Sandy and South Shore home values/sales (Seaford: to rent, to buy)

[SandyJet]

Originally Posted by ooqtxeniaoo

was wondering what the views are now about living close to the water? it's been two years since last post. Saw a house i loved in south merrick today, but feeling very unsure as far as flood risk and general views about living there. thank in advance.

Houses are back at pre-Sandy values and homes are moving. Just make sure you get a flood quote and learn about such terms as pre-firm, post firm, grandfathered and BFE and you houses elevation.

[ooqtxeniaoo]

can u please explain those terms? thank u.

[SandyJet]

Originally Posted by ooqtxeniaoo

can u please explain those terms? thank u.

Houses that are pre-firm were built prior to basically when flood insurance was created. As such they are not risk rated and receive subsidized rates.

Post firm are houses that were built after the creation of flood insurance and your house is in a flood zone when built

Grandfathering is when you bought insurance prior to a flood risk rating change and can be transfered to new owner.

A brand new house is non-grandfathered or subsidized and are usually elevated as they are rated as full risk rate if not.

For instance my house built 1955 in a high risk AE zone with a basement had insurance prior to move from X to AE so I am grandfathered to X. My full flood insurance is $512 dollars a year.

Even better I have a basement new homes dont allow basements.

So what is catch. Well if I get two flood claims I get thrown out of super cheap program. If I improve home greater than 50% of have damage greater than 50% I get declared sub damaged and I got three years to raise or tear down home or go to full flood rates which is like 3k to 6k a year.

Now my split if I was declared over 50% damaged in Sandy most towns have a two foot freeboard requirement. They want you to build two feet higher than water line in flood. In my case I had five feet of water in house. Which means they want me to raise house 7 feet in air and move all mechanicals up stairs. And nothing can be in that first 7 feet. Can you imagine a 60 year old split level sitting on a seven foot high concrete base.

Plus side, I have a basement, I have cheap flood insurance, homes are selling fully renovated on my block as same as pre-sandy values but you are getting basically a new home. And many have low taxes as a result of tax grievances. And waterfront homes that were 990k in 2006 are now selling like $690 but now renovated and with lower taxes. However, one more Sandy and you could be in a word of trouble. But that was a once in 700 year storm anyhow.

[GiveMeCoffee]

Originally Posted by SandyJet

And waterfront homes that were 990k in 2006 are now selling like $690 but now renovated and with lower taxes.

So... the houses are selling for a significant percentage less than what they had been historically. I'm not a math major, but 690k < 990k... so how can we say homes are selling at pre-Sandy values?

Houses in flood zones do sell, but based on what I've seen in South Merrick/Bellmore, they generally spend more time on the market and sell for less than what they would have pre-Sandy.

[SandyJet]

Originally Posted by GiveMeCoffee

So... the houses are selling for a significant percentage less than what they had been historically. I'm not a math major, but 690k < 990k... so how can we say homes are selling at pre-Sandy values?

Houses in flood zones do sell, but based on what I've seen in South Merrick/Bellmore, they generally spend more time on the market and sell for less than what they would have pre-Sandy.

Depends on how much flood insurance is. 990K is the 2006 peak value. Not day before Sandy. Sorry.

Houses on my block sell within four weeks. At around 20K above pre-Sandy values. Some in a matter of days.

It is a bit of an illusion that they are selling above pre-Sandy values. My neighbor sold her house in two days. She sold it for $419K. Pre-Sandy homes like that went for $399k.

Sounds good on Paper. But she got like a 110K insurance payout, so house has a new den, kitchen, bathroom, living room, dining room, oil burner and all new appliances. And her taxes are like $3,000 a year less than pre-Sandy.

I would jump on paying only 20K more for a house with 110k in renovations and lower taxes vs a orginal house.

My house pre-Sandy had a 55 year old oil burner and oil tank. A dated 1980s Den with paneling and carpet and a lower level 1970s bathroom and a real horrible laundry room.

Now I have a lower bathroom out of a magazine, an amazing den, a laundry room to die for and a brand new heating system. My house the master bedroom and new kitchen were the two best features of house pre-sandy and survived.

Folks hate the flood insurance. But when I was recently house hunting North of me I was shocked as how dated and old folks homes were and how high the taxes are.

Fully brand new renovated home by me on a 60x100 plot that was 1,800 square foot sold recently for 429K. Meanwhile North of me outside flood zone same home is $500 is all orginal and has higher taxes. Funny you could lose all your stuff in a flood. But if the house is all orginal, guess what it is a guaranteed loss. As you have to replace it all anyhow.

I pick a non-flood zone over a flood zone every day of the week if it was a slight difference in price. But it is not.

[Howard Beale]

Originally Posted by SandyJet

Houses on my block sell within four weeks. At around 20K above pre-Sandy values. Some in a matter of days.

It is a bit of an illusion that they are selling above pre-Sandy values. My neighbor sold her house in two days. She sold it for $419K. Pre-Sandy homes like that went for $399k.

.

Except your house, of course.

You've been looking to flee oside for a while now.


Anyone who thinks houses in flood zones are back to pre-Sandy levels are delusional. (or they have a house to sell).

[SandyJet]

Originally Posted by Howard Beale

Except your house, of course.

You've been looking to flee oside for a while now.


Anyone who thinks houses in flood zones are back to pre-Sandy levels are delusional. (or they have a house to sell).

I am not selling my house if I move. Rents are like 3k a month for even a small single family home. Selling would give me a headache as NY rising is giving me issues on the close out file so I need access to house. Plus I have very low property taxes and no mortgage. Might as well rent. A lot of rentals are popping up near me for same reason. Quicker to rent it then to sell it and closing out the sandy permits is a headache to do in a rush.

[hotkarl]

Good luck being a landlord.
Especially if You live in the "Dirty-O".

[bkind77]

Becoming a seller's market...

It's a seller's market for Nassau homeowners, data shows | Newsday

[SandyJet]

Big time sellers market for good homes.