Real Estate Information |
|
Hurricane Katrina And The Impact On Real Estate Prices
In the wake of Hurricane Katrina's wide path of destruction, the real estate market will be affected perhaps in ways not fully understood or expected. If recent hurricane recovery history holds true there will be several good things to come out of all destruction. Let's hope so as those who live in the Delta region have suffered immensely. In September 1989, a strong category 4 hurricane by the name of Hugo made landfall in the Charleston, SC area. Up to that time it was the strongest hurricane to hit the U.S. mainland since Camille whacked the Gulf coast in 1969. The damage from Hugo was extensive with entire forests wiped out and fishing villages and seaside resorts heavily damaged. Dire predictions of the storm's negative effect on the local economy were made. I know, because I was living in the nearby town of Goose Creek when Hugo roared through; I witnessed a sustained and lengthy recovery effort for many months thereafter. These were some of my personal observations of that hurricane's impact on the housing market: 1. Housing stock destroyed. Yes, the number of mobile homes, apartments, and single family homes damaged or destroyed by Hugo was large. What had been a fairly open pre-hurricane housing market quickly tightened up as the vacancy rate plunged to near zero as all available, undamaged property was suddenly snapped up. Rental rates, which had been on the low side, suddenly shot up and stayed up even as the housing stock was replenished over the next year. The net effect of Hugo was that older, substandard housing was replaced by more modern housing built with the latest building code requirements included. Rental rates rose accordingly to reflect the improvements. 2. Insurance payments. Although the property I was living in did not sustain much damage, some of the homes in our neighborhood did. Within days of the storm's wake insurance agents were canvassing neighborhoods, filing claims, and issuing checks on the spot. The quick move of the insurers allowed people to run out and make needed repairs quickly. Oftentimes, the amount of the check more than covered actual damage thereby allowing homeowners to make both structural and aesthetic improvements to their properties. These improvements were credited with fueling the subsequent surge in local home prices. 3. Government assistance. FEMA cut its teeth on Hugo. Originally, much criticism was levied FEMA's way because of the agency's slow response to the disaster. It took several more disasters after Hugo before FEMA's response time improved. Still, where private insurance companies left off, FEMA stepped in by cutting checks that allowed people to rebuild. Essentially, FEMA stepped in to help the uninsured or under insured recover. Plenty of homes that had been substandard before Hugo were replaced by homes that met current [and stricter] housing codes. The impact on the housing market was felt as this rising tide of support effectively lifted housing prices. Every particular storm's impact on a local economy is different. Unfortunately for residents in the Delta region, Katrina blew through after a particularly rough hurricane year in 2004. No, FEMA isn't broke but the financial stress on insurance providers cannot yet be measured. Unlike with Hugo, where the recovery effort started immediately after the storm left, the Delta region is still in rescue mode and waiting for the waters to recede. I fully expect that it'll be weeks before any sustained recovery effort can be launched and even then it will be a long, drawn out process as insurance claims are filed, local building codes are re-examined, and the most important part - people - decide whether they want to rebuild in damaged communities or move away. South Florida recovered fairly quickly after Hurricane Andrew devastated Homestead in 1992, but many central and panhandle communities in Florida are still reeling one year after a series of hurricanes tore up their homes in 2004. Again, much will depend on individual families willingness to rebuild and that is the untold story lying in the wake of Hurricane Katrina. Matthew Keegan is the owner of a successful article writing, web design, and marketing business based in North Carolina, USA. He manages several sites including the Corporate Flight Attendant Community and the Aviation Employment Board. Please visit The Article Writer to review selections from his portfolio.
