any new damages to the property, negotiating hurricane upgrades, and other new due diligence steps you may need to perform before closing.
Contact Schecter Law today at (954) 779-7009 to ask any questions at all about South Florida real estate purchasing, selling, negotiations and contracts and other considerations.