While it’s still too soon to say that the real estate industry will recover quickly in the aftermath of Hurricane Irma, there are indications that just a few weeks after the category 4 storm hit the state, things are looking up.
Images of the havoc wreaked by Irma flooded the media just hours after the Hurricane slammed Florida’s coasts. It initially worried the local real estate market, which relies heavily on out-of-town and foreign investors. It’s a big thing, especially for the state’s home and condo cash purchases which—at 20 percent of all Miami-Dade real estate transactions—is double the national average.
The deciding factor here is the speed by which infrastructure are repaired and the availability of amenities returning to normal, analysts say. Florida’s housing statistics will be affected since minor damages and power outages have delayed a few area closings. But if August data will be the basis, there should be a continued rise in mid-market home sales.
Other analysts even believe that the hurricane could prove a boon to the state’s luxury housing market, which could coax sellers into lowering asking prices. More importantly, structures did hold up well in the aftermath; the damage has mostly been downed power lines and landscape debris. Recovery should be fast, as people ultimately want to be in Florida.
Randy Benderson is the President of Benderson Development, a venture his father, Nathan Benderson, established in New York over 60 years ago. Today, Nathan’s legacy stands with the company, hailed as one of the largest and most diverse real estate developers in the U.S. For similar reads, drop by this blog.
Randy Benderson 
