Home Buyers Flock to Florida Cities Devastated by Hurricane Ian
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Home Buyers Flock to Florida Cities Devastated by Hurricane Ian

‘It’s pretty much business as usual,’ one agent says; area damaged by storm had experienced sharp price run-up

By ROBYN A. FRIEDMAN
Wed, Oct 19, 2022 8:44amGrey Clock 3 min

Less than a month after Hurricane Ian caused widespread devastation to southwestern Florida, investors and other buyers are scouring for housing deals in a region where home prices have soared in recent years.

Demand remains strong from both locals and out-of-staters, according to residential real-estate agents in Naples, Fla., and other areas near the path of the Category 4 storm. They say they have received numerous inquiries from people still interested in relocating to the Sunshine State, or hoping to pick up distressed properties.

“It’s pretty much business as usual,” said Kelly Baldwin, an agent for Coldwell Banker in Longboat Key, Fla. “I haven’t had anyone reach out who wants to stop their home search.”

The costs associated with fortifying a home against wind and flooding, along with rising premiums for homeowner and flood insurance, are enough to cause some longtime Florida residents to leave.

But some investors with plenty of cash are expressing interest. Friley Saucier, a global real-estate adviser at Premier Sotheby’s International Realty in Naples, is working with a wealthy individual planning to spend as much as $50 million on distressed real estate in areas that suffered damage from Ian.

“He called me after the storm,” she said. “I’ve spent a week calling agents and others trying to find properties that are off-market because these homes are still being dried out and remediated, so they’re not yet listed.”

Rick Lema, whose primary residence is in Narragansett, R.I., owns a home in a mobile-home park in Englewood, Fla., about midway between Sarasota and Fort Myers, that was damaged by the storm. A cash buyer, he started driving around local neighbourhoods the day after the storm, before he repaired his own home, to look for distressed waterfront homes and commercial properties.

Mr. Lema had been looking for investments previously, but felt that “prices were through-the-roof ridiculous.” Now, he believes owners of damaged properties will jump at the opportunity to unload their holdings. “If they were asking $1 million before the storm, I’ll offer $750,000,” he said.

Certainly, some potential buyers are thinking twice after the damage caused by the storm, which is expected to be between $40 billion and $64 billion for flood and wind losses to Florida residential and commercial properties, according to an estimate by data firm CoreLogic. What is more, 62% of U.S. residents who plan to buy or sell a home in the next year are hesitant to move to an area with climate risk, according to a recent report by brokerage Redfin.

Some with plans to settle in the area are now reconsidering. Kurt Kuemmerle, 60 years old, a carpenter who lives in Marmora, N.J., owns a piece of land in Port Charlotte, about 30 miles northwest of Fort Myers. He said he always thought he would build a home there for retirement with his significant other, Robin Konschak. But now he plans to sell the land.

“We realised that southwest Florida is far too dangerous to live in permanently,” Ms. Konschak said.

Yet many others are undeterred. Connie Langenbahn, 62, a retired school-bus driver, and her husband, Gregg Langenbahn, 61, are leaving their home in Cincinnati in November to become permanent residents of southwest Florida. The couple said they would live with their daughter in Sarasota, Fla., while they shop for a home, a process they began two years ago.

“The hurricane scared my husband, but it’s been my dream my whole life to live in Florida, and I’m not giving up,” Mrs. Langenbahn said.

The two are hoping to spend no more than $450,000 for a three-bedroom, two-bath home. “I’m hoping that prices don’t go up higher now because people need homes,” she said.

Some housing analysts think they will, at least for the short term. “We most likely will see an increase in prices almost immediately, driven mostly by continued strong demand and a storm-induced inventory shortage,” said Ken H. Johnson, a housing economist at Florida Atlantic University’s College of Business.

“While pricing might be erratic for the first few months, the demand for living along a coastline with warm weather and a business-friendly economy seems to have led to quick economic recoveries after recent past hurricane strikes,” said Dr. Johnson.

Few areas in the U.S. have seen prices run up this much already. According to the Naples Area Board of Realtors, the median sales price for a single-family home increased by 24.9% between August 2021 and August 2022, the latest month for which statistics are available, to $725,000. Condominium prices increased by 34% during the same period.

A study released Oct. 11 by Dr. Johnson and Eli Beracha, Ph.D., of Florida International University, found that the Cape Coral-Fort Myers metropolitan area was the nation’s most overvalued housing market in August—before Hurricane Ian—with buyers paying an average of 70% over the area’s long-term pricing trend.

“Due to the devastation, there won’t be a lot of homes to sell for a while,” said Kristen Conti, broker-owner of Peacock Premier Properties in Englewood, Fla. Lack of supply, combined with the demand for homes by both end-users and investors, will cause home prices to increase for 12 to 18 months, she said.



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The Uglification of Everything

Artistic culture has taken a repulsive turn. It speaks of a society that hates itself, and hates life.

By Peggy Noonan
Fri, Apr 26, 2024 5 min

I wish to protest the current ugliness. I see it as a continuing trend, “the uglification of everything.” It is coming out of our culture with picked-up speed, and from many media silos, and I don’t like it.

You remember the 1999 movie “The Talented Mr. Ripley,” from the Patricia Highsmith novel. It was fabulous—mysteries, murders, a sociopath scheming his way among high-class expats on the Italian Riviera. The laid-back glamour of Jude Law, the Grace Kelly-ness of Gwyneth Paltrow, who looks like a Vogue magazine cover decided to take a stroll through the streets of 1950s Venice, the truly brilliant acting of Matt Damon, who is so well-liked by audiences I’m not sure we notice anymore what a great actor he is. The director, Anthony Minghella, deliberately showed you pretty shiny things while taking you on a journey to a heart of darkness.

