Sarasota’s Real Estate in the Aftermath of Hurricane Irma

Hurricane Irma and Sarasota real estate

This morning I’m standing on the north end of Lido Beach after Hurricane Irma. As you can see in this video, there’s actually a lot more sand in this end of the island than there was before the storm.

First, I’d like to thank everyone that reached out to us during this time. We had no damage to our home. We did lose power, but it has been restored and we’re back at home.

Post Irma: How Many Insurance Claims

I’ve been getting a lot of calls: “How is the real estate market post storm?”
I spoke to our insurance agent yesterday and he said that less than 2% of all properties have had any sustainable damage on which they will have to make any kind of insurance claims.

I’ve also been speaking to mortgage brokers and title companies, and they have seen no evidence whatsoever that people are abating from their enthusiasm of being part of the real estate community here in Sarasota.

In fact, we think that the real estate market is quite healthy and that it’s going to continue on the same trajectory it has been on, which is quite positive.

Did Irma Scare Away Buyers or Investors?

Last week we had a buyer who was supposed to close on his Longboat Key condominium during that same week of the storm. He visited the condo as soon as he was allowed back onto the barrier island. There was no damage to any unit at that entire complex, and we went ahead with closing that Friday. He’s thrilled to be a new resident of Longboat Key.

This morning, after I’m done finished filming here, I am meeting with a client that is down from Virginia. They actually want to increase their real estate holdings here in Sarasota. We’re looking at commercial and investment property in downtown Sarasota.

Finally, this week I also attended Downtown Horizons, an annual talk about downtown Sarasota. It was sold out as usual, and the enthusiasm for participating in the community, both today and the next ten years, is unabated.

Many of you have been watching the storm from afar. Whether it be via TV, live stream, over social media, or through your local contacts. I am pleased to be standing here to confirm that all is good.

I look forward to welcoming everybody back to our community this fall and winter, and helping you with your real estate needs.

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