MADEIRA BEACH, Fla. — Hurricane Helene damage more than half of luxury developer Bill Karns’ 90 properties on Madiera Beach. However, he still sees opportunity on the island and has since bought nearly a dozen condemned homes.

“I know it’s going to come back,” he said. “This town is tough. People are tough.”

What You Need To Know

  • Developer Bill Karns had storm damage to 54 of his 90 properties in Madeira Beach

  • Only about half of the impacted properties had flood insurance 

  • Karns is bullish on Madeira Beach and has since bought 10 condemned homes 

  • The developer said the condemned properties have been selling for about half the cost as before Hurricane Helene hit

The developer said his company, William Karns Enterprises, owns about 90 properties in Madeira Beach.

He said 54 properties were impacted by Helene and half of those do not have flood insurance. Karns, 66, said he has lost more than six figures in rent.

“We’re down $120,000 a month in rent,” he said. “So a lot of damage, a lot of adjusting financially to meet all of our obligations to make sure that we can build these back.”

Karns said getting a three-month forbearance from his bank has been crucial to give him time to rebuild. The developer said some of his tenants will not return.

“They said, ‘Bill, I can’t rebuild.’ I understand. They said, ‘Well, I can’t pay the rent.’ I said, ‘I understand,’” said Karns. “If you have to leave and relocate, and some relocate. Some just closed their business, which was really sad.” 

While Karns has suffered many losses, he still sees opportunity in the heavily battered beach town and has begun buying as many condemned homes as possible. Since Helene hit on Sept. 26, Karns said he has purchased 10 properties from homeowners who want to move away from the beach.

“They lost everything. They can’t afford to rebuild. They’re at an age where they don’t want to get a mortgage and they’re just selling and leaving the island,” he said. “We’re looking to acquire more.”

Karns said the substantially damaged properties have been selling for about half the price as they would have pre-Helene. He said a couple owned a home on the intracoastal, which would have sold for $1.5 million before the storm, and he recently bought it for $747,000.

“They had been here for over 40 years and lost everything in the house. No insurance,” he said. “They had it paid off. So they took that money and they actually moved over to Seminole. I call it Mount Seminole. It’s 66 feet up in the air.”

Karns said some homeowners who get a flood insurance payout but can’t rebuild because of FEMA’s 50% rule, can almost be made whole when they sell their condemned home. He also partners with other homeowners and they split the profit when the new house sells.

“They can get back to whole,” he said. “Those are the opportunities where we can make sure they get their insurance claim money. We’ll have a value of the house. Then we’ll build a new house and sell it.”

The developer said he encourages homeowners to hold on to their properties because they have value, which he expects will grow in the future, but understands some people need the cash.

Karns said he enjoys giving back to the community. He raised and donated $1.8 million to the city for ROC Park, in honor of his son William Karns III, 26, who passed away in 2013. ROC stands for Remember Our Children. He’s now using the ROC Park foundation to help host Beach Aid on the Saturday after Thanksgiving.

“The first one’s going to be at City Hall building, and the next one will be in ROC Park, where we can host a few more people,” he said. “We’re doing between 2,000 and 3,000 traditional Thanksgiving dinners. We open beach aid up to all the beaches, not just Madeira Beach, but all the beach communities from Clearwater Beach to Pass-a-Grille.”

Karns said mental health counselors from Crisis Connect will host breakout groups where 20 or 30 people can talk about how they’re feeling.

“People are suffering, and it shows on their exterior. In how they walk and talk and react with the community,” he said. “So real important for mental health awareness.”

Along with the free meals, Beach Aid will also feature live music, a kids’ play zone and inspiring speakers, according to Karns.

“We don’t want it to be a sad thing. We don’t want to talk about FEMA and all the problems and all the rebuild things,” he said. “We want to take Saturday and make it a day about you. A day for you to come out, listen to some music and have a great meal, meet your neighbors.”

Beach Aid is scheduled to take place on Nov. 30, at the Madeira Beach City Hall Complex, from noon to 5 p.m.