First and foremost, I sincerely hope you and your loved ones are safe in the aftermath of Hurricane Irma.  It is great to see our community come together and offer support to one another during challenging times like this.

 The question of the day is how will the storm impact Real Estate in our area?  At the end of the day, Florida with its beaches & lakes, culture, weather and way of life will always be a huge attraction. Overall Florida and its real estate market will most likely suffer only a short-lived impact from the hurricane.
For a brief period it will affect home closings. Most homes being sold with a loan that have already had an appraisal will require another physical inspection or appraisal to assess any damage before it closes. This is required on Federally backed loans in counties designated as FEMA Disaster areas.  Realtors and their customers should schedule a re-inspection as quickly as possible.  A few mortgage companies are proactively scheduling inspections too.  There may be backlogs that will cause delays in closings. 
Looking forward history tells us that the Florida Real Estate market will have some adjustments as a result of the storm but will recover well in the long run.
Near term market trends:
  • Increase in short term rentals as home owners perform repairs and workers come in to perform services.
  • Sales will remain strong, but prices will fluctuate even more than before the storm.
  • Increase in investors searching for bargains as a result of hurricane fear.
  • Fewer new listings than normal will come on the market in September and October as sellers make repairs and wait for the area to be cleaned up and pretty again.
  • A small number of sellers may panic and sell their homes at a discount just to get out.  This can cause a short term negative pressure on prices as bargain hunters capitalize.
  • There may be fewer owner occupant buyers in the market over the next few weeks as some buyers just freeze and do not do anything due to overall uncertainty.    
Long term impact:
  • Increased demand for construction built after 2006 (current hurricane code) –people feel safer
  • Decrease of interest in homes that are older (pre-2002) due to older roofs, windows and codes.  Even homes with new roofs may experience some resistance due to buyer perception.
  • Sellers will be forced to spend money on new roofs and windows to compete with newer construction.
  • Decrease of interest in homes that are in a flood zone (unless they are on boating water).
  • Slight demand increase for well-built, well-managed condominiums as people realize that the condo management handles the storm preparation.  This is already a strong market in our area, but it should benefit even more.
  • Buyers will demand to be more educated on flood zones, elevation and hurricane codes.  They will request more data and analysis from their Realtors.
Bottom line: Sales will remain strong.  Most people accept that hurricanes are a fact of nature just like tornados and floods are in other parts of the country.  People still want to move to Florida.
For Buyers:  Be realistic.  Only a few sellers will panic.  There will be bargain opportunities but they will be far and few between.  Most sellers would rather take their home off the market and wait for things to settle than to sell at a discount. 
For Sellers:  Don’t panic.  Stay the course.  If you don’t need to sell right away just be firm in negotiations.  Buyers will get the message.  Do not take your home off the market.  A slight reduction in Buyers in the market will be incredibly short term and in fact may not materialize.  People want to live here.
Over the next few weeks we at Premier Sotheby’s International Realty will spend a lot of time studying the data so we can better identify trends in the market in general as well as impacts from the storm.  We will compare the impact on sales by age of construction, flood zone, neighborhoods, property type and more.  This is an ongoing process for us, but the hurricane has heightened the public’s need for data that will help them make sound decisions. 


Thanks to the Orlando Economic Partnership I would like to share this brief list of resources to assist you as an individual or a local business owner affected by Hurricane Irma.

From: Timothy Giuliani
Sent: Thursday, September 14, 2017 1:09 PM

Subject: Hurricane Irma Recovery Assistance

 Good afternoon, Board Members and Investors:

As many of our local businesses begin accessing damage and start the recovery process following Hurricane Irma, I wanted to let you know that the Orlando Economic Partnership is reaching out to help our region’s business community get back to normal as quickly as possible. Our staff remains in close contact with local, state and federal agencies who are now offering a variety of assistance programs to individuals, companies and non-profits. We gathered the list of resources below and shared them with the Central Florida business community.

Small businesses that have incurred losses due to Hurricane Irma are asked to complete a Business Damage Assessment Survey to help the State Emergency Response Team determine the needs and level of assistance for impacted businesses. The survey can be found at

Resources Available

The Florida Small Business Emergency Bridge Loan Program, administered by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation (FFCFC), is available to help businesses bridge the gap between the time damage is incurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration loans. Up to $10 million has been allocated for the program. Businesses can go to for more information and to apply.

 Homeowners, renters and business owners in Brevard, Citrus, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Indian River, Lake, Marion, Martin, Okeechobee, Orange, Osceola, Pasco, Polk, St. Lucie,  Seminole, Sumter, and Volusia counties may now apply for federal disaster assistance for uninsured and underinsured damage and losses resulting from Hurricane Irma.

Businesses must first register with the Federal Emergency Management Agency (FEMA) at, or by mobile device at or call the toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY). Upon registration with FEMA, businesses may apply for a disaster loan a number of ways:

  • Submit an online application at;
  • Download an application from and submit to a SBA disaster recovery center or mail to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155;
  • Visit a SBA recovery center for one-on-one assistance; or
  • Visit their local Florida SBDC for assistance.

The Orlando Economic Partnership offices are now open and are fully staffed. If you have a specific request for the Partnership please email us at

Continue to stay safe in your recovery efforts.

Tim Giuliani



 The Orlando Economic Partnership is a new entity formed from the merger of the Central Florida Partnership and the Orlando Economic Development Commission. The vision of the organization is to provide the region with a durable competitive advantage in global competition for quality jobs, economic growth, broad-based prosperity and a sustainable quality of life.

Just wanted to pass along one page that you can keep as a reminder for Before/After a storm.
Please remember the named storm deductible (hurricane) is applied separately from your standard deductible and is typically a higher dollar amount. Hurricane deductibles apply for damage that occurs from the time a hurricane watch or warning is issued up to 72 hours after the watch or warning ends. Usually 2% of your coverage amount. Some companies allow for higher/lower amounts, however. The percentages are based on the total value of the home (e.g., a 2% hurricane deductible on a $100,000 home would be $2,000)
The deductible applies on a calendar year basis. For example, in 2004 some areas of Florida were hit by 3 major hurricanes. You need to report all hurricane losses, even those that are below the deductible. Save your receipts so they can be applied to your deductible for the calendar year. Documentation is the key. Take photos. If you need to remove wet carpeting, most of the carriers have said to save remnants. The receipts and photos will tell the story.
Other key points to keep in mind:
  • Policies are different. Read the specific policy to see how deductibles are structured.
  • The Florida statue dealing with hurricane deductibles applies only to “admitted” insurers; it does not apply to surplus lines insurers. We go to surplus lines insurers if there is polybutylene, aluminum wiring for example. (So it’s important to call your agent and read your policy)
 Wishing everyone a good week and hope to see you soon.
Nancy Bertram, CPIA | Account Executive | Lutgert Insurance |
50 Central Avenue, Suite 740 | Sarasota, FL  34236
Direct: 407-502-0220/941-366-6100 | Cell:  302-593-6777 | Fax:  239-936-8288