Hurricanes, Housing and Our Love of the Ocean
Over the past roughly two decades, a number of destructive hurricanes have had a costly immediate impact on a huge number of U.S. coastal communities – from Hurricane Andrew, through Katrina, Sandy and most recently Harvey. While the immediate impact on housing is immense and often runs in the billions of dollars’ worth of damage, the lasting impact of these kinds of storms on local housing markets is surprisingly minimal.
Our research shows that properties near the coast – those most likely to get battered by the wind, rain and storm surges wrought by large hurricanes – exhibit a consistent pattern:
- They command a significant premium over properties located farther inland;
- They retain that premium even after the danger posed by these storms has become obvious.
The bottom line: Home buyers love coastal areas. The attraction of living near the sea is too strong to dampen interest simply because of a few hurricanes here and there. Evidently, people either quickly forget the potential dangers, or they place more weight on the upsides of coastal living. ~ Svenja Gudell is Chief Economist at Zillow.
Sarasota buyers and sellers contact us everyday for answers to their Sarasota real estate questions. Curious about the true value of your Sarasota property or one you are interested in purchasing ? Give us a call anytime 941-993-3159 And our web site Dohertyrealestate.com is an excellent resource for Sarasota real estate.
Maureen and Patrick Doherty 1605 Main St #101 Sarasota, FL 34236