Buyers Undeterred in Ian’s Hardest-Hit Areas

In the month before Hurricane Ian hurtled into southwest Florida, shredding Lee County and destroying or damaging more than 32,000 homes, the area reigned as having the most overvalued real estate in the nation.

The county of pristine barrier islands and waterfront homes had bullied title-holder Boise, Idaho, into second place in an August ranking of price-bloated housing markets, according to a study released Tuesday by Florida Atlantic University and Florida International University.

Two weeks after Ian’s Category 4 wrath, economists and Realtors said the Sept. 28 storm may be a pause in Florida’s humming housing market but is unlikely to have long-term impacts because “people want to live near saltwater in a warm and business-friendly climate,” said Ken H. Johnson, an FAU housing economist.

In the near term, however, Ian could bolster unaffordability in Southwest Florida and Palm Beach County by reducing the number of homes for sale and rent as locals look for temporary residences while their Lee County homes are rebuilt.

“I haven’t lost a single potential buyer because of the storm,” said Bob Ashworth, a real estate agent with RE/Max Realty Team in Cape Coral. “We still have strong demand. People still want to buy.” (more…)