MORE RESOURCES: Real-estate agent explains new fees to homebuyers, he's not worried Business Insider Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Dr. Phil left speechless after real estate agent claims that squatting is justified by colonization New York Post Inside Chris Pratt and Katherine Schwarzenegger's Real Estate Portfolio Architectural Digest Google's Strategic Job Cuts Reflect Ongoing Cost-Cutting Measures, Affecting Real Estate and Finance Departments Yahoo Finance Real estate expert says several factors impact farmland prices brownfieldagnews.com LOCAL REAL ESTATE TODAY 4.19.24 – KQEN News Radio kqennewsradio.com How environmental insurance diligence can shape commercial real estate transactions Insurance Business Top 25 Columbus Residential Real Estate Deals for January 2024 Columbus Monthly Real-Estate Agents, Investment Advisers Chafe at New Anti-Money-Laundering Rules The Wall Street Journal Big Tech Is Downsizing Workspace in Another Blow to Office Real Estate The Wall Street Journal Favourable Signals For Bridgemarq Real Estate Services: Numerous Insiders Acquired Stock Yahoo Finance An investigation into the University's controversial real estate holdings Johns Hopkins News-Letter Darien and Rowayton Real Estate Report: April 11 to 18 darienite.com Celina’s first Walmart to be part of bigger vision for fast-growing city - The Dallas Morning News Celina’s first Walmart to be part of bigger vision for fast-growing city The Dallas Morning News How Real Estate Helped Taylor Swift Become A Billionaire Yahoo Finance SAGE Investment Real Estate Advisors sells 24-unit Bergen County garden-apartment complex ROI-NJ.com EG Real Estate: Busy Spring Market – East Greenwich News East Greenwich News Prologis Warns of Slowing Industrial Real-Estate Market The Wall Street Journal Tortured Poets or Real Estate Rock Stars? Taylor Swift's Past Boyfriends—and Their Incredible Homes Realtor.com News S.F. housing market: Still very few homes, selling even faster San Francisco Chronicle Downtime: Pairing wine and real estate RichmondBizSense Oregon Senate strengthens consumer protections in real estate transactions Curry Coastal Pilot See the latest Coles County real estate transactions Journal Gazette / Times-Courier Robin Hunden of Hunden Partners honored with Jeffrey D. Fisher Real Estate Legacy Award from Indiana University's ... Daily Herald SVN|J. Beard Real Estate adds chief investment officer to Houston office – REJournals REjournals.com Robert Bailey on Real Estate TPG Online Daily Two Weichert real estate agents in Willmar recognized for work in 2023 West Central Tribune Importance of home inspections in Indianapolis real estate WISH TV Indianapolis, IN Real estate brokerage firm Marcus & Millichap arranges $12.8 million sale of Fayetteville, NC mobile home park ... Greater Fayetteville Business Journal Real Estate Broker Commission Settlement ClassAction.org Navigating the changing role of real estate agents WISH TV Indianapolis, IN Toles, Temple & Wright Welcomes David Tucker as Newest Real Estate Agent Northwest Georgia News Who's Had a Harder Time Buying a Home: You or Your Parents? The New York Times PICTURES: See Inside Johnny Cash's Spectacular Real Estate Holdings Taste of Country Meet Samantha: Your A.I. Real Estate Agent of the Future The World Property Journal 21 Largest Real Estate Companies in the World Yahoo Finance Housing Market Predictions for 2024 & 2025 Remain Subdued Norada Real Estate Investments Solano Real Estate Scene: Homelessness, drug addiction and Theft Reduction Act Fairfield Daily Republic Richland County OH real estate transactions recorded April 5-12, 2024 Mansfield News Journal Q&A: What should a homebuyer look for in a Realtor? St. Albans Messenger TikTok’s Origin Story: Court Files Show Role of GOP Megadonor Jeff Yass The New York Times Owatonna named finalist in state real estate awards Southernminn.com Long-term exclusive property listing contracts now illegal in Arizona The Arizona Republic Real estate transfers GoDanRiver.com China home prices slumped in March as property crisis drags on Business Insider Quintana Roo announces important investments in Tourism and Real Estate The Yucatan Times Chicago-area home sales plunged last month Crain's Chicago Business CRE Broker Magazine: a New Beacon for Commercial Real Estate Professionals Announced by Massimo Group Markets Insider Real estate mogul concerned how Americans will deal with squatters: ‘Something really bad is going to happen’ Fox Business |
RELATED ARTICLES
Seller Financing - Six Safety Tips Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely?1. For Sale By Owner Listings Selling your home on your own, without a Realtor, is becoming less and less popular. This is surprising, considering that home values have skyrocketed and commissions have risen along with them. Sell Your Home Without a Realtor and Save Thousand$$$ A typical real estate commission on a $234,000 home (national median price for all existing homes as of July 2005) is over $16,000. In many areas the cut a real estate broker gets is much higher. Ten Big Mistakes That Will Lose That Property Sale If you are serious about selling your home, you probably go to a huge amount of effort when you show potential buyers around your property. You clean the bathroom until it sparkles; vacuum the