While the area saw significant losses, the winds did less damage than flooding. A relatively limited area saw catastrophic damage and most homes were spared.
NAPLES, Fla. – According to the Naples Area Board of Realtors, closings and pending sales fell in September, but there was a slight increase in inventory.
The report did not take into account changes since Hurricane Ian made landfall in Florida in September, but broker analysts expect the Naples market to recover quickly, and that home values will be protected.
“There is indeed significant loss, yet the full scope of [the hurricane’s] impact was limited to a specific area along the coast and tributaries [in Collier County],” says Budge Huskey, CEO of Premier Sotheby’s International Realty. “Such an event always brings with it a rebuilding boom, and most people will make the decision to restore and improve rather than exit the area.”
“Unlike Hurricane Irma, Hurricane Ian was not a severe wind event, so roughly 80% of the county was unaffected,” adds Mike Hughes, vice president and general manager for Downing-Frye Realty Inc. “For buyers looking to purchase non-waterfront homes, the market is unchanged.”
Meanwhile, Adam Vellano, a Naples sales manager at Compass Florida, says, “Some homes have been withdrawn from the MLS, some have been terminated, but there’s also been a steady flow of new listings in these last two weeks.”
Homes damaged by the hurricane will come off the market as they are assessed by insurance adjusters and are repaired, but very few properties in Collier County were destroyed, which many attribute to the area’s strong building codes.
“A lot of people who visit Naples are assessing their winter plans now,” says Hughes. “They are trying to figure out whether they should come down, and it doesn’t help that our area is part of the media’s narrative when reporting on the hurricane’s destructive effects. It is simply not the case. Naples is well positioned to bounce back, and it will quickly.”
Source: Naples Daily News (10/29/22)
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