BP Oil Spill Property Loss in Value

Legal Recourse for Commercial and Residential Property Owners Facing Real Estate Equity and Other Financial Losses Due to Oil Spill Disaster

The affects of the BP oil spill have caused serious economic business losses, personal financial losses and reductions in residential property values because of environmental damage caused by the BP oil spill.

IMPORTANT: If your livelihood or property has been affected by the Gulf Coast oil spill, we urge you to seek the advice of a lawyer before signing job applications, requests for financial reimbursement or other documents. You may be signing away your legal rights to take part in a BP class action lawsuit.

In the almost two months since the explosion and fire about the doomed oil rig Deepwater Horizon caused the Gulf oil spill disaster, daily news reports have focused on the environmental damage and oil spill water pollution caused by the millions of gallons of oil that have polluted The Gulf of Mexico.

Since April 2010, tens of thousands of business owners, commercial and residential property owners, commercial and recreational fishermen and employees of countless hotels, restaurants and retail businesses have suffered financial losses caused by the BP oil spill’s impact on the region’s tourism industry.

BP has committed to a $20 billion fund to reimburse these businesses and employees, but many Gulf coast residents face significant worry about whether their financial losses can be adequately reimbursed.

Property Values Will Continue to Affect the Gulf Coast Economy
Since 2009, residential and commercial property owners throughout the United States have seen real estate property values plummet, forcing many to face home sales at tens of thousands of dollars less than mortgages or at values much less than those seen in during the real estate "boon" years.

For Gulf coast property owners, already diminished property values may likely decrease even more because of economic factors associated with the oil spill disaster. The effects of diminished property values will, in turn, affect the banks and financial agencies holding mortgages on those properties and the communities and school districts that are supported from taxes collected based on the value of the homes in these communities.

In addition, a number of news reports on Gulf coast residential property values have focused on homeowner concerns about annual property assessments and whether new assessments will accurately reflect the value of their homes in light of the oil spill.

Financial Concerns for Struggling Gulf Coast Businesses
As of July 2010, the owners, operators and employees of hotels, golf and leisure resorts and vacation condominium complexes have reported daily cancellations and reductions in their average daily occupancy rates. Tragically, lodging revenue losses have led to fewer work hours and losses in tip income for many employees working at these facilities.

In turn, losses in tourism revenues has led to financial losses for thousands of employees of region’s restaurants, retail businesses, vacation rental equipment businesses, recreational fishing boat owners and other vacation recreational businesses.

Get Help From Weitz & Luxenberg
For over 25 years, Weitz & Luxenberg’s lawyers have been fighting for the rights of those whose property, health and livelihoods have been impacted by environmental pollution.  Our Gulf oil spill lawyers are ready to help you, your family and your business.

If your business or family is facing property damage or business interruption by the BP Gulf oil spill disaster, please complete the form on this page to have your possible oil spill lawsuit reviewed by our firm.

A Weitz & Luxenberg representative will contact you as soon as possible.

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