WINK NEWS
Since energy, water, and cable are again on in lots of areas all through Southwest Florida, chances are you’ll moderately surprise, what the real estate market will appear like sooner or later.
WINK News spoke with real estate expert Denny Grimes to get some perspective on the state of affairs.
WINK News requested Grimes what went by his thoughts through the storm because it pertains to the real estate market.
“I don’t worry about the real estate business, the industry. Florida is a great state. You see what happened during COVID,” Grimes mentioned. “We offer three things that people want water, warmth, and way of life.”
“If Hurricanes were going to like dead in the market, who would ever live anywhere that’s tropical on a beach. I mean, look at the Bahamas, look at all over Florida. Look at every coastline. Look at Texas, they’ve all had storms. And we grow anyway,” Grimes mentioned.
Grimes described the Southwest Florida real estate market like a snow globe that’s been shaken up. He mentioned main occasions, from the pandemic to Hurricane Ian create uncertainty which might result in concern.
“Creates fear and fear is a terrible advisor,” Grimes mentioned.
Grimes predicts the Barrier Island of Fort Myers Beach might be largely unrecognizable as soon as it’s rebuilt.
“There’s an area in Naples on the beach called Layli, barefoot Beach, where you got these beautiful houses or all three stories or whatever, you’re going to see a sterile Island develop like that you’re going to see one of the nicest beach areas probably in on the Gulf Coast, develop, and come out of the ashes of Ian,” Grimes mentioned.
“Some people say that the quaintness will be done because of that,” WINK News famous.
“You’re not gonna be able to sit on your feet on the sand while you’re having a beer, you know, on ground level, though, so that’ll be gone. But sooner or later, that’d be gone anyway,” Grimes mentioned.
And Grimes thinks there might be no scarcity of people that need to spend money on that new Fort Myers Beach.
“For every one person who wants to leave, I think there’s two that want to be here,” Grimes mentioned.
And whereas some will go away Florida, others received’t go far for safer and better floor.
“Right now we’re sitting in Gateway, which is around 17-18 feet above sea level, and no water damage whatsoever,” Grimes mentioned. “The other areas of the county that were higher, people said What a difference 20 Miles makes I said it’s not 20 miles, it’s 20 feet.”
“Somebody thinking about rebuilding, probably are going to be looking at areas that a little bit more inland a little bit higher. Somebody said, Storm probably just put Babcock on the Babcock ranch on the map,” Grimes mentioned.
“It might even put a push into the Lehigh Acre area, because now you can go there, still relatively affordable, don’t have to worry about flood,” Grimes mentioned. “And I think people after they saw the water devastation, I think that will be on people’s mind more than the wind.”
In case you’re somebody fascinated by promoting, Grimes mentioned to be affected person in case you can. That’s as a result of the primary give you get would seemingly not be the very best one.
“The first buyer may be the opportunist. If you’re in a pickle and need the money that buyers for you, if you have the patience, the second wave of buyers, once the snowglobe settles down a little bit, and some of these questions get answered will be what I call the rational investor,” Grimes defined. “Now they’re not gonna play retail, they want it wholesale. However, their model is probably going to hold it to rent, they’re not flippers, so a little bit more favored towards the seller.”
“I don’t think there’s going to be any fire sale for sellers for property values to fall. I think property values will rise,” Grimes mentioned.
It must be understood that Grimes doesn’t know what impression the excessive value and restricted availability of property insurance coverage can have on the market. The state is in disaster and Grimes thinks the federal government must rapidly step in with options.