Silent Real Estate Crisis

As detailed in our initial report, "The Cost Of Lake Okeechobee's Runoff And The Impact On Southwest Florida's Water And Wallet" (https://fang.jcessna.media/post/the-cost-of-lake-okeechobees-runoff-and-the-impact-on-southwest-floridas-water-and-wallet), the 2018 bloom cost the region $2.62 billion in tourism. But for homeowners, the price tag is becoming permanent.

While the headline figure of $2.62 billion in lost tourism revenue dominates the conversation, a quieter financial crisis is gripping Southwest Florida's housing market. Economist like Andrew Bechard report that canal-front properties take an estimated 25% dip during a bloom event.

Infographic created by Jim Cessna via Nano Banana

This devaluation is compounded by a freeze in market activity during bloom events. As Kyle DeCicco, President of Sanibel Captiva Community Bank, explained in our earlier investigation, algae blooms often cause "a complete stop to real estate transactions". Unlike hurricane damage, which is covered by insurance, business owner Chris Davison notes that water quality degradation is an "uninsurable event". This leaves residents and businesses with no financial recourse, forcing some to seek loan payment relief just to survive the season.