Florida Hurricanes Dejavu Helene & Milton
As Hurricane Milton lingers about ten miles off the coast of Pinellas County, it feels like déjà vu. We just got hit hard by Hurricane Helene, and now Milton is charging in. This morning, before Milton makes landfall, I drove down the beaches, where boats still sit stranded in roads and parking lots from Helene. Rows of debris and personal belongings line the streets, and upon closer inspection, some of it resembles a yard sale.
It’s heartbreaking to see people throwing away brand-new TVs, washers, dryers, paintings, family photos, and boxes of clothes. There are bikes, kids' toys, and even cars flipped over in driveways. In my thirty years in Florida, I’ve never witnessed such devastation, which makes me wonder if this is a new weather trend foreshadowing the state’s future, or just a once-in-a-while event.
Regardless, there are already websites and news articles discussing the so-called "Great Florida Migration." Many who moved to Florida during or after COVID are now relocating to other southern states. As a homeowner, I can’t help but feel a bit hopeful that home prices may decline, making it easier for us to purchase additional properties. However, as an investor, I’m concerned about falling values and losing equity. I believe there’s a middle ground to be found, and I remain hopeful for the next three to five years.
Has anyone heard from friends, family, or fellow investors expressing concerns that Florida is becoming a risky place, causing them to shy away from buying?