Ultimately, people want to be in Florida, which is prepared to deal with hurricanes, Turnberry Associates CEO Jeff Soffer said.
The damage by Hurricane Irma in Florida is not as bad as it could have been and shouldn’t affect real estate prices, billionaire real estate developer Jeff Soffer told CNBC on Monday.
Irma, now a tropical storm, ripped roofs off homes and caused flooding and power outages across the state.
Soffer, CEO of the luxury real estate development and property management firm Turnberry Associates, said it’s predictable that these kinds of storms occur in the area.
“It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared for this, ” he said in an interview with ” Power Lunch.”
“I don’t think real estate prices are going to get affected. Ultimately people want to be in Florida, ” he added.
While Hurricane Andrew caused massive destruction in 1992, building codes have been updated. Therefore, structures have held up well in Irma’s wake, Soffer said.
That includes Miami’s iconic resort Fontainebleau, which is one of the luxury properties in Turnberry Associates’ portfolio.
The damage in the area has mostly been landscape debris and downed power lines, he said, certainly “nothing catastrophic.”
Soffer said Fontainebleau should open on Tuesday after the roads are cleared and people are allowed back into the area.