Jim Walberg’s 2009 real estate predictions during the Caribbean Hurricane Season are ready for your review. It is the BEST time to buy real estate, because it is considered the “off-season” for people visiting the Caribbean.
The “slow season” in the Caribbean is connected to the start and finish of the official hurricane season – June 1st to November 30th. There are many people who live in the Caribbean only six months a year and move off-island June 1st. In addition, the crewed charter yacht industry typically end their charter season near the end of June. There are a few yachts that charter all the way through August, but is it rare. AND, it is my favorite time of year to assist Buyers who want a piece of Paradise because there are always some great bargains.
I love the Caribbean all year-round, and I am fortunate to have never been on-island during a hurricane. This is not to say that a hurricane is to be taken casually. They are a devastating aspect of Mother Nature. Hurricane Hugo was a destructive Category 5 hurricane that struck the Caribbean and the U.S. Atlantic coast in September of the 1989 Atlantic hurricane season, killing 109 people and leaving near 100,000 homeless. Hugo caused $16.3 billion US in damages within the U.S. and the Caribbean, making it the most damaging hurricane ever recorded at that particular time. The devastation of Hugo was surpassed by Hurricane Andrew three years later that caused over $30 billion, which was eventually surpassed by Hurricane Katrina in 2005 that caused over $85 billion US in damages. ( The rebuilding after Katrina will still take many years to complete.)
Hugo created a real mess in the Virgin Islands in 1989 with six deaths. The total damage from Hugo in the Virgin Islands was approximately $3 billion. When there is such a disaster as Hugo in the islands, it leaves a very big impression in the minds of people who own Caribbean real estate, and especially people who are thinking of buying real estate in the Caribbean. One of their thoughts is, “Oh my God, what if I had owned property there? What a mess I would be in.” There are no guarantees, but the Virgin Islands are NOT typically in the major hurricane paths – the last one was over 10 years ago! However, a hurricane will hit the Virgin Islands again – just like an earthquake will hit San Francisco again. 2009 is predicted to bring 14 named storms to the Atlantic Ocean, with seven of them becoming hurricanes, according to Colorado State University forecasters Philip Klotzback and William Gray. Their report forecasts a “below average” 2009 hurricane season in the Caribbean and U.S.
So, if you are OK about living in a region of the world that has the possibilities of a hurricane each year, then the time to buy is during hurricane season – June through October. The amount of real estate inventory that is on the market in the Caribbean during hurricane season is UP. The population will swell in late October in the islands. My conclusion each hurricane season is it is time to BUY! Inventory is up and the Buyer pool is much lower during this time.
With fractional deeded ownership townhomes starting at $200,000 US and beach front villas priced as high as $4 million US, I promise you there are many properties to choose from during this annual “slow time” in the Caribbean real estate market. Again, I would rather deal with a hurricane than an earthquake. At least with a hurricane one has a lot of warning. There is no warning with an earthquake. Is it the strangest thing that I have homes in both locations? The reality is both the Caribbean and the San Francisco Bay Area are my favorite spots in all the world. Let me know about your experiences in the Caribbean during hurricane season. Your Caribbean lifestyle detective remains on duty. Until next time…fair winds ( And, I mean it.)
