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Less than a month after Hurricane Ian devastated much of Southwest Florida, investors and other buyers are back on the hunt for Florida properties.

The real estate market seems to be recovering quickly

According to residential real estate professionals in Naples, Florida, and other locations near the path of the Category 4 storm, demand from locals and visitors is still high. They claim to have received multiple inquiries from people who are still considering moving to the Sunshine State or want to buy foreclosed properties.

“It’s approximately business as usual“, said Kelly Baldwin, an agent for Coldwell Banker in Longboat Key, Fla. “I haven’t had anyone wanting to stop their house search.

However, the surge in insurance premiums does not sit well with current Florida residents. Rising home and flood insurance premiums, along with the expense of protecting property from wind and flooding, are enough to drive away some longtime Floridians.

Some cash-rich investors are expressing interest in buying more homes. Friley Saucier, global real estate adviser at Premier Sotheby’s International Realty in Naples, works with high net worth individuals planning to spend up to $50 million on distressed real estate in places that have suffered damage in recent weeks.

Other buyers seem discouraged. Recent damage from the storm is expected to reach between $40 billion and $64 billion, according to data firm CoreLogic.

“While prices may be erratic for the first few months, the demand for living along a coastline with warm weather and a business-friendly economy appears to have led to a rapid economic recovery from recent past hurricanes,” said Dr. Ken Johnson, a housing economist at Florida Atlantic University’s College of Business.

People are flocking to Florida to buy more homes. The risks seem very low compared to a place in the southern sun.

What do you think of people buying more properties in Florida?

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