Real Estate

Florida Real Estate Values Impacted by BP Oil Spill

Thu Jun 17, 2010 11:01 am
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Real Estate Nationally remains a major drain on the overall Economic Recovery. Florida and the rest of the Gulf Coast States are experiencing additional negative Real Estate numbers/values as the BP oil disaster makes its presence felt on the beaches of Northwest Florida.

Joe Scarborough host of the MSNBC Morning Joe Program leaves no doubt about the circumstances in Florida, particularly in the Pensacola area. Joe Scarborough grew up in the area and was a member of Congress from the Region.

High dollar Condo projects remain vacant as do mini mansions on the Gulf Coast of Florida. Realistically who in their right mind would purchase any real estate in that area given the catastrophic impact the BP oil spill has had on the entire eastern Gulf region.

The unknown factor in this equation is how long will it take to bring the Florida, Alabama, Mississippi, and Louisiana region back to the way it was?

I do not think anyone has a finite answer to this question. Think in terms of several years and maybe a decade or more.

The bottom line is will the entire Florida/Gulf Coast Economy be negatively impacted by this oil spill? Will tourists choose to delay their vacations or worse not take a vacation anywhere on the Gulf Coast?

The probable answer to these questions is unfortunately, Yes!

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