| Hurricane Ike was almost the size of Texas and it cut straight across Texas, so one can only imagine the number of towns and cities that were impacted. While a lot of damage was done and many people incurred losses as a result one area that has been greatly effected is the Woodlands real estate market, which now is enduring a glut of distressed homes and commercial properties on the market at bargain rates.
The Oil Industry
At the same time, an unprecedented influx of federal redevelopment funds and insurance monies has led to an unprecedented economic boom. While Woodland and other surrounding communities have been working hard in recent years to diversify their economies, recent events in the oil markets have brought the oil industry in the area to the forefront.
An Unprecedented Boom
Unlike New Orleans, the greater Galveston area is the greatest source of refined petroleum products, including gasoline and diesel fuel in the country. So, while there was some stumbling in the early months following Katrina in southern Louisiana, this just isn't the case this time around in Texas. Its been a boom beginning from the first day after Ike left and no one is offering any predictions when it is going to slow down.
Renovating Distressed Properties
With so many homes and apartments damaged and so many workers needing a place to live, rental rates are going through the roof, leaving anyone who can get a rental property on line sitting well in the black. The result is that buying and restoring distressed properties is now a very profitable venture in Woodland and its outlying areas.
Scarce Living Quarters
However; before you hop in your car and race down to Woodland Texas, bear in mind that the slim rental market also applies to you when you hit town. What many people are doing who have previous experience with disaster areas are doing is arriving with a small travel trailer hooked to the back of their vehicle.
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