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I think people are underestimating the amount of money being pumped into the local economy from Sandy. Billions, tens of billions possibly. The short term may see a blip down from damaged homes being unloaded, but longer term this is only going to strengthen the market. There will always be a demand to live on, and even near, the water.
Case in Point, 145-Saint-Marks-Pl-Massapequa-NY
House most likely destroyed from flooding sold at fire sale (land value)
Sold Price: $225,000
Sold Date: 12/28/2012 Property Details for 2541306
I doubt Pequas claim. The trouble is that many sellers in the Sandy affected zones are trying to sell homes and the buyers are just not there. I know we will have trouble selling our house because of that. The market right now stinks- there are more sellers than buyers. If we sold now, we are looking at a $50-80K loss at a minimum. We are not underwater but many people on our block are and they just can't afford to sell for rock bottom prices, so they are stuck.
It's not like a bunch of developers are going to scoop up all these damaged homes anyway. There are just too many homes in Lindenhurst, Long Beach, Massapequa, Far Rock, etc that investors can (and will) only buy the ones that are easy fixes. That picture posted is an anomaly and I very much doubt there are THAT many investors willing to pay $225K for a house that needs almost as much as $200K to knock down and renovate to make it look like the mcMansion in the 2nd pic. I know some of my RE contacts are unwilling to float the taxes and go through all the annoying permit processes to do all this work just to realize only a 25-50K "profit" when it's all said and done.... so...No. I just don't think that's gonna happen here.
I don't see Sandy affected areas to recover for at least 1 year, possibly 2. Some of my friends in NYC who are house hunting refuse to even attend open houses in towns that were affected by Sandy or any house in a flood zone. My husband and I will have to ride out summer 2013 just where we are and hope we don't get flooded again until next year when we can put the house on the market. The houses just 2 blocks from us are still on MLS and have been listed for over a year now and given the ravaged state of our area, it's unlikely they will even get offers (our street still has knocked down fences, construction and contractor vans/trucks on every driveway and corner).
Last edited by LegalDiva; 01-18-2013 at 10:27 AM..
Are you saying that house was sold on December 28 and now looks like the second picture?
The photo represents a model of another house the builder is selling elsewhere. The house does not yet exist at this particular address--it's "to be built".
Plenty of time for customization if you want to buy
Last edited by Elke Mariotti; 01-18-2013 at 12:35 PM..
I think people are underestimating the amount of money being pumped into the local economy from Sandy. Billions, tens of billions possibly. The short term may see a blip down from damaged homes being unloaded, but longer term this is only going to strengthen the market. There will always be a demand to live on, and even near, the water.
Case in Point, 145-Saint-Marks-Pl-Massapequa-NY
House most likely destroyed from flooding sold at fire sale (land value)
Sold Price: $225,000
Sold Date: 12/28/2012 Property Details for 2541306
Agree with the theory that events like this should pump a lot of infrastructure money into the economy but who knows with LI? New Orleans and environs are booming post Katrina and the oil spill. #1 in tourism, big companies moving in, 3 years of net growth in population, big infrastructure projects, job growth. LI is so dysfunctional, arrogant and bloated with layers of hack govts will any benefit come of the money or will it all just get drained with little benefit?
Although this is Queens, it's still the South Shore; could this be an indication of what's in store for other parts of the South Shore--Nassau and Suffolk?
Although this is Queens, it's still the South Shore; could this be an indication of what's in store for other parts of the South Shore--Nassau and Suffolk?
I think the problem is one of confronting reality - and the associated problems that that sometimes brings with it. IF (and I say IF) the reality is (or becomes) that homes in certain areas are worth significantly less as a result of Sandy - then this certainly creates a host of problems/issues for lenders, insurance companies, and tax assessors - doesn't it? It would be a lot easier for everyone concerned to ignore such a reality (or possibility) and continue on as though Sandy was simply a once-in-a-lifetime freak occurrence that will never happen again and had no meaningful long-term affect on home values.
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so...No. I just don't think that's gonna happen here. 
Sandy and the Rockaways
