Excerpted from Bisnow story.
Franklin Street Director of Multifamily Investment Sales Hernando Perez previously told Bisnow that several investors initiated conversations to pull out of South Florida following Irma. He said these clients were new to the market and had yet to experience a strong hurricane. Instead of going through the patching and rebuilding process, these clients wanted to switch to assets that require less responsibility and were in areas that were not as vulnerable to storms and shifts in the market.
For full story, visit https://www.bisnow.com/national/news/capital-markets/real-estate-investors-continue-to-roll-dice-on-disaster-prone-assets-85118?rt=54757.