Oil Spilling into Real Estate?
CNN’s Oil Tracker says researchers estimate that approximately 1.7 million gallons (40,000 barrels) of oil continue to leak daily into in the ocean after the Deepwater Horizon oil spill on April 20, which consequently killed 11 people when an offshore drilling rig exploded off the Gulf of Mexico.
As photos emerge of the oil-soaked Gulf, residents and vacationers living in coastal Gulf cities are becoming concerned that BP’s big mistake is going to cost them the pristine beaches lining the coasts. With summer right around the corner, residents, realtors and businesses are worried that the spill will drive away tourists, despite BP having reportedly promised the Gulf Coast states $70 million to promote tourism.
June Fletcher of The Wall Street Journal says she’s noticed the worry and skepticism among waterfront homeowners — specifically those residing in Naples — but she says people shouldn’t be discouraged from renting, purchasing or selling property in Gulf cities. In this article, Fletcher offers Realtors, homeowners and potential buyers some ways to stay on top of the oil spill and still make the most of the prime real estate available in Florida.
— Kaitlin MacRae
