2006-06-28 05:46:19 · 5 answers · asked by N H 1 in Business & Finance ➔ Renting & Real Estate
I just sold my house in Florida. I was 10 miles from where Hurricane Charley made landfall. Property values went through the roof because there was a sudden demand for existing, undamaged homes. With each successive storm leaving more damage in its wake that demand increased. People needed shelter, and the insurance companies and contractors could not make the repairs fast enough. It was easier to buy another home than it was to have your damaged home repaired. Many people sold their homes at HUGE profit. The market in many areas has now gone flat with a glut of overpriced homes.
I did not make a huge profit, that is one reason I was able to sell. It has gotten very expensive to live in Florida. I could no longer afford my homeowner's insurance & property taxes.
2006-06-28 06:03:42 · answer #1 · answered by Sharingan 6 · 0⤊ 0⤋
Because if it makes it through the hurricane the structure proves itself to be well made and strong enough to withstand harsh weather. If you can't tell, I have absolutely no ideal! Property Values are supposed to have a science but people wake up in the morning look outside and if there is a monkey shaped cloud in the sky...they go up, lol.
2006-06-28 05:50:38 · answer #2 · answered by tynett 3 · 0⤊ 0⤋
I doubt there is any correlation. If property values are going up is strictly due to supply and demand.
2006-06-28 05:56:23 · answer #3 · answered by madrax 3 · 0⤊ 0⤋
because they state needs the money from the property to pay for all the damage
2006-06-28 05:51:55 · answer #4 · answered by Ryan U 1 · 0⤊ 0⤋
because every time they have to rebuild...it costs more then the last time.....so price goes up......the same house may have cost 100k 2 years ago to build where today that same house may cost 120k to build.....
2006-06-28 05:51:24 · answer #5 · answered by becca9892003 6 · 0⤊ 0⤋