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If you are an investor Mantoloking is where you should be mantalooking! Yes it was devastated by Sandy but there are incredible values to be had in an area that a year or 2 from now will have very few remaining signs of the catastrophe and those with the cash to buy have the potential to recognize big gains in value.
That is.....unless another Hurricane hits before then.
If you are an investor Mantoloking is where you should be mantalooking! Yes it was devastated by Sandy but there are incredible values to be had in an area that a year or 2 from now will have very few remaining signs of the catastrophe and those with the cash to buy have the potential to recognize big gains in value.
So how is that going to work if the interest rates double and insurance is unobtainable?
Many people will not want the headaches of a 2nd home nor will they be able to afford it like in the past.
We are thinking of buying a Summer home in S Mantoloking, just wondering what your thoughts are...Buying a 1400 sq. ft house on 6250sq. ft lot 3 bd 2 bath across the street from beach in Private community and beach... Price 725K taxes 12,000 what do you think of area should i look else where any input to the area or surrounding area would be appreciated...Cheers
If I were you I'd make sure the home is still there… make sure it's an updated listing. A lot of real estate websites haven't touched old listings of homes that are now sitting in the bay or wishing up in pieces on shore. Maybe by now they have, but a few month after the storm out of curiosity I looked at some real estate websites for shore homes and discovered many of the homes listed were ruined.
If you can get a good deal on a home, destroyed or not, I say go for it. People are going to be selling, and selling for pretty cheap after Sandy IMO. Just be aware that you will probably have to elevate it or adhere to new flooding regulations, depending on location, which may cost you. Dealing with FEMA, insurance, etc after a catastrophe like Sandy seems to be a pain in the you know what. But now is a good time to buy, to me, if it's the right home and location.
Well I close Friday will let you know how everything is going w the area and the work that needs to be done. I feel i got a good price, but I got exactly were i want to be. I think after the summer prices will drop another 10 to even 20%...If you are thinking about owning a summer house at the shore now is the time...in 5 years you wont be able to touch the shore because so many small beach houses got destroyed and now they are all brand new , so those beginner homes will be very limited...just my thoughts,,,
Good luck with the new home. I'm somewhat curious how you made out obtaining property and flood insurance, particularly the property part. I haven't spoken to anyone buying down there recently, and I'm just wondering whether you had any difficultly with carrier, limits, deductible, etc.
I actually bought directly across the street from a private beech and they changed my zoning to "X" so i believe it or not am not required to have flood insurance..{ but of course i will be getting it} and home owners i will be using a local broker down their who i meet and he hass been great..I WILL BE USING CHUBB insurance....the only way to go ...they are hands down the best...pm me if you want his number...he is actually the owner of a Real estate company, and i would highly recommend using his company....
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South Mantoloking
