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Hurricane Ike Creates a Glut of Distressed Properties in the Galveston Real Estate Market

While it is a fact that Hurricane Ike was a catastrophe of monumental proportions, it does mean one undeniable fact for the greater Galveston area and that is that the recession has now officially ended. Construction crews and redevelopment funds are now rushing into the area and the result is an economic boom in the Galveston real estate market of unprecedented proportions.

Different From New Orleans

The reason is that unlike New Orleans, the basic fundamentals in the local business community remain sound. So what does this mean for the independent speculator who is looking to make a living repairing and flipping distressed properties?

A Bright Economic Forecast

It means that its pick and choose. For one thing, in the months prior to the hurricane, the Galveston real estate market was already in a solid rebound. The port of Galveston isn't going anywhere and with the economy diversifying in the way that it has been in recent years the economic forecast for the greater Galveston area remains bright.

Loans on Distressed Properties

However; before you head down to Galveston to stake your claim in this new regional economic boom, you must be aware of a few facts. For one thing, loans on distressed properties are more difficult to secure than a loan on a property that is intact. This means that good credit counts more than it has in years past.

A Spike in Labor Costs

Also, be prepared for an increase in labor costs and contractors that are booked solid with work. This means that like it or not, you will have to take a more hands on role in a property renovation than you would otherwise have to in other real estate market areas that you may be accustomed to.

Article Source: http://articleaddict.com

Article written by Daniel Mummski. Here you will get all the details you need on Galveston Real Estate and you can also find the best info on Friendswood Real Estate

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