The after effects of hurricane Irma are still lingering in Miami. The hurricane cause damages between $32 to $50 billion dollars in insured losses alone. Many of the counties surrounding Miami have suffered significant losses but fortunately have shown no decrease in interest for potential buyers. Soon after the dramatic effects of Irma were calculated, realtors began marketing properties in the Miami area to prospective buyers. Realtors had to wait for FEMA to lift the disaster area status in order to start selling properties again.
“Single-family homes sales in Florida fell 20.4 percent, to 18,030, while the median sales price grew 7.6 percent, to $239,900. The biggest declines were in Sebring (45.8 percent), Naples (44.1 percent) and South Florida.”
Real estate agents have to wait for the cleanup of properties in order for them to market them to customers. The cleanup process of a hurricane of that magnitude takes time and many real estate agents have lost business because of it. Luckily, Miami has been in this kind of situation before. In 1992 Miami was hit by a category five hurricane with substantial damage to the city. Miami learned from their past and established strict regulations for all buildings in the path of potential hurricane damage. These strict construction regulations were displayed all through the onslaught of Irma resulting in less damage than predicted.
The homes in Miami and the surrounding areas have to be appraised again before any real estate agents can get their hands on them. The appraisal could be an elongated process due to the cleanup required from the damages of the storm. Factoring all of the necessary cleanup for the damages the median sales price for many homes and condos remained constant.
The storm did nothing to erode prices, as the medians trended upward. The median price in Broward last month was $357,600, up 10 percent from a year ago, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale. Palm Beach County’s median price increased almost 3 percent, to $325,000.
Florida is prone to hurricane disasters. In years to come there will surely be more hurricanes that move through Florida and affect everyone who lives there. The aftermath of Irma was devastating, but fortunately, not as devastating as some had predicted. Miami’s preparedness and proactive behavior has proven effective in minimizing damages across their counties.