Tornados and Value

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Real Estate Agent with Fathom Realty

Here is a real life question that the appraiser who appraised my listing didn't know at the moment but had to find out.  When a tornado tears up your community is that a bad thing for value?  If your comps are no longer comps does that affect value?  If there aren't as many homes in the area does that raise value? (supply and demand).  We had a F3 tornado go through Suffolk, VA a few days ago and some communities are more than half gone (no one was killed or severly injured).   These are your typical subdivison built in the last ten years or so.  Luckily the listing is not closing for a while but it could have been bad.  The appraiser has to go back out and make sure the house is still there and not damaged.  The tornado went by a half block away.  Oh my.

 

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Rainmaker
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Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Hi Gene,  In a very short time frame this will not matter much.  Every area has  some form of natural calamity which visits from time to time.  Hurricane, blizzard, drought, fires, etc.
Apr 30, 2008 08:08 AM #1
Rainmaker
1,171,889
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert
Sounds like a close call. Hopefully it comes together yet.
Apr 30, 2008 08:13 AM #2
Rainer
30,817
Becky Respess
Broker/Associate Century 21 Judge Fite Co - Cedar Hill, TX
ABR, CRB, CRS

Gene,

We had a huge tornado back in the mid 90's in one of the towns where I do business. It was horrible. There were several homes destroyed that were in title. It is truly a mess. I can't remember how the comps worked out. Good luck!

Apr 30, 2008 09:17 AM #3
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Rainmaker
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Gene Allen

Realty Consultant for Cary Real Estate
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