Impact Of Oil Spill On Shore Property Values And Political Ideology
Gulf Shores Alabama Home Prices and Home Values. Median List Price Per Ft2, June 2009 - April 2010 Image credit:Zillow.com
I just read of a poll which indicated '28% of Republicans said the recent oil spill made them more likely to support offshore drilling'. Could someone possibly answer that way if invested in a shore property about to be oiled? You wouldn't think.Take Gulf Shores Alabama as an example of how important the British Petroleum well blowout is to ocean front property value. Gulf Shores has finally shown signs of an uptick
after recovering from hurricane destruction and the slow economy...and now comes the oil slick.
NuWire Investor covers this subject for Florida.
Those in Florida are particularly worried where the price of a property that includes beach front could be badly hit. Florida Governor Charlie Crist has extended a state of emergency to 13 coastal counties as far south as Sarasota.MSNBC takes it up too.
...real estate agents and homeowners along the Gulf Coast are bracing for a potential and perhaps devastating drop in property values.This is a huge issue, and one that amplifies the fall in tax revenues of states along the Gulf coast which are highly dependent on the tourist trade and property taxes from associated development.
Even politicos who claim not to care about marine life should be motivated by economics and personal greed. We'll see how long the stubbornness continues once the reality hits home.