Residents of South Florida are starting to clean up from Hurricane Irma, which recently roared through the area. Those who were looking to buy or sell a home before the hurricane may wonder how South Florida's real estate market fared after the storm. They may be pleased to hear, then, that according to industry observers, while closings and home deliveries may experience a delay, it should not affect the market too much.
In Miami-Dade, Palm Beach and Broward counties, Hurricane Irma did uproot trees, cause some damage to patios and scatter debris in the roads. For those who were in the process of selling their home before the hurricane, their homes will need to be reinspected, according to a regional manager for Supreme Lending. This manager concedes that it may take a few weeks for things to return to normal, but he believes the market will bounce back relatively quickly.
GL Homes, based in Sunrise, Florida, was in the process of constructing approximately 700 homes throughout the state. According to the company's chief operating officer, it was mostly landscaping and screens that suffered damage from the hurricane. She said that while some people may experience a delay in the closing process, this should not last more than a couple of weeks.
Lennar Corp., based in Miami, Florida, has done a preliminary assessment of the areas affected by the hurricane. According to that company, around 700 fourth-quarter home deliveries will be delayed into next year.
Builders across the area anticipate that business will be up moving forward, as the homes they recently built fared well during the hurricane. This is fortunate for those who either recently purchased a newly-built home or who are looking to buy one in the future. However, Irma was a major hurricane. Those who want more information about how to move forward legally with real estate transactions following the hurricane may wish to consult with a real estate attorney.
Source: Sun Sentinel, "Hurricane Irma spared real estate market big damage, caused minor construction, closing delays," Paul Owers, Sept. 15, 2017