‘It’s pretty much business as usual’: Opportunistic real-estate hunters target Florida towns just weeks ago in Hurricane Ian’s path

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‘It’s pretty much business as usual’: Opportunistic real-estate hunters target Florida towns just weeks ago in Hurricane Ian’s path

Source: ‘It’s pretty much business as usual’: Opportunistic real-estate hunters target Florida towns just weeks ago in Hurricane Ian’s path – MarketWatch

By Robyn A. Friedman

Investors and other buyers are scouring the region for housing deals after a multiyear surge in home prices

Damaged housing and other structures in Fort Myers Beach, Fla., as seen on Sept. 29.

JOE RAEDLE/GETTY IMAGES

Less than a month after Hurricane Ian caused widespread devastation to southwestern Florida, investors and other buyers are scouring for housing deals in a region where home prices have soared in recent years.

Demand remains strong from both locals and out-of-staters, according to residential real-estate agents in Naples, Fla., and other areas near the path of the Category 4 storm. They say they have received numerous inquiries from people still interested in relocating to the Sunshine State, or hoping to pick up distressed properties.

“It’s pretty much business as usual,” said Kelly Baldwin, an agent for Coldwell Banker in Longboat Key, Fla. “I haven’t had anyone reach out who wants to stop their home search.”

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The costs associated with fortifying a home against wind and flooding, along with rising premiums for homeowner and flood insurance, are enough to cause some longtime Florida residents to leave.

But some investors with plenty of cash are expressing interest. Friley Saucier, a global real-estate adviser at Premier Sotheby’s International Realty in Naples, is working with a wealthy individual planning to spend as much as $50 million on distressed real estate in areas that suffered damage from Ian.

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