Gulf oil spill causes condo sales to suffer

Posted on June 24th, 2010 1 Comment

Beachfront condo owners have started to feel the effects of the massive oil spill in the Gulf of Mexico, and values of this once-valuable property have dropped significantly. Even though many beaches along the gulf-coast are relatively oil-free, the public perception of the oil threat has made it increasingly difficult for property owners to sell their  homes, condos, and beachfront property.

Real estate agents like Alicia Hollis have already seen property values suffer due to hurricanes, and the mortgage crisis, and were largely counting on this year to be a rebound year for property sales in Fort Walton Beach, Florida. Many people fear that property sales will continue to suffer long after the spill has been cleaned up. In order to help struggling homeowners, some officials have requested that property owners pay lower taxes based on the property’s current value and have called upon BP to compensate the states for the lowered tax revenue.

For more information on property claims and the oil spill, contact an experienced oil spill attorney of Williams Kherkher at 800-821-1544 to discuss your claim.

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