Sandy And The Shore Housing Market [AUDIO]
In the days and weeks following Superstorm Sandy, there was great concern at the Jersey Shore over the housing market and whether or not the residents near the coast would pick up what was left of their lives and make a mad dash out of New Jersey.
According to the latest information from a number of sources, that doesn’t seem to be happening.
It’s been almost five months since the storm hit and so far, there has not been a mass exodus.
However, there are a number of positive and negative things happening right now while so many make huge, life-changing decisions.
While many homeowners out there continue to debate about what to do with their property, some are even selling their homes at unheard of prices.
Some Home-Buyers Taking Advantage of Lower Prices
The buyers could be getting the deal of a lifetime. Some have been offering them 10 percent lower than pre-storm values. But there may be extensive repairs ahead for many.
Mantoloking-based Real Estate Agent Larry Greenberg tells Townsquare Media News, there’s a lot of uncertainty out there thanks to insurance rates, new flood maps and updated building codes.
Greenberg explains, “With those FEMA maps, many aren’t sure what to do with the elevation of their property. Some will need to raise them, but the numbers aren’t set in stone yet. It’s an expensive proposition that can’t be rushed. We have been told it won’t be until August for a more definitive answer from the agency.”
Recent figures from the site zillow.com show that many are still deciding how to proceed. Greenberg says he’s talked with people who are opting to sell but stay in the state and move farther inland. Then there are the others who bombard his phone with questions about property on the waterfront.
He says, “It’s amazing. There are people calling who want to move here despite what has happened. I think that’s the amazing resilience of the recovery effort and the fact that people love it here. The homes will rise again.”
Even though some are selling their homes at a lower price, the value of the property and the land has not depreciated.
Greenberg feels when all is said and done and most of the homes are restored, the prices will be back to where they were pre-Sandy.