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The Check is in the Mail for Florida RealtorsAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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The Check is in the Mail for Florida RealtorsAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Real Estate ArticlesThe Check is in the Mail for Florida Realtors
If you are a realtor in Florida, you certainly realize the effect the gulf oil spill has had on your business. The normally busy summer tourist season for realtors along the gulf coast has been dismal at best this year. Help may be on the way courtesy of BP's Oil Spill Fund and an agreement with the Florida Realtors state association.
The claims administrator for the Oil Spill Fund has made $16 million available to real estate professionals in Florida who lost business due to the spill. The majority of the fund will go to realtors and brokers in the Panhandle area where oil from the spill actually made it to beaches. The fund for real estate professionals was established as a way for people in the industry to pay their bills and keep their businesses going. According to a broker at Premier Properties, any claim submitted must go through the managing broker of the office. He went on to say he has yet to see any claims submitted by agents in his office. Demonstrating a claim for losses tied to the spill may be difficult. While most agents have seen a noticeable loss of business since the spill, many buyers are putting off purchasing decisions until the overall picture improves. Potential buyers are waiting to determine what the ultimate impact of the spill may be and might get back into the market as early as this fall. Vacation rentals, many handled by real estate agents, are down this summer. While some vacations have been delayed, many were cancelled. Loss of income from vacation rentals may be easier to demonstrate than losses on closed purchase transactions. At a recent Florida Realtors convention in Orlando a booth was set up for Oil Spill Fund claims. Time will tell whether the BP oil spill or continued economic pressures, such as unemployment, had the larger impact on Florida real estate activity. It will be interesting to find out how many claims will be verified and paid out by the oil company.
You can talk about... The Check is in the Mail for Florida Realtors Tags: • unemployment • orlando • purchase • income • rentals • impact • florida • how many • oil spill • bp oil spill • oil spill fund • tourist season • vacation rentals • potential buyers • real estate agents • florida real estate • real estate professionals • Related articles:
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