Discover How Hurricane Ian Changed SW Florida Real Estate Markets

Living in and around Southwest Florida comes with a unique set of benefits. From the beautiful, white sand beaches and vibrant sunsets to the year-round warm weather and abundance of recreational activities, SW Florida has earned its reputation as an ideal place for those looking to embrace a laid back life. Despite some volatility along the way due to potential global economic issues and one of the strongest hurricanes in history, the Sunshine State managed to outperform many of its counterparts nationwide. 

Let's begin with what happened last fall.

On September 28, 2022, Hurricane Ian reached our shores with a vengeance.  It was the third costliest weather disaster on record. Many areas got flooded with several feet of water, so much so that boats were literally floating down the street. The country watched the national news as it approached and the devastation it caused after it arrived.

Questions began circulating about if/when we would be "back."  Would snowbirds return?  Would the beaches be "safe?"  Would the water be "safe?"  But we knew what the country did not.  Our Residents are a resilient bunch. Neighbors helped neighbors, businesses helped businesses, and we all did the right thing.  There was no looting or chaos.  Rather it was a story of good people who love the town they live in doing a lot of hard work. Our office and many others on 5th Avenue in Naples, were completely demoed, rebuilt, and reopened five weeks after the storm.  In sum, we all shared the same goal:  re-opening our businesses before the snowbirds returned.

And return they did!  5th Ave S, 3rd St, Waterside, and Artis Center were packed.

Demand for real our real estate not only didn't fall, if anything, it increased because buyers were looking for bargains.   

Supply remained constrained for several reasons, including:

• Hurricane Ian depleted some of our inventory

• Very little new product is being developed while the town awaits changes to our building code so that developers know what they can and cannot build.

• The combination of high demand and very limited inventory has helped maintain or slightly increase prices. NABOR published their numbers earlier this week, which showed the median price increased 9% from last February.  

For the last six months, if 100 new properties hit the market a day, 100 properties went pending.  The net effect has been that our inventory remains largely unchanged from the fall.  Last summer, I predicted we'd have 3,000 properties in inventory by the end of the year.  We never quite got there, but we got close. Today there are 2,801.

In summary, if you're feeling discouraged by the recent natural disaster in Southwest Florida, don't worry - the region has a history of bouncing back. In fact, with a little bit of research and careful consideration, investors can identify areas that have weathered the storm and are ripe for investment opportunities. And it's not just about real estate - the rebuilding effort will also create opportunities for construction and distressed property investing. Of course, it's essential to work with professionals and do your research to make informed decisions. But with a little bit of effort, you can turn this disaster into a chance for growth and success.

For those who are thinking about selling their home, there’s good news: the market is on your side right now. There’s no reason to wait for a potential downturn when the strength is still present. Reach out to me and let’s get started on the satisfying process of selling your home at its true and full potential.