The Gulf oil spill in April created a frenzy of reports recounting the devastating effects on the real estate market in local communities near affected areas. Sales in certain areas stagnated while many were left with countless canceled beachfront rental properties. Below are two examples on the impact felt by two counties on the Gulf Coast.
Nick Wilmott, President, Baldwin County Association of Realtors
Alabama Gulf Coast, Baldwin County:
Nick Wilmott, President, Baldwin County Association of Realtors
Q: How has the oil spill affected real estate in your local area?
A: When the oil spill occurred on April 20th, 2010, our tourism for the Alabama Gulf Coast was dramatically affected. Rental reservations were canceled for May and June. We saw 50 percent-plus fewer tourists in the gulf coast area of Baldwin County. This, however, does not mean just those beach towns (Gulf Shores, Orange Beach, and Ft. Morgan) were the only ones hurt. When the tourist doesn’t come down, the hotels, gas stations, restaurants and shops that those tourists visit or stop at on the way here, lose revenue.
