Broward real estate values unlikely to be affected by historic floods

MIAMI – The slow cleanup from the big rain continues as Broward residents are dealing with ravaged homes.  

The Federal Emergency Management Agency has determined over 700 properties from Fort Lauderdale, south through Dania Beach have major water damage. 

Realtor John Ryan tells CBS News Miami, “I think the single-family homes will survive.” 

Ryan’s family has been in the Broward real estate business since 1924. They have seen it all, since the big hurricane of 1926. 

Ryan says he does not see residents just giving up and leaving like what happened after Hurricane Andrew when many folks got insurance checks, sold out, and moved out. Ryan told us, “I don’t see a mass exodus, personally.”

We asked about the damaged homes, many impacted by mold, are they marketable? The answer is yes, according to Ryan because of the strong South Florida real estate market. 

Because of the demand, there might not be any real bargains. “I don’t see a big price drop. People who do leave, there are people to fill that vacancy. People looking for houses in South Florida.”

Just after the big rain, Ana Garcia, the Dania Beach City Manager said, “It is a weather phenomenon that has affected Dania Beach like nothing in the History 120 years.” 

So, folks will likely bet a major flood like they have experienced won’t happen again in their lifetime. So, there is good reason to repair the damage and stick around.  

Ryan tells CBS News Miami, “I got people looking. I think the attractiveness of Florida here, the lure of South Florida is too strong as far as a large price drop. I don’t see people leaving Dania Beach.”

A reminder if a person purchases a home in the area affected by flooding, the homeowner has to disclose the extent of the flood damage and mold issues, if any.