Harvey and Irma have become two of the most popular names as hurricanes bearing these names pummeled Texas and Florida, respectively. Real estate owners and investors in the hardest hit areas of both states must assess damages to their properties and file necessary FEMA and insurance claims.
The Houston metropolitan area is the fifth largest in the nation by population and accounts for approximately 3 percent of the nation’s gross domestic product. Although Hurricane Harvey has already sent shockwaves through the economy, the rebuilding that is to come will drive real estate recovery there in the longer term.
It is natural to assume that Florida’s real estate boom of the past few years will dip in the wake of a disaster of this scope. However, many areas of the state have rebounded well from massive storms of the past and come back stronger than ever. In fact, past hurricanes have contributed to South Florida’s adoption of stricter building codes, which have helped residential and commercial properties weather these storms.
While both states will need to focus on recovery and repair in the short-term, investors will need to plan for the longer game.
The professionals with Orion Real Estate Group work with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, or for immediate guidance about your property post-hurricane, call (305) 278-8400 or email firstname.lastname@example.org.