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Real estate prices - post Irma #148179
11/07/2017 01:41 PM
11/07/2017 01:41 PM
Joined: Nov 2017
Posts: 42
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PMagistro Offline OP
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PMagistro  Offline OP
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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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Re: Real estate prices - post Irma [Re: PMagistro] #148180
11/07/2017 01:49 PM
11/07/2017 01:49 PM
Joined: Aug 2000
Posts: 82,466
Central Florida!
Carol_Hill Offline
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Carol_Hill  Offline
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Posts: 82,466
Central Florida!
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..


Carol Hill
Re: Real estate prices - post Irma [Re: Carol_Hill] #148181
11/07/2017 02:18 PM
11/07/2017 02:18 PM
Joined: Nov 2017
Posts: 42
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PMagistro Offline OP
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PMagistro  Offline OP
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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.

Re: Real estate prices - post Irma [Re: PMagistro] #148182
11/07/2017 03:11 PM
11/07/2017 03:11 PM
Joined: Mar 2017
Posts: 355
S
sasasal Offline
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sasasal  Offline
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Posts: 355
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.

Re: Real estate prices - post Irma [Re: sasasal] #148183
11/07/2017 03:36 PM
11/07/2017 03:36 PM
Joined: Mar 2017
Posts: 363
The Villages, FL
deputydog1157 Offline
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Posts: 363
The Villages, FL
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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Re: Real estate prices - post Irma [Re: deputydog1157] #148184
11/07/2017 03:50 PM
11/07/2017 03:50 PM
Joined: Apr 2001
Posts: 1,562
Long Island, NY
RICKnGRACE_LI_NY Offline
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RICKnGRACE_LI_NY  Offline
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Posts: 1,562
Long Island, NY
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
Re: Real estate prices - post Irma [Re: RICKnGRACE_LI_NY] #148185
11/07/2017 03:59 PM
11/07/2017 03:59 PM
Joined: Mar 2017
Posts: 363
The Villages, FL
deputydog1157 Offline
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deputydog1157  Offline
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Posts: 363
The Villages, FL
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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Re: Real estate prices - post Irma [Re: PMagistro] #148186
11/07/2017 04:46 PM
11/07/2017 04:46 PM
Joined: Jun 2009
Posts: 4,864
Portland, OR
jazzgal Offline
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Portland, OR
I had lunch with a friend yesterday who opined the same thing about Puerto Rico.


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Re: Real estate prices - post Irma [Re: jazzgal] #148187
11/07/2017 09:30 PM
11/07/2017 09:30 PM
Joined: Jun 2011
Posts: 50
Ontario, Canada
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rpotter28 Offline
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Posts: 50
Ontario, Canada
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.

Re: Real estate prices - post Irma [Re: rpotter28] #148188
11/07/2017 10:22 PM
11/07/2017 10:22 PM
Joined: May 2006
Posts: 552
Edmonton, Alberta, Canada
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KGB Offline
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KGB  Offline
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Posts: 552
Edmonton, Alberta, Canada
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"
Re: Real estate prices - post Irma [Re: KGB] #148189
11/08/2017 12:52 AM
11/08/2017 12:52 AM
Joined: Apr 2006
Posts: 1,766
Med/ Caribbean
sailbynight Offline
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sailbynight  Offline
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Posts: 1,766
Med/ Caribbean
What is destraction? I assume your adage needs an I for the E or a U for the A? Thanks

Re: Real estate prices - post Irma [Re: sailbynight] #148190
11/08/2017 09:11 AM
11/08/2017 09:11 AM
Joined: Jun 2011
Posts: 50
Ontario, Canada
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rpotter28 Offline
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rpotter28  Offline
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Ontario, Canada
The 3rd is debt.

Re: Real estate prices - post Irma [Re: sailbynight] #148191
11/08/2017 05:30 PM
11/08/2017 05:30 PM
Joined: May 2006
Posts: 552
Edmonton, Alberta, Canada
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KGB Offline
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KGB  Offline
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Posts: 552
Edmonton, Alberta, Canada
Quote
sailbynight said:
What is destraction? I assume your adage needs an I for the E or a U for the A? Thanks

Yes indeed, thank you gramma nazi! Damn autocorrect!


"Often Wrong, Never in Doubt"
Re: Real estate prices - post Irma [Re: KGB] #148192
11/09/2017 07:10 AM
11/09/2017 07:10 AM
Joined: Jul 2006
Posts: 13,398
Peaceful Eastern North Carolin...
GaKaye Offline
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GaKaye  Offline
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Peaceful Eastern North Carolin...
Quote
KGB said:
Damn autocorrect!


Hard to blame autocorrect when the typo isn't even a word. <img src="http://www.traveltalkonline.com/forums/images/graemlins/jester.gif" alt="" />

Re: Real estate prices - post Irma [Re: KGB] #148193
11/09/2017 10:14 PM
11/09/2017 10:14 PM
Joined: Apr 2004
Posts: 389
St. Maarten
takeus2sxm Offline
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takeus2sxm  Offline
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Posts: 389
St. Maarten
I have to add it’s grammar, not gramma.


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