The Sarasota Herald Tribune reports, “[I]f the oil begins south to Tampa-St. Petersburg and down to Cape Coral and Naples, [real estate data company] CoreLogic estimated Florida’s Gulf Coast could experience a total loss in home values of $11 billion in those areas, impacting 238,000 homes.”
The estimated numbers “do not even deal with what we might call the perception problem,” because according to the article, only the loss of “‘environmental amenity values’ (such as the value of beach access and proximity to the water)” were calculated.
“[T]he housing market in Sarasota-Bradenton is indeed being affected by the oil spill… sales, especially of waterfront and near-waterfront homes, have fallen apart over the uncertainty,” the Herald Tribune adds.
The paper’s conclusion? “Who wants to buy a $3 million home and then six months later have the beach adjacent to it covered in tar balls?”