Sunday, July 04, 2010

Cancellations along the Gulf: Real Estate Closings and Fireworks Displays

by Bill McBride on 7/04/2010 08:55:00 AM

From Tom Bayles at the HeraldTribune: Home closings mired in crude. (ht Wayne in Elizabeth City) This is mostly anecdotes about canceled closings:

Coldwell Banker Residential Real Estate says that six of its 22 sales that failed to close in late May and early June were on waterfront homes and the direct result of buyer qualms about the spill.
...
BP has received about 1,350 claims from Realtors and others who profit from the sale of real estate. Of the 583 claims from Florida, only two had been paid as of Tuesday ...

Alyssa M. Nohren, a real estate attorney with Sarasota's Icard Merrill firm, had a sale fall through this month on a home listed for about $350,000 on Sarasota Bay.

"It was an out-of-state buyer who just freaked out about the oil and was convinced the oil is coming this way and will further reduce property values," Noreen said. "I was devastated as a real estate lawyer because we were finally getting back on our feet, but what could I say? It is not going to come here? I can't say that."
And from Bob Drogin at the LA Times: Oil spill takes boom out of holiday weekend
Gulf beaches are bare and businesses are empty on what is usually one of the busiest weekends of the year. Alabama's Dauphin Island and Bayou La Batre have canceled fireworks displays.
A tough holiday weekend.