Friday, February 25, 2005

Alabama, Florida Coasts Rebound From Storms

Not even hurricanes can stop folks from wanting Gulf-front homes.

Prices for properties on the Gulf in storm-ravaged Alabama and Florida have zoomed beyond $500,000 since Hurricane Ivan in September. That's up from about $300,000 to $400,000 during the previous year.

I'm amazed at such a quick rebound in an area hit by four major hurricanes just a few months ago. But developers are only too happy to buy older properties that were damaged or destroyed by the storm and are putting up high-end condos in their place, according to a Mobile newspaper.

I wonder: How much are the new buyers paying for hurricane insurance?

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