Avatar's Blog
» Investors Descend on Hurricane Ravished Coastal Ar
The real estate scavengers have already descended on Hurricane ravished parts of Coastal Louisiana and Mississippi. Signs are cropping up heralding companies or individuals who "BUY PROPERTY - ANY CONDITION" and others blaring the familiar "FOR SALE".
Many uninsured and underinsured have no option but to sell the property while they can and investors are swooping in for the kill. Some investors contact homeowners with offers to buy; others head directly to banks to make payoff agreements to get land or property with improvements.
In the end, the face of these coastal areas will change. The smaller homes, the poorest neighborhoods will be cleared. If the conservationists have their way, some of the land closest to the ocean will become a protected marshland, cleared of all human improvements, returned to nature. It will provide a natural buffer for future storm waters.
After that, developers will redesign the cities with new, often more expensive homes, retail centers, entertainment venues, etc.
Hard money lenders such as Avatar Financial Group are already fielding calls from investors large and small for quick loans to purchase properties while it's still there for the taking. While banks and conventional lenders will get their fair share of requests as well, look to see a large increase in hard money acitivity in the region over the coming months.
