Home Buying in Galveston>Question Details

Jas, Home Buyer in Houston, TX

will the market price go down after the hurricane in Galveston and neighboring city who also got hit?

Asked by Jas, Houston, TX Fri Sep 26, 2008

After the hurricane are the price going to go down.

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Answers

4
Now is a wonderful time to get a teriffic deal if you have the time and talent in construction. There are many homes being sold "As Is" after Ike that provide great opportunities to own in Galveston. Come visit; we would love to have you. visit the "As Is section of my website and see for yourself. I would love to help you.
0 votes Thank Flag Link Sun Jan 18, 2009
Dear Jas,
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.
Good Luck!
Betina
0 votes Thank Flag Link Tue Sep 30, 2008
It may not go up as rapidly as it has in the past, as the communities rebuild. The coast will most likely never go down in price. People migrate to the coast for a number of reasons. Its a great place for Spring Break or daily living and for retiring. Coastal property is usually a good investment. When the coast gets hammered by a natural disaster, they always seem to re-build bigger and better than before. The huricane in the early 1900's is the reason we have the Galveston Seawall. They built it to protect Galveston from the huge destructive huricane powered waves. I bet after Ike, the city will expand it to encompass the bay side as well.

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?

Betina
0 votes Thank Flag Link Tue Sep 30, 2008
Jas

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

Steve Ferguson
0 votes Thank Flag Link Fri Sep 26, 2008
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