This week InfoTube.net blog will focus on the impact that the gulf oil spill from a real estate perspective.    Today, we focus on the events and conditions that have already occurred.  We will conclude with expert predictions about what will follow in years to come.  

We welcome feedback, comments and reports from the front line and encourage you to add InfoTube.net blog to your rss reader for future updates on conditions in the gulf.

CBS News Reports:

Louisiana, Mississippi and Alabama are already taking a hit due to reduced tourist bookings, but with its 770 miles of Gulf Coast line, Florida stands to lose the most which is why the state is running pro-tourism ads.

Officials say Alabama’s tourism is down 50 percent so far and imagery that shows a large plume of oil heading this way could wreck Florida’s season as well.

Just a 10 percent decline in tourism related business in Florida’s 23 Gulf Shore counties could cost the Sunshine state $2.2 billion in revenue. 

Commentary:   Anytime rental vacancies rise, property values drop.   In addition to the immediate problems created by the lack of rental cash flow,  property owners are faced with a rapid drop in the value of their property.  Real estate experts in the hardest hit area’s report that property values have already dropped a whopping 20-30 percent during the last 63 days.  And, whether any prospective buyers can obtain financing and insurance on the affected coastal area’s is unclear.

Whether BP will compensate property owners in the gulf for lost property value remains uncertain.   To date, the matter has not been formally addressed.   BP is self-insured, but pollution is usually excluded as a covered peril in property insurance policies.  And, standard commercial and home insurance policies usually cover property damage only, not claims for lost value.

Thank you for visiting InfoTube.net.   Our focus this week will continue with the real estate crisis that is washing up on the pristine beaches in gulf, along with the dead wildlife and waves of petroleum and a special blog on what you can do to fight back!!