H OUSING N EWS R EPORT
April 2016
they are probably going to do a lot better than if they are going to do a fast flip — just because there are still a lot of environmental concerns,” he said. “I think by the time you get to mid-summer most of this testing will be done and most people will be back in their homes … and once everything returns to normal that market should snap back to normal pretty quickly.” Ranch environmental crisis to the powerful Northridge Earthquake that shook the region in 1994. “I feel like it’s the 94 quake,” he said, noting that he still remembers experiencing the tremblor in his house. “The fridge was in the Elalami likened the Porter
estate consumers can mitigate risk through a few simple and cost-effective stops, Theodoroff said. “Anyone can get their water tested for free. You can get filters and filter replacements for free,” he said. “You can buy a reverse osmosis system for $150 from Home Depot … and that will get you clean drinking water … We are mitigating where we can. … We are putting in seller disclosures that the water from these houses is from the city of Flint. “You walk into a listing, and the first thing you do is have the water tested,” he continued. “If you are listing something in that area you demand a water test. … and you find out right away what your lead and copper contents are.”
Andy Sussex Broker/Owner Castle Real Estate Genesee County, Michigan “ Flint it has not seen the recovery that everyone else has. It has not seen the recovery in the car industry that everyone else has … And then you add the water crisis on top of that and it kind of squelches any kind of recovery. ”
middle of the living room. It was a scary time. … When it happened, everyone wanted to move out, and prices plummeted because of that, and people took advantage of that. But no one’s talking about the 94 quake anymore. “That is the beauty of the human being. Quickly forgetful,” he added. Lipscomb said the Porter Ranch crisis is less likely to have long- term impacts on the housing market than the Flint crisis. “Between the two I think Porter Ranch is more likely to recover in the long run. Flint has had so many issues over the years, and this is yet another one that has impacted the area,” he said, reiterating that the recent crises in both Porter Ranch and Flint foreshadow growing environmental risk posed by the country’s crumbling infrastructure. “I think the two situations really exemplify the infrastructure crisis that our country is facing.”
Momentum Killer
Theodoroff characterized the water crisis as a “momentum killer” for the Flint housing market, but emphasized that the longer-term trend for real estate in the region is toward recovery. “We are recovering but we are not recovering as quickly as some other areas or some of the suburbs,” he said. The gas leak in Porter Ranch will also have a short-term impact on that market, according to Malmberg, who said the situation offers a good opportunity for real estate investors who are willing to wait even a few months for demand and prices to bounce back.
“If they can buy in at this point in life and hold for a fewmonths,
THE LATEST INDUSTRY NEWS AND TRENDS www.RealtyTrac.com/News
7
Made with FlippingBook Online newsletter