Almost a half year, after Hurricane Irma unleashed its furry on the Florida Keys, the first of the idyllic isles, Key Largo, has fully rebounded.
Its real estate market, famed for its lavish resort properties, took a mere month to spring back to pre-Irma conditions, said Pete Riveiro, internationally renowned, Key Largo-based real estate broker with The Firm Realty Group.
This is not to say, however, that Key Largo sustained no harm. The storm surge damaged a string of oceanfront estates, but repairs were quick. More strenuous to mend was the initial wave of reticence to purchase real estate here.
“At first buyers are a bit more hesitant to purchase in a natural disaster area,” said Riveiro. “But our area is made up primarily of South Florida residents who have 2nd and 3rd homes here. They are used to hurricanes and that led towards the rebounding. There was not a market drop at all after Irma, there was just a ‘stall.’”
While out-of-state buyers threaded cautiously, those familiar with the market saw a propitious buying window, said Riveiro, who closed 9 transactions in the final months of 2017 after Hurricane Irma.
“2017 was a very strong year, and Irma did not impact us at all,” said Riveiro, who advises buyers to always seek properties constructed to the latest building codes.
This year, as demand is heating up, Riveiro expects supply is to remain short. It is going to be another auspicious year in one of the most sought-after destinations in the country.
Pete Riveiro is the exclusive agent representing the Key Largo, Islamorada, Florida real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.