South Florida Housing Market Update Post Irma
David Cobb, Metrostudy’s South Florida Regional Director, spoke with several builders in the south Florida market and they all say that their housing inventory came through the storm with little or no damage. The new homes built to current codes have proven over the last dozen years that they are far better at surviving these storms than homes built prior to the code changes caused by Hurricane Andrew. Most of the damage is landscaping – trees down, etc.
Some builders are moving closings out of September into October, due to the lack of power (some areas still without) and the disruption to their labor force caused by the hurricane. There is still some shortages of fuel but it is getting better each day. Lennar provided guidance that approximately 700 closings would be delayed until their fiscal 1Q18 due to Irma. These homes are in Florida, Georgia, and South Carolina.
It still remains to be seen whether there will be any negative effect on sales in South Florida due to Irma. Southwest Florida’s winter selling season doesn’t really heat up until January, so there’s three months to clean everything up and get things looking normal again here.