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This is only anecdotal: Speaking to a few seniors over the past week, it seems that SANDY has become the final push for some to put their house on the market in the spring, after repairs are made, and get out of Dodge. I wonder if many people will now be more motivated to do this, especially if they won't be able to fully afford all the repairwork, after deductibles, thereby creating an even larger glut of houses for sale on the market.
Yes, we will be selling our house. We talked about doing that after Irene and were waiting for prices to rise when Sandy came along. Once we get our house fixed, we are putting it on the market in early 2013. I am so done with the constant flooding in our basement and so is my husband.
I think that those of us with homes on the market in unaffected areas of the Island are bound to see an increase in interest from prospective buyers that MIGHT have been looking on the S. Shore but realized what a poor decision buying there would be. Prior to the storm - we had not had a showing in 3 weeks. We had TWO just last weekend!
The storm has shown a lot of truths about the aging infastructure in the towns, transportation issues and the fact this is an island with limited access. It's quite possible that people will look more at NJ & Westchester as they ponder moving out of the city.
Buyers will def be looking at those flood maps/zones a lot more closely now. I think living by the water perk is a thing of the past. Not to mention how much flood insurance will be.
With all the damage and potential for mold i wouldnt buy a home in long island for many years.
I think that you are painting with a pretty broad brush. While I have not seen any hard numbers yet - I'll go out on a limb and say that I think the vast majority of the Island's housing stock was not affected by storm flooding.
People will always buy by the water. There are storms and natural disasters all over the country and people rebuild in most cases and waterfront areas continue to be in demand. Prices will have to come down significantly of course but a good deal by the water is still going to be desirable to many. It will still be a boaters playground. They will just learn to build higher off the ground like in other, more modern flood prone areas. Hopefully a silver lining from this mess will be more intelligently built housing and improved infrastructure...hopefully.
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