Hurricane Ian rebuild too costly for residents, investors driving up price
- Hurricane Ian devastated the southwest coast of Florida last year
- Residents can't afford to rebuild, wealthy buyers are looking to invest
- Realtor: "It's caused a little bit of social turmoil"
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MIAMI, Fla. (NewsNation) — More than a year after Hurricane Ian ripped through southwest Florida, wealthy risk-takers are reportedly giving paradise a facelift, and not everyone’s on board.
As a result, the cost of properties is through the roof. Many fear some of these southwest Florida beach communities will lose their charm.
But this has been a theme seen after major devastating storms, even dating back to Hurricane Katrina in 2005.
Longtime residents couldn’t afford to rebuild, and as a result, many were forced out.
Now, that’s what’s happening in southwest Florida communities after Ian.
“A lot of people are selling bare lots,” Mike Oakes, a realtor in Fort Myers, said. “Other people are selling homes that don’t have any walls, that just have studs.”
Ian destroyed hundreds of homes. However, it’s who’s buying up the properties and rebuilding that’s adding insult to injury for island residents.
“It’s caused a little bit of social turmoil,” Oakes said.
Homeowners told NewsNation that wealthy newcomers have been buying beachfront properties because they have the financial resources to rebuild right away.
“It’s a great opportunity for investors to come in and buy those up and build larger more up-to-date homes that they can turn into rental properties to generate an income,” Oakes said.
That process is reportedly happening nationwide. Realtors say the rich are reshaping communities battered by hurricanes, fires and other major natural disasters.
Just this summer, Hawaii Gov. Josh Green proposed a moratorium on out-of-state buyers in Lahaina following the worst wildfire in the state’s history.
Back in southwest Florida, residents worry Fort Myers Beach will have a different vibe when wealthy folk are done buying up land and rebuilding.
“There are those that want to hold onto the funky beach vibes that it used to have and there are others that are ready to build multistory concrete hotels and things like that, turning it into something like Miami beach,” Oakes said.
The rebuild in Ian-hit communities is still ongoing, and there’s still a way to go before anything really takes shape. However, the concern remains that the communities will lose their character.
FORT MYERS BEACH, FLORIDA – JANUARY 25: Allan Harriger works to secure a water line on a lot that was cleared of six homes after they were destroyed by Hurricane Ian on January 25, 2023 in Fort Myers Beach, Florida. The process of rebuilding continues four months after the hurricane passed. (Photo by Joe Raedle/Getty Images) 
FORT MYERS BEACH, FLORIDA – JANUARY 25: Allan Harriger works to secure a water line on a lot that was cleared of six homes after they were destroyed by Hurricane Ian on January 25, 2023 in Fort Myers Beach, Florida. The process of rebuilding continues four months after the hurricane passed. (Photo by Joe Raedle/Getty Images) 
FORT MYERS BEACH, FLORIDA – JANUARY 25: In this aerial view, a construction crew rebuilds the roof of a home that was damaged by Hurricane Ian on January 25, 2023 in Fort Myers Beach, Florida. The process of rebuilding continues four months after the hurricane passed. (Photo by Joe Raedle/Getty Images) 
FORT MYERS BEACH, FLORIDA – JANUARY 25: A sign reading “We can rebuild your dream” is posted on an empty lot where a building once stood before it was destroyed by Hurricane Ian on January 25, 2023 in Fort Myers Beach, Florida. The process of rebuilding continues four months after the hurricane passed. (Photo by Joe Raedle/Getty Images) 
FORT MYERS BEACH, FLORIDA – JANUARY 25: In this aerial view, cleared lots are all that remain of some homes and businesses that were destroyed by Hurricane Ian on January 25, 2023 in Fort Myers Beach, Florida. The process of rebuilding continues four months after the hurricane passed. (Photo by Joe Raedle/Getty Images)
