July 30, 2019 10:59 am ET
PANAMA CITY, Fla.—After Hurricane Michael swept over the Florida Panhandle last October, destroying thousands of homes and taking dozens of lives, David Dey started looking for property to buy.
The Lakeland, Fla.-based real-estate investor had been part of a group that flipped hundreds of damaged homes in and around New Orleans after Hurricane Katrina deluged the city in 2005. He bought flood-damaged homes in Houston after Hurricane Harvey in 2017. The destruction he saw in Panama City, Fla., was worse.
“Unfortunately, or fortunately, depending on where you look at it, everyone is going to go and follow the storm path,” said real-estate investor Marc Cox.
Mr. Cox got his start as an investor buying and renovating dilapidated homes in Baltimore. In 2000, he said, he bought two homes in Suffolk County, N.Y., that had been damaged by superstorm Sandy. After Hurricane Harvey hit Houston, he picked up two properties there. Now he is looking for storm-damaged real estate to buy in New Orleans and Panama City.