colinrealestate

We’ve all seen the images on the TV, in the press and heard the stories through National Radio, but our General Manager, John Stewart, who was in the city in the days immediately following the 22nd February catastrophe, reports that nothing can prepare you for the reality on the ground in The Garden City. “Hardened international journos commented that the scenes they were eventually permitted to view were as destructive as the worst of world disasters” Stewart said.

“While we presently focus on the cost of rebuilding the city, of far greater concern must be the cost to the city as a result of this catastrophic event…with the commercial heart needing to be rebuilt, a process that will take several years, the companies and services requiring massive office space will surely depart the region…there are no options open to them. Some major groups are already advanced in this planning and sadly, they really don’t have any options”

Stewart further commented that the same was true for the “…somewhere between 20,000 – 80,000 of the population who are unable to live in their homes. With repairs to that number of properties required, patience will surely wear thin quickly. Already people are choosing to depart.”

“What this means for real estate in the region is unclear as yet. Certainly the emphasis is on the rental market at present and our offices in the city are presently at full stretch endeavouring to house the homeless, as are offices in nearby towns.” he added.

“Long term of course, the city will endure. There is though, no doubt that it’s population, suburban construct and commercial makeup will be vastly changed from the city those of us who have lived there came to love.”

Filed under: REAL ESTATE | Tagged: Real Estate