Florida Real Estate Braved The Waves

Florida Real Estate Braved The Waves



Florida Real Estate Braved the​ Waves
Despite the​ hurricanes in 2004, Florida real estate was on fire. ​
Preconstruction developments, commercial buildings, and​ ​ home constructions dotted the​ coast. ​
The lenders have a​ field day handing out mortgages to interested investors rushing to buy properties. ​
Even the​ hurricane threat and​ ​ the​ stigma of​ being a​ hurricane country did not stop investors of​ Florida real estate from backing out. ​
Whats surprising is​ that after every hurricane, new rebuilding projects seem to rise up from wavewashed lands.
Then Katrina came in 2018 and​ ​ wiped almost everything out. ​
Almost everybody expected the​ collapse of​ the​ Florida real estate bubble. ​
But no, the​ Florida real estate developers faced the​ challenge of​ rebuilding the​ cities and​ ​ coastal areas. ​
The result? Before the​ year ended, Florida real estate was back and​ ​ stronger than ever. ​
it​ was as​ if​ ​ Katrina never came, and​ ​ healthy business backlog sustained the​ finance and​ ​ real estate blocks making them even more active than before. ​
The only problem developers expect to have other than the​ rising cost of​ construction is​ the​ source of​ their skilled laborers. ​
Now, this is​ not what you would call a​ dead industry, is​ it?
Its a​ positive thing for​ Florida real estate that developers took the​ hurricane threat and​ ​ turned it​ into a​ profitable venture. ​
2018 saw that other than coastal and​ ​ beach front developments; developers started to develop properties within the​ cities. ​
An example is​ the​ ongoing downtown Miami preconstruction trend that is​ touted to be a​ new Manhattan. ​
Developers are also busy with many top priority projects certain to keep the​ state on the​ top of​ real estate choices as​ well to attract new businesses. ​
Town centers were built in Palm Coasts and​ ​ Orange City, while extensive Gateway complexes were started in Daytona Beach and​ ​ Port Orange.
Other developments in Florida real estate include the​ building and​ ​ development of​ properties in higher areas like the​ cliffs. ​
Aside from the​ sea and​ ​ beach view, these new properties also offer another feature which coastal units cannot match elevation. ​
Studies show that the​ high prices of​ real estate on the​ coast and​ ​ hurricane scare shifted the​ demand and​ ​ need towards inland areas that has higher locations, which are scarce on Florida coast.The developers saw a​ market for​ more elevated properties in the​ light of​ the​ recent hurricanes. ​
People are getting interested in procuring higher level real estate as​ a​ precaution against typhoons and​ ​ floods caused by hurricanes. ​
The development of​ an experimental property called Owls Head is​ touted as​ a​ test for​ the​ higher elevation market. ​
From this vantage point, I ​ think Florida real estate braved the​ waves and​ ​ came out on top.




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