Hurricane Katrina.
many of you are aware of whats taking place currently in the midwest. hurricane Katrina has destroyed and nearly leveled some states. first i would like to offer my condolences to anyone who is there or has family there.
As we know what happened in Florida last year after the hurricane hit, there were many investors swarming to pick up these destroyed homes. i realize Florida is a bit different as far as market conditions go (booming). what exactly will happen with these houses? will they be tied up in insurance claims or what? if the people arent paying there mortgage because they dont have a house then can the bank foreclose even though there is a claim standing? what exactly happens, can anyone who has been through it in FL explain?
i know this post seemes horrible and that no-one in there right mind should try to take advantage of a bad situation but if the same thing happens as it did in FL... well then why not get a jump on the rest of the investors.
god-bless all who are currently trapped in that disaster.
As it stands right now,baton rouge has been hit with almost double its population causing a shortage on housing that is unbeleivable to say the least.People have no choice but to buy a house or move on to another www.place.The housing market here has gone haywire.People are bidding up houses like crazy.
I live in Orlando and we had much damage from the hurricane. In our case, I did not see much of a rise in investor activity. In fact it kind of complicated things because everyone was waiting for thier insurance checks and did not want to sell until they got it.
But as already meantioned, the situation in New Orleans is very different. It will be quite risky to invest in New Orleans, a city that some people say should not be rebuilt.
Louisiana real estate booms after Katrina
http://abcnews.go.com/US/wireStory?id=1110421
yeah, there was actually a article on it today (sunday) in the new wallstreet sunday journal, wish i had a link to it. It stated that all the hotels are occupied now by Insurance agents, Red Cross, and Real Estate investors. go figure. they said they estimate prices have gone up nearly 20% for houses that are still intact. I knew it would happen.
Two questions for thought....
If you want to get involved in the re-building that will be taking place but cannot afford the time to go camp out at one of the hotels in the area - such as some investors are apparently doing - - is there a way to still invest there?
I am assuming that builders will start coming into the area heavily. Has anyone heard of any builders who are involved in the early plans of rebuilding new orleans or the surrounding areas? Mississippi?
what you saw in new orleans with prices rising 20% was a very panic driven reaction-- not many sales at this inflated value actually happend... prices have since leveled out and sellers are back to reality... with so many question concerning the different areas of the city, there is a lack of buyers- getting insurance is also a little tricky--
neutral
Quote:
On 2005-11-11 16:30, neutral wrote:
what you saw in new orleans with prices rising 20% was a very panic driven reaction-- not many sales at this inflated value actually happend... prices have since leveled out and sellers are back to reality... with so many question concerning the different areas of the city, there is a lack of buyers- getting insurance is also a little tricky--
neutral
I also read that because people could not return to New Orleans for so long, and the trauma that was caused they decided not to go back. This triggered a huge upswing in demand for houses outside the area of New Orleans. Not only people leaving New Orleans but all the redcross workers who have had to move down there and find places to live as well. I cant remember what the percentage was that those houses in outer areas rose to but i know it was high.
They have said that builders/developers are just buying up blocks and whole neighborhoods, to rebuild.
There really isnt a lot of activity here.
neutral