New Appraisal To Show Loss Of property values
Studies on Loss Of Property Values because of the oil spill
“The impact of the spill on home values in communities already affected by the spill is expected to range from $648 million over one year to as much as $3 billion over five years, according to an Aug. 2 report by CoreLogic. Of the immediately affected areas, the largest overall loss in value would be in Pensacola ($1.6 billion), followed by Gulfport, Miss. ($1.2 billion). “The guy who is renting is going to see an immediate loss,” says Mark Fleming, chief economist at CoreLogic. Housing prices are likely to fall 10% in total along the 569-mile coastline, where there are about 14,396 acres affected by the spill, according to CoStar Group, a commercial real estate analysis firm in Bethesda, Md. Assuming that the developed beachfront property has a present value of $3 million an acre and the value drops 10%, that would come to $4.32 billion of land value lost because of the spill.
So lets face it, the price of a beach house is tightly connected to the use of the water and the beach, when people hear about all these million of gallons of oil in the water, then people do not want to pay top dollar for a beach hour anymore. If you where in a situation where you had to sell the house or the morgage value on the house all of a sudden put you under water because of this BP oil spill of course you have a claim against BP. Because of the delicate nature of this claim for loss of property values I would suggest talking to an oil spill attorney and having them look at the case. They would most likely have to appraise the house and look at other houses near by to see what lost of property values they could argue in a BP claim