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Folks, history is being made. This may be the first time ever that being on the same longitude as Akron, Ohio, was a key selling point in the real estate business.
Guess why. After last year’s devastating hurricane season, property developers are getting creative in how they pitch waterfront developments. Here are some blurbs from the press release for Liberty Harbor, a $1.5 billion residential community planned for Brunswick, on the Georgia coast.
*”Buyers from Across the U.S. Clamor for Spectacular New Development in Brunswick, Seeking the Ultimate Waterfront Lifestyle and Safe Harbor from Hurricanes”
*”Because it sits nearly 100 miles from the Gulf Stream, Brunswick is in a geographical sweet spot that is protected from the hurricanes that have affected so many coastal areas and jeopardized the insurability of their waterfront properties.”
*”Brunswick sits on the western-most point of the East Coast (same longitude as Akron, OH), and has not been hit by a hurricane in over 100 years.”
The “no hurricanes here” pitch seems to be working. Jennifer Gilbert, a public relations rep for Liberty Harbor, says that 40% of the early buyers are from Florida, and many say they’re looking to get out of the path of hurricanes.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.