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I imagine there will be lots of people pretty motivated to sell. Question is, are you interested in having an investment property where this sort of thing is likely to happen again, given enough time?
I don't know about downtown properties--those will likely be corporate-owned and it seems unlikely they'd be up for sale. But with residential properties, especially those completely drowned right now, I'd think you might be doing the current owners a favor to take it off their hands. I know if I owned a property there, I'd sort of rather have some quick cash for it than try to rebuild on it. I suspect there's a price point that's both attractive as an investment and makes a humanitarian difference for the seller.
How you'd go about negotiating that right now is another issue. Most homeowners are hundreds of miles away from home, and can't get back. It's not like you can drive around with a realtor and check out properties right now. Maybe in a few weeks there will be opportunities to buy springing up, but at the moment, I can't see how you'd accomplish it.
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