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South Florida by the numbers: Hurricane Irma impact

By Master Brokers Forum | September 20, 2017 10:30AM

Hurricane Irma and Master Brokers Forum

 

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

Hurricane Irma’s impact on South Florida is the only story that matters this month, but there are many sides to the story: how lucky much of the region was to avoid a direct hit, the loss of life and property despite the “reduced” impact, rebuilding efforts for the Keys and other areas of Florida, and long-term concerns in the face of bigger and more deadly storms.

For Miami’s real estate community, the results are complicated. While damage to the greater metropolitan area was not devastating, images of broken construction cranes and flooded downtown streets dominated news coverage and may linger in the minds of buyers and investors. Did you hunker down and brave Irma, or did you join the millions who fled to parts north and west? Whatever your decision, we hope this edition of South Florida by the numbers finds you safe, well…and prepared for a hurricane season that does not officially end until Nov. 30.

$6.41 billion: Amount of commercial mortgage-backed security (CMBS) debt that was exposed to Hurricane Irma in Miami, according to Morningstar Credit Ratings. Statewide, the figure is just under $40 billion. [TheRealDeal]

37: Number of Florida counties included in FEMA’s Disaster Declaration (including Miami-Dade, Broward and Monroe), in which the state of Florida has suspended certain regulations to allow for easier and direct hiring of roofing contractors. [Miami Herald]

$100 million: Amount the city of Miami will ask its voters to approve in November to fund new pumps and an upgraded storm water system. Even if approved, this measure is considered to be just the beginning of much-needed, large-scale public efforts to address rising waters and overdevelopment throughout the state of Florida. [NYT]

17: Percentage of wind increase in the upper floors of condominiums, according to a local broker who experienced the “sway effect” from Irma. The storm caused flooding on Brickell Avenue and Coral Way in Miami, but the city’s natural aquifer allowed for relatively quick drainage. [Inman]

1 percent: As of Tuesday morning, percentage of homes and businesses in Miami-Dade and Broward counties that were without power, according to FPL. In Miami, that number represents about 16,940 homes; in Broward, roughly 3,600 homes. FPL achieved this restoration in ten days. [Miami Herald]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.