Though perhaps most upsetting,air jordan,gucci borse prezzi,prada scarpe Tory Burch Leisure Products Network & Rest Foru,chaussures air jordan, oil-covered birds, dolphins and other animals are not the only victims of the Gulf spill, still (,polo ralph lauren pas cher,air jordan pas cher!!?!) gushing even as we write this,doudoune moncler femme,polo ralph lauren,air jordan femme, Gulf real estate is also a casualty. ,borse prada,louis vuitton, which is fast emerging as much more than just a site to look at homes for sale,CRUISE CONSIGNMENT STORES, is tracking the impact of BP’s disaster on property values in the area.
On the one hand, tracking this damage is as difficult as everything else about this nightmare. Most real estate transactions take 30 days or more; and some of the Gulf States are non-disclosure states with no public record for sale prices of homes. However,outlet gucci, Trulia has made projections based on available data that,air jordan pas cher, literally and figuratively,sacs longchamp pliage, show trouble in the water.
Rental Market
Many of the homes in areas impacted by the spill are second homes and vacation rentals. Many vacation renters have flat-out canceled their plans to travel to the area out of a concern that it may not be safe (or fun) to vacation in the Gulf this summer. Ironically,polo ralph lauren Falkirk Cultural Center, San Raf,cheap louis vuitton, the short-to-mid-term rental market is still booming in many of the markets nearest to the spill impact, because cleanup crews are renting the units.
Homes for Sale
We can look to the property value impact of other natural disasters like Hurricane Katrina to know that an obvious relationship exists here. However,louis vuitton shoes, the Deepwater Spill is inherently different: so far, there’s no actual damage to the homes themselves, per se. The damage is actually to the desirability of the location,polo lacoste, at this point. But in real estate, location is everything. In some ways,air jordan, the 1989 Loma Prieta earthquake might be more instructive. Although the earthquake caused $6 billion in actual property damage, the lingering perception of the area as less desirable caused billions more in reduced home values. Of course,louis vuitton outlet, today, that disaster and the very real fact that another one could come at any time seem to have little negative effect on property values.
But the Gulf could be different, since the damage is not only continuing right now, but will have a long lasting effect that simply cannot be predicted. A number of real estate brokers and agents in the Gulf area report that many purchase contracts are being canceled,borse prada,doudoune moncler,jordan, because no one knows whether the beach will be oily in some places,polo femme,ralph lauren femme Jeep pickup Top Down Auto Blog, or how long/how seriously it will be impacted in others. One agent says she went “from closing 25 transactions per month to zero!”
Local Economy and Property Value
The devastation to the fishing and other local industries may inhibit the ability of the locals who own their homes to pay their mortgage payments for a very long time. Mortgage banks will offer them some relief,air jordan, most likely, because foreclosing on the homes would be nonsensical,moncler,gucci outlet borse I really don't like you, she can do these,sac longchamp pas cher, given the fact that,ray ban DSC00680 Samsung Galaxy Tab-ZOL album,sac longchamp,polo ralph lauren pas cher, for the time being, they are unsaleable in some places. FEMA can be expected to continue to offer aid, as BP is supposedly also doing. Of course, no one can really predict the real damage in this area,prada,sac pliage longchamp, just as it seems no one can stop the spilling of oil in the first place.
Ultimately, until the spill is contained, we can’t expect a better read on its impact on industry and livability over the long term. For right now though,jordan pas cher, it has essentially caused a standstill in actual home sales. The sole exception? Lots of new homes on the market. Sadly, the listings come from desperate homeowners trying to divest and get away.