There’s a new version, a streaming series from Netflix, called “Ripley.” I turned to it eagerly and watched with puzzlement. It is unrelievedly ugly. Grimy, gloomy, grim. Tom Ripley is now charmless, a pale and watchful slug slithering through ancient rooms. He isn’t bright, eager, endearing, only predatory. No one would want to know him! Which makes the story make no sense. Again, Ripley is a sociopath, but few could tell because he seemed so sweet and easy. In the original movie, Philip Seymour Hoffman has an unforgettable turn as a jazz-loving, prep-schooled, in-crowd snob. In this version that character is mirthless, genderless, hidden. No one would want to know him either. Marge, the Paltrow role in the movie, is ponderous and plain, like a lost 1970s hippie, which undercuts a small part of the tragedy: Why is the lovely woman so in love with a careless idler who loves no one?

The ugliness seemed a deliberate artistic decision, as did the air of constant menace, as if we all know life is never nice.

I go to the No. 1 program on Netflix this week, “Baby Reindeer.” People speak highly of it. It’s about a stalker and is based on a true story, but she’s stalking a comic so this might be fun. Oh dear, no. It is again unrelievedly bleak. Life is low, plain and homely. No one is ever nice or kind; all human conversation is opaque and halting; work colleagues are cruel and loud. Everyone is emotionally incapable and dumb. No one laughs except for the morbidly obese stalker, who cackles madly. The only attractive person is the transgender girlfriend, who has a pretty smile and smiles a lot, but cries a lot too and is vengeful.

Good drama always makes you think. I thought: Do I want to continue living?

I go to the Daily Mail website, once my guilty pleasure. High jinks of the rich and famous, randy royals, fast cars and movie stars, models and rock stars caught in the drug bust. It was great! But it seems to have taken a turn and is more about crime, grime, human sadness and degradation—child abuse, mothers drowning their babies, “Man murders family, self.” It is less a portal into life’s mindless, undeserved beauty, than a testimony to its horrors.

I go to the new “Cabaret.” Who doesn’t love “Cabaret”? It is dark, witty, painful, glamorous. The music and lyrics have stood the test of time. The story’s backdrop: The soft decadence of Weimar is being replaced by the hard decadence of Nazism.

It is Kander and Ebb’s masterpiece, revived again and again. And this revival is hideous. It is ugly, bizarre, inartistic, fundamentally stupid. Also obscene but in a purposeless way, without meaning.

I had the distinct feeling the producers take their audience to be distracted dopamine addicts with fractured attention spans and no ability to follow a story. They also seemed to have no faith in the story itself, so they went with endless pyrotechnics. This is “Cabaret” for the empty-headed. Everyone screams. The songs are slowed, because you might need a moment to take it in. Almost everyone on stage is weirdly hunched, like a gargoyle, everyone overacts, and all of it is without art.

On the way in, staffers put stickers on the cameras of your phone, “to protect our intellectual property,” as one said.

It isn’t an easy job to make the widely admired Eddie Redmayne unappealing, but by God they did it. As he’s a producer I guess he did it, too. He takes the stage as the Emcee in a purple leather skirt with a small green cone on his head and appears further on as a clown with a machine gun and a weird goth devil. It is all so childish, so plonkingly empty.

Here is something sad about modern artists: They are held back by a lack of limits.

Bob Fosse, the director of the classic 1972 movie version, got to push against society’s limits and Broadway’s and Hollywood’s prohibitions. He pushed hard against what was pushing him, which caused friction; in the heat of that came art. Directors and writers now have nothing to push against because there are no rules or cultural prohibitions, so there’s no friction, everything is left cold, and the art turns in on itself and becomes merely weird.

Fosse famously loved women. No one loves women in this show. When we meet Sally Bowles, in the kind of dress a little girl might put on a doll, with heavy leather boots and harsh, garish makeup, the character doesn’t flirt, doesn’t seduce or charm. She barks and screams, angrily.

Really it is harrowing. At one point Mr. Redmayne dances with a toilet plunger, and a loaf of Italian bread is inserted and removed from his anal cavity. I mentioned this to my friend, who asked if I saw the dancer in the corner masturbating with a copy of what appeared to be “Mein Kampf.”

That’s what I call intellectual property!

In previous iterations the Kit Kat Club was a hypocrisy-free zone, a place of no boundaries, until the bad guys came and it wasn’t. I’m sure the director and producers met in the planning stage and used words like “breakthrough” and “a ‘Cabaret’ for today,” and “we don’t hide the coming cruelty.” But they do hide it by making everything, beginning to end, lifeless and grotesque. No innocence is traduced because no innocence exists.

How could a show be so frantic and outlandish and still be so tedious? It’s almost an achievement.

And for all that there is something smug about it, as if they’re looking down from some great, unearned height.

I left thinking, as I often do now on seeing something made ugly: This is what purgatory is going to be like. And then, no, this is what hell is going to be like—the cackling stalker, the pale sociopath, Eddie Redmayne dancing with a plunger.

Why does it all bother me?

Because even though it isn’t new, uglification is rising and spreading as an artistic attitude, and it can’t be good for us. Because it speaks of self-hatred, and a society that hates itself, and hates life, won’t last. Because it gives those who are young nothing to love and feel soft about. Because we need beauty to keep our morale up.

Because life isn’t merde, in spite of what our entertainment geniuses say.

 

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