Has the Gulf Coast oil spill affected Tampa Bay real estate?
August 23, 2010
This is a question I’ve been asked many times over the past few months. Has the oil spill out in the Gulf of Mexico had a negative impact on demand for real estate in the Tampa Bay area?
From what I know there haven’t been any reports of the oil spill reaching Tampa Bay beaches. At least not yet. Most of the oil damage was up in the Florida panhandle. Scientists are warning everyone that there is a tremendous amount of oil still to wash ashore and it could be years and years before we have any idea about the extent of damage to the environment.
With that said there has been a definite affect on the demand for waterfront real estate in the Tampa Bay area. Buyers for waterfront property have been much more reserved and cautious lately. Nobody wants to buy a waterfront home only to have the white sands and blue waters soon after closing turned into a tar field. This is a rational fear and one I’m not sure how to address. My advice is for buyers to do their homework and make their own educated decision on what they want to do. I share the same fears and cannot predict what will happen with the massive amounts of oil still out there in our Gulf. We can all only hope it doesn’t find its way to our beautiful Gulf beaches.