June 14, 2010

Yikes! Bloomberg reports BP’s oil spill may drive down the prices of Gulf Coast Shore-area properties by 10 percent for three years, according to CoStar Group Inc.

Homeowners, already battered by a depressed market, are being advised to not panic, not sell and to just wait it out.

Bloomberg states:

“Falling real-estate values are one consequence of the worst environmental disaster in U.S. history as oil keeps gushing from a BP well once pumped by the Deepwater Horizon rig. An April 20 explosion there killed 11 workers. Oil washing ashore will further harm property values in an area where Moody’s estimates prices fell as much as 34 percent from the peak of the U.S. residential real estate market in 2006.”

The BP oil spill is the worst environmental disaster in US history and is estimated to be spewing 25,000 to 35,000 barrels of oil a day.

Is it all bad news? Think about the positive impact that this may have on Atlantic USA. Tourists who would normally be venturing to the Gulf for holiday or retirement may be altering their travel destination to Atlantic Florida, The Carolinas, and Georgia.

Wow… I hate to think about taking advantage of such an environmental disaster, but I wish I owned property on the Atlantic.

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