Last week we talked about the future restoration and look of Cortez after the storms and after the county’s purchase of the Seafood Shack property. This week we’ll cover an emerging trend in the country where communities that have been struck by a disaster are frequently rebuilding richer and more exclusive – sound familiar?
Natural disasters can be galvanizing for a community where people come together to help neighbors and share information about contractors, painters, debris removal and just about anything else. It also presents an opportunity for developers and investors to swoop in and leave their mark on the area.
Homeowners who have received government aid and insurance payouts are rebuilding sturdier homes and meeting updated building codes. In addition to adding another layer of storm protection in the rebuilt homes, homeowners also have the opportunity to remodel damaged areas. This will ultimately translate into a more valuable and marketable property.
Unfortunately, there are low-income homeowners who have more problems navigating the bureaucratic procedures to file for disaster aid and may not have personal funds to close the gap until the funds are available. Also, on Anna Maria Island, longtime residents with beachfront property handed down through families frequently did not carry homeowner’s insurance since the premiums were higher than the value of the building. Many of these cottages and older one-level homes have been sold to developers for the land value. Renters of course can get evicted or choose to move from damaged properties and are facing higher costs and a short supply of rentals.
What this means for Anna Maria Island and Cortez is a change in the profile of the communities. The slow pace of living in these communities is changing, replacing an Old Florida vibe with a jazzier vibe and new, larger homes capable of entertaining family get-togethers and weddings.
Many of these properties are owned by investors or investor groups and are designed for renting and although Anna Maria always had many properties that were available for rent, it still maintained the quality of Island life. Many islanders now fear the Island will never be the same.
A good example of how a Category 5 storm changed a community in Florida is Hurricane Michael, which hit the Panhandle in 2018. Panama City had an older, slightly tattered downtown area which has been restored with trendy restaurants and boutiques and an increasing population. Brokers specializing in waterfront properties say wealthy buyers are arriving in growing numbers, raising the economy and value of properties considerably.
While we were talking hurricanes, which I swore I wouldn’t do, I found some interesting statistics from the FSU Florida Climate Center. Starting with the Great Miami Hurricane in 1926 through Milton in 2024, there have only been three Category 5 hurricanes, nine Category 4 hurricanes and 10 Category 3 hurricanes. Don’t get too comfortable with these numbers since the one-two punch of Helene, a Category 4, and Milton, a Category 3, did an incredible amount of damage prior to making landfall compounded with a 4-foot storm surge.
Nevertheless, populations have increased in three of the most severely hit Florida communities. Andrew in Miami was a Category 5, Charley in Charlotte County was a Category 4 and Ian in Lee County was a Category 4 – all increased their populations substantially within a three-year period after the storm.
I’m standing by my prediction from last week about the value of properties in Cortez. I also believe that Anna Maria Island will enjoy an increase in property values as well. You may not like the new vibe, but you may really enjoy the increasing trends in value.
