For months we’ve been posting updates on the real estate market which up until recently has impacted the local and statewide markets by the higher than anticipated taxes, rising insurance premiums, interest rates and the election. While those factors alone led for a decline in sales and sales prices for most of the state, the devastating effects of the hurricanes over the past few months have had a unique impact of their own, especially to our local markets.
Typically this time of year we not only focus on the year to year sales comparisons, but the year to date recap as well, however, adding in the variable of multiple hurricanes are skewing the numbers resulting in fewer showings, inventory that was damaged or lost this year versus last, and listing prices decreasing. While we would typically see more inventory coming on the market this time of year in anticipation for the upcoming season and the arrival of our winter visitors, we are also seeing a significant number of inquiries by investors looking for opportunistic buys. Unlike Hurricane Charley where Money and Forbes magazines had just voted our area as one of the best places to retire that created an unique competition between investors and buyers vying for limited inventory, there is plenty of inventory for buyers and investors of all types. The silver lining for some is if their homes have not been impacted by the recent storms, those homes will be viewed more favorably and the potential is for shorter times on the market if priced competitively. For others who did not fare as well, keep in mind there is a 50/50 rule that will impact your recovery plans. When in doubt call a reputable contractor to give you an estimate, and who can also determine if any of your damage was wind related or just caused by rising water. Before making any decisions check with your accountant and financial advisor as they will help you decide if rebuilding is a viable option or selling the property “AS IS” is your wisest financial choice.
Throughout the years of writing these newsletters, I’ve often shared my love for the summer months and all the activities that occurred during that time of the year. While my father loved the fall, I wasn’t nearly as enamored with it as the fall brought to a close my favorite time of year and was the precursor to the harsh winter weather yet to come. Having moved to Florida twenty-five years ago from New York, I felt God gave me a reward to enjoy the season I loved most on a year-round basis. Like many, I envisioned myself boating, golfing, and going to the beach whenever I wanted. What better way to enjoy the quality of life I always dreamed of? As for hurricanes, what hurricanes? I encountered them before; how much worse could they be in Florida if we ever did get one?
Having lived on the water most of my life, I vividly recollect Hurricanes Agnes and Gloria years later impacting Long Island, where yachts of all sizes were strewn over the island beaches. While it was a very sobering reminder of man’s weakness in contrast to nature’s strength, those experiences paled by comparison to the destructive forces we’ve encountered since moving to Florida 25 years ago.
Since then, we have encountered a host of other hurricanes and tropical storms, including the recent back-to-back hurricanes of Helene and Milton, and through it all, I am overwhelmed by the resiliency of our community, our neighbors, and our restaurant and store owners who have picked up the pieces and are forging ahead.
We all get wrapped up in our day-to-day lives where we count on tomorrow to get together with friends or make the call that is long overdue. I’m as guilty as it seems, like years pass like months and weeks pass like days, only to have these storms put life in a different perspective. My most vivid reminder of the importance of our relationships was during Hurricane Charlie. Since we were all without power, we came out of our homes seeking relief from the heat and humidity inside and found ourselves catching up with friends and neighbors for the first time in months. Unfortunately, once power was restored, we returned to our homes and resumed our way of life, where we offered a simple wave as we passed.
We often think of Thanksgiving and the holidays that follow as the time of year to give thanks for the blessings we’ve received. It is also the start of a season that beckons us to be more compassionate and giving to our loved ones. While the holidays are full of promise and merriment, the storms we endure create lasting bonds, almost like those that have served together in war. We set aside our differences and give of ourselves in service to others. Isn’t that what a life well lived is supposed to be about? Unfortunately, sometimes it takes a storm to get us back on track and bring out the best in us.
While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.