PINELLAS COUNTY, Fla. — Despite last year's devastating hurricane season, which left many Pinellas County beach communities in ruins, the local real estate market is experiencing an unexpected boom as buyers capitalize on lower prices and increased inventory.
I went door-to-door in Redington Shores, one of the hardest-hit neighborhoods, where "For Sale" signs dot the landscape. What I found was a market in transition – some longtime residents are cutting their losses and leaving, while others see opportunity in the aftermath.
"There's a misconception out there," said Kelly Ackley, a real estate advisor with Premier Sotheby's.
"Waterfront property is just not being made anymore, you know, unless it's man-made, and that's just not happening at the beach. It's limited," said Ackley.
The devastation is still visible throughout the area. Where houses once stood, vacant lots now remain covered in grass.
I spoke with one homeowner over the phone who had lived in his now-demolished home for 44 years. The pain in his voice was evident as he explained his decision to sell, cut his losses, and run.
Another seller told me he was exhausted by red tape and permitting delays, still waiting to begin repairs on his storm-damaged property.
"So if I've got this amazing waterfront piece of property that's damaged, I see the value, I run the comps, but then the neighbor across the street has had it with storms done, and they're done they just, they just dump. That's not good competition," Ackley said.
Price reductions have become common, with some properties losing significant value. Ackley recently sold a storm-damaged house that lost about $1 million from its pre-storm value.
Condos that were previously unaffordable are now available in the $300,000s.
However, Ackley believes this buyer's market won't last long.
"Now is a great time to buy, because what's going to happen by this time next year, we are going to be sitting in a stronger market, and we expect the values to be higher than they were before the storm," said Ackley.
For buyers willing to weather the risk, the current market presents unique opportunities. Ackley advises buyers to ignore current interest rates and focus on the potential for instant equity when they refinance later.
"What you're going to do is you're going to buy a house right now or property next year, equity, instant, instant equity," said Ackley.
Construction activity is visible throughout the area, with vacant lots getting fresh slabs of concrete and existing properties being lifted and renovated.
"The beaches in Pinellas were hit the hardest; we are going to recover the strongest," said Ackley.
“Would it be accurate to call this a beach boom?” I asked.
“I would say, so I think it's a beach, boom,” Ackley said. “I think it's getting ready to take off, and I think people should pay attention. Who doesn't want to live at the beach?”
This story was reported on-air by reporter Michael Paluska. The broadcast report has been converted to this platform using AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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