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November 2017   Volume 43, Number 11      
 

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Hurricane Irma Not Likely to Affect Florida Real Estate Prices

The damage caused by Hurricane Irma in Florida is not as bad as it could have been and is unlikely to affect real estate prices, billionaire real estate developer Jeff Soffer told CNBC in an interview with “Power Lunch.” Irma, which impacted Florida and several Caribbean islands in September, ripped roofs off homes and caused flooding and power outages across the state.

Soffer, CEO of the luxury real estate development and property management firm Turnberry Associates, says these types of storms are predictable for the area.

“It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared for this,” he said. “I don’t think real estate prices are going to get affected. Ultimately people want to be in Florida.”

Hurricane Andrew caused massive destruction in 1992, but since then building codes have been updated. As a result, structures have held up well in Irma’s wake, says Soffer. Among the properties that fared well is Miami’s Fontainebleau, which is one of the luxury properties included in Turnberry Associates’ portfolio.

The damage in Florida has mostly been landscape debris and downed power lines. He says it is certainly “nothing catastrophic.”

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In this issue:

The 5 Hottest Hipster Real Estate Markets Across America

Could DACA Repeal Impact Real Estate?

Houston Rethinks Real Estate Development After Harvey

Hurricane Irma Not Likely to Affect Florida Real Estate Prices

NAR Forced MLS Membership Up for Review

REIT Investors Look to Alternative Property Sectors for Bigger Returns

Berkshire’s HomeServices of America Acquires Long & Foster

Harvey Victims Facing Temporary Housing Shortage in Houston

Malls Need New Business Model Says CBRE Report

The End of Facebook for Real Estate?

 


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