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Investors and home buyers are hunting for deals on damaged homes and distressed commercial properties despite the destruction that Hurricane Ian brought to southwestern Florida less than a month ago. Home prices have skyrocketed in recent years so investors may take advantage of the Florida residents who want to leave the state.
The full extent of damage caused by the storm in southwestern Florida continues to be assessed. The total cost of flood and wind damage to Florida residential and commercial properties is expected to fall between $40-$64 billion.
While Americans may be uncertain about moving to a market that is prone to hurricanes, the median sales price for a single-family home in southwestern Florida increased by nearly 25 percent to $725,000 between August 2021 and August 2022.