Remorse is the feeling of regret, second thoughts or disappointment in a decision recently made. When it comes to buying and selling real estate, it’s difficult not to have some level of remorse about the transaction, especially in the situation we’re in now.
Anna Maria Island has always been that special little place different from other coastal areas of Florida. Old Florida was true in Anna Maria, with no high rises, no big box stores and no drive-throughs. Island residents fought to keep it that way and were successful for decades.
The storms that invaded us last fall changed much of that. It took away property owners’ sense that they were living in a very unique place they loved when they had to make some life-changing difficult decisions. Because of damaged properties and insurance issues, many homeowners were put in the position of having to sell their beloved home and move off the Island, frequently accepting offers that were very discounted.
The seller’s remorse for these homeowners is very real; sadness, regret, anxiety and just plain mad that this happened to them. They not only lost their home but their very special lifestyle and for some, will never get it back. Coupled with the loss of their homes, most homeowners on the Island who experienced serious damage have also experienced a major financial loss. Even when the transaction is done, and you know this was the only option for you, it’s easy to still feel like you’ve made a mistake.
Sellers aren’t the only ones feeling remorse these days; buyers who are buying up many of the damaged Island properties are primed to think they, too, may be making a mistake. The high cost of living on a flood- and hurricane-prone Island could be giving even buyers with deep pockets reasons to feel remorse and have them running to higher ground.
Developers who are rushing to buy up properties and turn them into profitable rentals are only looking at their bottom line. They can tolerate the high insurance bills, maintenance issues of living on an Island and threat of storms in return for a big rental payday.
Individual buyers, however, may start to feel remorse buying into a storm zone. Did they make a decision too fast, have they overspent, even though it looked like a good deal, and, in retrospect, are they reconsidering how compatible Island living is for them and their families?
Some buyers wait years until they can afford their special place and then when it presents itself, bam, you’re thinking, “What did I do?” All of these feelings are real and may not actually materialize until the sale is final and there you are living on an Island possibly with homes being rebuilt around you.
It could take buyers years to shake off the feeling of remorse. Eventually, the entire Island will be rebuilt, and small-town life will hopefully be back.
As far as sellers, they’re probably asking themselves, will I ever see those beautiful sunsets again, will I ever be able to walk one block or 10 feet to feel the warmth of the Gulf waters and will I ever live in a place that I think of as special again?
My answer to that is all of what you love about Anna Maria Island is still there, only a short ride over the bridge. Get your Island fix even if you don’t live there anymore; you’ll feel better instantly.