carpet; brew coffee or bake bread; maybe you even banish the kids to their grandparents, but did you make one of these Ten Big Mistakes that can lose the sale - but are so easy to avoid. Property Investors, Scrub Your Thoughts and Start Again - Brazil, Brazil, Brazil! Brazil Property - FortalezaThe PlaceWhat to do in a place like this - You can swim, surf, dive, sail, golf, play ball, ride, explore, bargain hunt, sight see, explore, drive a dune buggy for 100 miles in any direction, or take a jeep up a steep mountain trail. You can explore environmental preserves, or just swing in a hammock and do nothing at all. Listing Real Estate Online - Top Tactics for Boosting Sales Listing real estate online can be a great way to let buyers know what is out there and it gives sellers a chance to show their home to people all over the world. However, the problem lies in the fact that most people still want to tour the home, inside and out, before buying it. Realty Agents: Don't Ask Don't Tell? Real estate stories radiate from the water cooler and cocktail parties like a brush fire out of control. Like early stages of fires, real estate transactions start out manageable, but occasionally real estate consumers fan the flames because of inexperience, and some real estate agents misplace the water buckets. Buy FHA HUD Homes FHA HUD homes are those dwellings that have been acquired by the United States Department of Housing and Urban Development (HUD). The HUD oversees the Federal Housing Administration (FHA), which offers federal insurance on home mortgages. Choosing a Reputable Real Estate Appraiser When you are considering purchasing a property; either for investment or personal use you will need to hire a real estate appraiser. If you are financing the purchase through your credit union or another financial institution will most likely be required to hire a real estate appraiser to perform an appraisal on the property. Real Estate Investments Real estate investments come through a variety of different options. However, whether it is a vacation property, a first home, an early retirement house, or a rental property that you find appealing, real estate investments are all the rage, and are quickly becoming one of the safest investments available, especially in our less-than-perfect economy. Investing in Real Estate Profitably: Eliminating the Need for Mortgage Insurance In an earlier article, we presented various options for ensuring that you have positive cash flow when holding rental houses, by minimizing loan payments. One problem which we now can address is to how to eliminate the need for paying mortgage insurance. Researching Property for Real Estate Investing Much is being said lately about investments. There are many investments that one could make: stocks, notes, gold, retirement plans, etc. Will The Real Home Buying Guide... Please Stand Up? Use Google right now and do a search on, "Home Buying Guide". Take a few minutes to click some of the links to see what's out there and then come right back. Real Estate Bubble Adding Price and Risk to Location, Location, Location Mantra Real estate investors familiar mantra location, location, location are nervously replacing the second and third locations with price and risk. As home prices rise to new levels daily and worries that some markets homebuyers are jumping into might start to loose air, their appetite for risk is creating some sleepless nights. Small Town Stone House with a Long History As a native Midwesterner, the first thing I noticed when moving to the Delaware Valley was the enormous number of fieldstone houses. Frankly, I'd never seen such a thing. Ten Steps for Becoming a Successful Real Estate Investor The secret to success in real estate investment is finding bargain properties that you can "flip" quickly for a profit. Here are a few ideas for becoming a successful investor:1) Obtain sound advice from investors who are already successful. Understanding Title Insurance Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Staging® Your Home for Sale: a Superior Real Estate Home Marketing Technique: Part 1 Every Realtor KNOWS that a home should be shown in its best light to help sell it faster and for more money! We also know that, properly done, it Is a lot more than putting fragrant pies, breads or cookies in the oven, opening the drapes and turning on all the lights; although even that helps greatly.Setting the stage to obtain the highest value, fastest, for a home has recently evolved into a real estate specialty that can pay of grandly for the seller and help the buyer overcome the immense emotional strain of making a decision on which, of many similar properties, to purchase. New Homes in Ridgefield Location:Frequent travelers will absolutely delight in this town! As part of the southwest section of Connecticut, Ridgefield is a convenient town to live in since it is only miles away from both the New Jersey Tri-state area and New York City. It is also close to its neighbor, Danbury, and has a steady population that continues to grow. Real Estate Investing Produces Extraordinary Profits Imagine making $5000 a year from real estate investing without recognizing you are real estate investing!Real estate values are so dynamic. The marketplace is always fluid and changing. |
home | site map |
© 2006 TIGER MEDIA |