As the Tampa Bay area works to recover from this year’s historic hurricane season, many homeowners are opting to sell their damaged properties “as is” rather than rebuild. This trend has caught the attention of large investors, who are snapping up these homes in increasing numbers.
“A lot of investors are looking at waterfront homes in our area that are now priced at $800,000 and under,” said Albert Jasuwan from JAS Builders. “Their main focus is lifting homes and rebuilding them.”
This trend is particularly noticeable in St. Petersburg’s Shore Acres neighborhood.
“Out of the 40 homes sold since the hurricanes, 38 were bought by investors,” said Kevin Batdorf, a realtor and president of the Shore Acres Civic Association. “My biggest concern is that investors may be making superficial fixes, leaving future buyers unaware of the extent of the original damage and potentially unable to obtain insurance.”
RELATED: More Flooded Homes Hit the Market ‘As-Is’ Following Recent Hurricanes
However, local real estate expert Allie Paige views this trend positively.
“The advantage of investors buying these homes is that they know the regulations and are likely to fix them up properly,” Paige said. “They won’t make mistakes that could affect their bottom line.”
RELATED: Realtor Warns Buyers to Exercise Caution When Purchasing Hurricane-Damaged Homes
Paige believes that investors’ industry experience gives them a higher chance of successfully navigating the rebuilding or renovation process. “You can trust their work because they have the experience and are more likely to get it done correctly,” she added. “This is better than someone making mistakes that could affect property values.”
The influx of investor activity in the Tampa Bay area is reshaping the landscape as the region continues to rebuild from the hurricanes’ devastation.
Want to win a $25 Amazon gift card?
To enter, simply follow us on Facebook, Instagram, Threads, or X between now and Tuesday, December 24th. (Psst… You can enter up to 4x by following us on all four! But sorry, U.S. residents only.)
(Image credit: WTVT Tampa Bay)
St. Pete-Clearwater Sun 
Leave a comment