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Sugarland Real Estate in the State of Texas Feels the Impact of Hurricane Ike

While it is true that as a whole economies are not benefited by the devastating impact of a hurricane, certain sectors of a cities or regions economy do benefit. This can be no better demonstrated than in the impact that hurricane Ike has had on the Sugarland real estate in the state of Texas.

New Opportunities

While many sellers have suffered devastating losses, it is the new buyers who stand to benefit due to the heavy influx of distressed residential and commercial properties that have been forced onto the market. This means that for people who have the capacity to renovate these properties, opportunities now abound.

Marketed As Is

Unlike hurricane Katrina, which left many owners of damaged properties under insured or not insured at all, the vast proportion of property owners in Sugarland were insured. The result is that far more owners of storm damaged properties who don't have the stomach or the means to renovate have simply taken their insurance money and chosen to market their distressed properties “as is”.

Vacancies Difficult to Locate

Due to the influx of relief and construction workers, the market for rental units in the greater Sugarland area is currently experiencing an unprecedented boom that has left vacancies difficult to find. This has left the door wide open for entrepreneurs who are looking g to get into the rental business by upgrading distressed properties.

A Few Items to Consider

There are however, a few things to be aware of. One is that the credit market is tight, so good credit and real collateral is a must for securing a loan, particularly on a damaged home that is uninhabitable. Also, a lesson that was learned in New Orleans, post Katrina, is that labor costs can and are expected to spike up in the coming months after the storm.

Article Source: http://articleaddict.com

Written by Daniel Mummski. Now you can learn all you wanted to know about Anahuac Real Estate and you will even find articles on Clear Lake Real Estate

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