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PMagistro
Member


Joined: 11/01/17
Posts: 3
Real estate prices - post Irma
      #1751316 - 11/07/17 12:41 PM (65.223.226.142)

A natural disaster like Hurricane Irma created unquestionable harm to the people of SXM as well as to 2nd home owners and vacationers alike.

My family started visiting the Island about 10 years ago and like many others, we started going once a year, then twice and now we’ve averaging 4-5 times per year; we’ve contemplated buying a home there, which leads to my question….

What impact will Irma have on real estate prices on the Island?

Personally, I’ve owned property in both Charleston SC post-Hugo and the Jersey Shore post-Sandy. While I don’t want to come across as being insensitive to people that truly lost everything, I just want to point out that in my limited experience both Hurricanes, in retrospect, yielded huge positive impacts as real estate prices have continued to increase in both areas and the communities were built back better than before.

So, is now the time to invest in SXM?


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Carol_HillAdministrator
Administrator


Joined: 08/01/00
Posts: 63677
Loc: Central Florida!
Re: Real estate prices - post Irma [Re: PMagistro]
      #1751317 - 11/07/17 12:49 PM (73.255.141.246)

Gee, I don't know the answer to your question, but I think that it's going to upset some people, as it does seem insensitive..

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PMagistro
Member


Joined: 11/01/17
Posts: 3
Re: Real estate prices - post Irma [Re: Carol_Hill]
      #1751322 - 11/07/17 01:18 PM (65.223.226.142)

Coming across as opportunistic and insensitive was not my intent.

My home on the Jersey Shore was completely destroyed during Sandy and I lost most of my possessions with insurance covering only a fraction of the costs to rebuild.

Despite the huge headache & expense, I was able to find temporary housing and was employed throughout the ordeal - this is the major difference here! This is was makes this hurricane so bad - losing your home is one thing, but combine that with losing your ability to earn money and its truly the perfect storm!

My point was that many folks on the Jersey Shore choose not to rebuild. Strictly speaking from an economic standpoint thus far that has been a mistake.

More so then anything, the island needs money. If those that love the island invest in it, I trust that will have a positive impact for everyone.


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sasasal
Traveler


Joined: 03/09/17
Posts: 184
Re: Real estate prices - post Irma [Re: PMagistro]
      #1751323 - 11/07/17 02:11 PM (24.102.161.71)

We have been trying to sell our home for quite a while in St.M. I am sure there will be those that want a huge bargan, and figure with the damage they can buy a house for a dime, or loose change... We already had someone that wanted to look at it, with all the damage... We are not stupid, but if someone is very desperate??? this may be the time to sell, and get hammered... just my thoughts.

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deputydog1157
Traveler


Joined: 03/06/17
Posts: 70
Loc: FL
Re: Real estate prices - post Irma [Re: sasasal]
      #1751325 - 11/07/17 02:36 PM (199.47.254.33)

Unfortunately there are always those who will prey on the few that either can't afford to repair their house or those whose homes are income/vacation homes. While it may seem insensitive, the truth of the matter is that there will be some homes that can be bought pennies on the dollar and if they are bought by investors they will be rebuilt relatively quickly because these investors want to see a return on their investment. Those folks that live on the island and have lost everything are the ones that might fall prey to selling only to realize they won't be able to buy anything they can afford and unfortunately become homeless.

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RICKnGRACE_LI_NY
Traveler


Joined: 04/21/01
Posts: 1420
Loc: Long Island, NY
Re: Real estate prices - post Irma [Re: deputydog1157]
      #1751326 - 11/07/17 02:50 PM (67.86.221.25)

It’s a fact of life. Markets go up and markets go down. I am not talking about stock market but housing markets, automobile markets, food market. It’s all a matter of supply and demand. Post a storm like this there will be more homes for sale. The supply goes up and the prices go down. I personally don’t think this is insensitive or vulturistic. It is a opportunity for people who may othewrwise not be able to afford it to buy something. And I would rather see someone buying and fixing than look at wrecked homes for years. Think on a larger scale and imagine if someone was able to buy the Mullet Bay Property. Then we wouldn’t still be looking at it this way for the last 22 years.

Not looking to start a war. Just another opinion.

--------------------
Rick and Grace


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deputydog1157
Traveler


Joined: 03/06/17
Posts: 70
Loc: FL
Re: Real estate prices - post Irma [Re: RICKnGRACE_LI_NY]
      #1751327 - 11/07/17 02:59 PM (199.47.254.33)

I totally agree with you. If I was in the position to be able to purchase a 2nd home for income and/or vacation I most definitely would be trying to find a distressed property on the island. It is just the way it is. In 2008 when the real estate market tanked here in the states, many underwater/foreclosed homes were bought by investors/flippers, rented or renovated and now being sold at a nice profit. That's just the way it goes however the difference is when the people have been displaced because their home was destroyed by an act of God and now their livelihood is gone too. I hope those folks can get low cost loans from the government.

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jazzgal
Traveler


Joined: 06/01/09
Posts: 2925
Loc: Portland, OR
Re: Real estate prices - post Irma [Re: PMagistro]
      #1751331 - 11/07/17 03:46 PM (97.115.11.239)

I had lunch with a friend yesterday who opined the same thing about Puerto Rico.

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rpotter28
Traveler


Joined: 06/09/11
Posts: 38
Loc: Ontario, Canada
Re: Real estate prices - post Irma [Re: jazzgal]
      #1751358 - 11/07/17 08:30 PM (142.112.109.93)

I'm a Real Estate guy, so I have to chime in.

We always say Fair market value is what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.

In every market, and at anytime, there is always a pressured Buyer or Seller somewhere. That's why no rule is 100%, but is true most of the time.

As a Seller, if you find the price too low, don't sell. As a Buyer, if you find the price too high, don't buy.

It's the pressure factor that makes the difference, and that's hard to quantitate.


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KGB
Traveler


Joined: 05/14/06
Posts: 295
Loc: Edmonton, Alberta, Canada
Re: Real estate prices - post Irma [Re: rpotter28]
      #1751363 - 11/07/17 09:22 PM (68.150.82.116)

There is a 3"D's" rule to buy a real estate - Death, Divorce and Destraction.
That's when you get a best deal. Cruel but this is strictly business.

--------------------
"Often Wrong, Never in Doubt"


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