Special offer

What do you think? Should Gulf Coast REA's get compensation from BP?

By
Home Stager with Round Rock Home Stager Austin Home Staging

I stumbled across this article in my Google Reader this morning before heading out...

"Real estate agents want oil spill compensation" - Jul 21 12:55 PM US/Eastern By LARRY MARGASAK Associated Press Writer [Yes, I'm aware this article is on Breitbart, which is underfire right now. But the article is from AP Wire, so let's stay on topic!]

I'm going to admit, my first reaction was, "What? No Way? Talk about trying to game the system..." And that's probably more of a reaction I generally have... As I thought about it, the Oil Spill Disaster has most likely significantly affected Real Estate by driving down house values and scaring off potential buyers.  But should the Real Estate community be compensated?

A couple of weeks ago, beach front home owners were asking for compensation due to lack of rental income.  The argument against it was: if a hurricane was coming, and your renters didn't show up, would you expect compensation from the weather? 

Then again, it could be argued that Gulf Coast Fishermen wouldn't be fishing in Hurricanes. 

It seems one could make a compelling argument for almost anyone who operates a business should be compensated.  From the guy who pushes the ice cream cart to the major hotel chains. 

So, if you have a compelling argument, I'd like to hear.  I'm kind of stuck in the mindframe of "Where do you draw the line..." $20 billion sounds like a lot of money, but I guarantee it will go fast, and likely large parts will go to undeserving parties.

 

Doug Rogers
RE/MAX Coastal Properties - Destin, FL
Your Real Estate Resource!

It should be pretty easy for Realtors to pull data from prior years. I am all for compensating active, full time agents. But recreational Realtors are on their own!

Jul 22, 2010 03:00 AM
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

That's a hard question, glad I'm not one that has to answer it.

Jul 22, 2010 04:22 PM
Michael Fontana
Round Rock Home Stager Austin Home Staging - Round Rock, TX
@ The Stage Coach

@Ricki - that's kind of where I wound up yesterday.

@Doug: Do you think BP will be able to tell the difference?  Should payments be made based upon last year's Tax Returns?  Or due to the nature of the economy, an average of the last three years?

@Michael: I am with you on Business Interruption...Good way to look at it.

Playing devil's advocate, it could argued that a gas station on a route to the coast, but 100 miles inland has had a business interruption... Should they draw a georgraphical line? For that matter, several restaraunts in the Austin/Round Rock areas can't afford some of the seafood cost hikes.  Can they claim the same Business Interruption?

Don't get me wrong - IMHO, BP should have armored cars of cash driving around and passing out stacks of bills to the residents.

Jul 23, 2010 05:30 AM