Another thing to remember is if this property will be an investment not a primary residence, you will need to come up with 20% to put down on the property. With the $700K bailout mess, lenders are stricter than ever. Good luck and please call me if I can assist you further.
If your looking for something cheep, perhaps you can find someone that does not plan to rebuild, and simply buy the lot and build what you want?
I would have to say no. There are many people who have rebuilt after other hurricanes there so I don't think there will be too many people wanting to leave. I do have some clients that are moving from there but what they leave others will take. For some reason the ocean always draws people and always will.
Just my $.02