How Hurricane Irma Rocked Orlando, Florida and Beyond, and What the Impact Will be on the Local Real Estate Market
The recent Hurricane Irma was the most intense Atlantic hurricane to strike the United States since Katrina in 2005, and the first major hurricane to make landfall in Florida since Wilma in the same year. Amongst other places, its impact was felt across the entire state, causing unprecedented power outages and damages expected to cost in excess of $100 billion. While Orlando businesses are taking down their shutters and opening up shop, the city’s residents are working to get their homes in order and taking stock of the damage. Building codes were updated after Category 5 Hurricane Andrew devastated Florida in 1992, meaning that newer Florida homes are constructed to hold up much better against hurricane-force winds, but damage to some homes has still been extensive. The total loss for residential and commercial properties in Florida — including damage from both flood and wind — is estimated to be between $42.5 billion and $65 billion, according to preliminary data analysis. Current figures estimate that Hurricane Irma caused $19.4 billion in losses to Florida residents, in wind damage alone. Irma is expected to have more far-reaching impacts too — because Florida is so large, it is predicted that U.S. economic growth could be cut by one-third for the next few months as the state works to recover. Financial experts are positive about the future, however. PNC Bank Chief Economist Gus Faucher believes the economy will bounce back late this year or early next year. The good news is that experts believe the real estate market will also bounce back quickly. The new strict building codes have meant that the majority of single family homes and multifamily properties in Orlando and Florida have stood up well, with landscape damage and tree debris being the biggest issues for homeowners. Experts believe that buyers won’t be put off — investors understand that storms are a part of life in Florida, and they will see that buildings have held up well to the impact of Irma. Despite the sometimes extreme weather, Orlando — and the Sunshine State in general — is set to remain a desirable place to invest in property.
The team at 100Units.com hope that all of our clients managed to remain safe throughout Hurricane Irma, and that any damage to your property was minimal.