It was just a matter of time. The coasts have become unaffordable. Low and middle class neighborhood homes have risen in value to the point that neither the low, nor the middle class can afford to live there. 25% of properties are in the hands of investors and speculators. How could things get worse?
After suffering from the most expensive natural disaster in American history, Hurricane Katrina, the folks in the Gulf are now being chased out by the rich and the money hungry speculators. According to ABC News, “In the weeks since the hurricane, prices of many homes even damaged properties have jumped 10 to 20 percent.”
What are folks to do? What are the options?
I’m all for making smart investments. I’m all for finding a good buy. I’m all for helping to build neighborhoods. I just have issue with driving the locals out of their storm ravaged neighborhoods in an effort to profit on their suffering. A lot of good investors are getting a bad name thanks to the sharks out there. I don’t know – it just really bothers me . . .
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Article Author: Joshua DorkinJoshua has written 570 articles for us.
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Joshua Dorkin (@jrdorkin) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
Joshua Dorkin
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Now that’s just wrong. If they want to stay, don’t chase them out. But I do know some people who would eagerly put their real estate up on the market after the tragedy. It just became too much for them to even consider going back after such a loss.
Its amazing what people do for money. It does indeed give the investors a bad name. We buy/sell all types of real estate in Connecticut.