Good News for Real Estate Owners in South Florida. Most experts agree that Hurricane IRMA Will Not Negatively impact long-term real estate prices. With much of the damage resulting from down trees and power outages in Miami and the surrounding areas, the city held up well and withstood the powerful storm with proper preparation and the assistance of stricter building codes. The City of Miami Beach also did an outstanding job with debris removal. Within a day of the storm passing all major roads such Alton Rd., Washington Ave., and Collins Ave. were ready for pedestrians and cars to travel. Immediate Real Estate Impacts For those real estate sales under contract, properties will need to be re-inspected prior to close to assess any damages. New construction deliverables will be minimally impacted. According to the Sun Sentinal, Miami-based Lennar Corp., the nation’s second-largest builder by closings, said a “very preliminary assessment” showed only minor damage to its Florida communities. “Some Buyers under contract simply asked to extend their inspection period and escrow due date under contract. Most sellers accepted such extensions, and so far, we have not received any cancellations on contracts,” said Roland Ortiz, Co-Founder at Worldwide Properties. Stricter Building Codes Reduced Damage Miami’s and the entire states’ building codes are much more stringent since the aftermath of 1992’s Hurricane Andrew. Florida has one of the nation’s toughest codes patterned after Miami Dade county amidst Andrew’s devastation. Rusty Payton, chief executive of the Florida Home Builders Association, told the Wall Street Journal that while further assessment is needed, it appears the state’s stricter set of construction standards “did its job.” source. Contractors have been required to build structures that can withstand winds up to 111 miles per hour since 2001. Miami Dade and Broward building standards require an even higher wind resistance for new construction to be built to withstand 130 mph winds. Other Experts Weigh-In Billionaire Developer and CEO of Turnberry Associates Jeff Soffer told CNBC in an interview “ I don't think real estate prices are going to get affected. Ultimately people want to be in Florida," he added.” source Nir Shoshani, co-founder and principal of NR Investments, which is developing the Filling Station Lofts in Miami’s Arts & Entertainment District, said the 10-story, 81-unit apartment tower at 1657 North Miami Avenue had some stucco fly off and some water intrusion. “But nothing too severe,” Shoshani said. “Miami remains a very attractive place,” he said. “I also think people forget quickly and it won’t have long term effects on real estate here.” source All it takes is for Winter to hit the North East and West making Miami and Miami Beach the most desirable and glamorous places to be and the storm soon forgotten. The Real Deal also reported from the residential developers they spoke to about their projects in Miami were relatively unscathed, and they don’t believe the aftermath will have a profound negative impact on their bottom line or construction schedules. How Worldwide Properties Can Help During a Storm People from all over the world own property in Miami Beach and consider it paradise as well as one of the most unique city within the United States. Most real estate buyers opt to buy Condominiums versus homes so that they can lock up after their visit and secure their investment. But what if a storm hits while you are away? Worldwide Properties offers a simple Property Care Package to all our clients. Utilized by several of our Property Management clients during the storm, Property Care provided peace of mind for those out of town residents. We had a dedicated team making sure “before and after” the storm all furniture was put away from the balconies. We made sure all windows and doors were properly shot to avoid water intrusion. We also made sure all major electronics were properly disconnected and all expensive car and motorcycles were on safe grounds, etc... Our clients were so happy to have someone local to look out for their investment and second home. CLICK HERE to see the List of Services Included in Property Care. We can be here for YOU too! All it takes is a simple email or call. CLICK HERE to Contact Us and learn more about how to protect your property while you are away.
Original Post Here: How Will Hurricane IRMA Affect the Miami Real Estate Market?
from Worldwide Properties - Feed http://ift.tt/2jNLtLa
No comments:
Post a Comment