Could the Oil Spill be Good for Investors?

Pretty awful to consider but the BP oil spill could herald a new round of real estate price crashes. There is no doubt that Florida is the archetype boom/bust state. The economy here reacts dramatically to any new event and the oil spill is no different in how it will affect industry, real estate, and business generally in Florida. There is already a decline in home sales on the West coast and in the Panhandle and this in spite of the fact that there has been very little evidence to date that the oil spill has affected our coast, the real estate industry is already feeling the pinch with cancelled contracts and buying staying away. There have even been a number of real estate businesses putting in claims for lost revenue with BP.

While this is all really bad news for Florida and the local economy, it does spell opportunity for investors and those who have been thinking about purchasing a second home here but have not yet made a move. It definitely makes sense to take advantage of market jitters to buy real estate. Foreclosures or REO properties still offer excellent value and Sellers will be far more willing to negotiate if sales and prices continue their steady decline. Many of the agents with listings in high end country club communities have convinced sellers to drop their prices. This has happened in Mirasol, Broken Sound, Ballenisles, Mizner, Woodfield and many other communities.

Don't sit on the fence, make a commitment to take a look at what's available and buy now. Many of my clients from areas such as Pikesville and Baltimore in Maryland or Tenafly and Short Hills in New Jersey are in their 50's. Not ready to retire yet and would not have thought of purchasing their second homes at this stage of their lives but realize that the deals they can get now will not be available in 10 years time.

I can help you find your dream home in Florida or an excellent investment property to rent out. Call me and let's talk.

Tali Wolder
561-866-9372
http://www.talisellsflorida.com/
tali@floridianinternational.com