Good or bad living on the coast?

I’ve been hearing many people saying: That’s it, I’ll move to Florida. miami real estate is a hot market. This market offers a wide range of properties.

But who can be sure about that? Let’s take a closer look to the weather’s surprises. I remember something that Mark Twains said:’Climate is what we expect and weather is what we get’. And this makes me think about the hurricanes that have affected the coasts, and now, the most recent one, the Hurricane Katrina. The Hurricane Katrina has marked the Louisiana area on the 29th of August 2005. It is known, that the natural disasters like hurricanes, storms, earthquakes and others affect the most important aspects of the social and economical life of a city. All the people are affected by natural disasters, regardless where they live. The last estimates say that Hurricane Katrina may be the costliest natural disaster in the history. This means the insured damages could exceed Hurricane Andrew’s with $22 billion. The Hurricane Andrew hit Florida in 1992 and a series of other hurricanes devastated some of the communities in 2004. Hurricane Andrew was one of the most destructive hurricanes that hit the United States. At that time, it was the costliest natural disaster in the history, but it seems that 29th of August Hurricane Katrina is almost certain to overtake it.

The real estate prices will be influenced. The insurance rates are expected to rise. The destroyed houses will turn into modern and expensive houses. And this will make the rental rates to rise accordingly.

Let’s hope that we will find a way to be more carefull about what kind of houses we build. People like to flirt with the idea of living on the coast. But they shouldn’t forget the danger that occures due to forces of nature. Miami, Florida is one good example. When Hurricane Andrew came in 1992 it forever changed the South Florida real estate market. But after the hurricane, property values went down a little, and within a year they were back up and higher.

Is it possible to be a recession in the real estate market? Is this a Louisiana real estate market issue or this is available for the real estate market all over US? These are a lot of questions waiting for answers.

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