If property on on oily beaches drops 90%, "is BP going to consider that a legitimate claim"?
Realtors along gulf lose contracts, hope as spill halts recovery of fragile market, Palm Beach Post, June 25, 2010:
Throughout the Panhandle and south to Monroe County, withdrawn sales contracts, abandoned vacation rentals and diminished property values are driving an increase in real estate claims made to oil giant BP. ...
In Monroe County, which includes the Florida Keys, County Commissioner Mario DiGennaro complained during a Wednesday meeting in Tallahassee about the BP claims process, saying real estate sales are at a "standstill."
"The real estate market that we worked so hard to recover from has gone straight downhill," he said. "It's stopped." ...
Already, 386 individual and 23 commercial claims of diminished property values have been filed with BP.
BP's payout: $0.
"If the $2 million condo you bought in 2006 is now worth $1 million, and then there is oil on your beach and it's worth $100,000, is BP going to consider that a legitimate claim?" said Jack McCabe of McCabe Research and Consulting in Deerfield Beach. "We've never seen anything like this in the history of man, and it's all aimed at Florida."