Sandy and South Shore home values/sales (insuring, buying a house)
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Interesting. Now I suppose I need to determine the actual elevation of my home.
After you put in your address click details, the very bottom of the form provides the Base Flood Zone Elevation and your overall zone if you are in a flood zone.
After you put in your address click details, the very bottom of the form provides the Base Flood Zone Elevation and your overall zone if you are in a flood zone.
I see that and it states 7 feet. However, that doesn't tell me how high my home currently is. A quick google maps search indicated that my home is roughly 6.8 feet above sea level. But I doubt BFE and google maps elevation correlates to anything.
An appraisal is not a sale. Come back to us when you've sold it. There are scads of homes for sale in RVC, so you would have major competition if you listed it. I was looking there several years ago and it appears that a lot of the types of homes that would have been listed for $1 million or more can now be had in the upper six figures. RVC, although a great town, has also had some minor gang violence issues. That wouldn't be factored into an appraisal, but it could certainly put off some buyers.
From the flood maps, it looks like the surge went all the way up to Lakeview Ave. in RVC, though most of the village was spared. It doesn't seem that you'll see the same negative sales impact from Sandy as you might find further east.
I live south of Merrick Rd in RVC and there was no flooding at all. The "surge" was nowhere near RVC. Northern Oceanside didnt even flood.
if you carry a mortgate, you have to maintain flood insurance.
As far as I know, if you have flood insurance you are NOT entitled to FEMA grant money.
many others are in the same situation or worse. What if you're in an attached row of houses in Sheesphead Bay? Or on the ground floor of a four story walk-up in Long Island City? It will be interesting to see what happens with this going forward. This is not just a case of people in bayfront mcmansions getting cheap insurance.
Only if you carry a Fannie/Freddie GSE mortgage do you need flood insurance. For instance Jumbo mortgages that are private never required them.
After you receive final NFIP payment if you have not been fully covered you can apply to FEMA for a grant.
There's a story in today's Newsday (can't find the link right now) showing South Shore Nassau home sales and prices dropping dramatically, while other parts of the Island are showing gains. Buyers aren't stupid. They know where to find the flood maps.
it is a misleading article.
Only homes being sold in same condition pre-sandy selling for less should be counted.
I have several homes near me that are for sale at the following formula.
375k pre-sandy value
- 125K in damage
- 25K headache pain in the butt for having to fix everything.
So that equals a 250K sales price.
Did that home fall in value?
I know near me flood homes that did not need to be raised that had flood insurance that were redone are going for 50-75K more than presandy values.
Waterfront/Bay Front properties in Atlantic Beach now being LISTED for UNDER $1 million dollars - - havent seen that since 1999..........
I hope you bought some Atlantic Beach looks great and fully recovered from Sandy. Prices started taking off in May 2013 and the market is hot again. Who would have thought that six months ago
Using my hyper local area as an example, 4 homes, in the past month, have placed For Sale signs on their lawns after they had cleared and fixed their damage. In less than 2 weeks, 3 of the 4 homes show that they are now under contract. This is South Bellmore. South of the post office. I really couldn't believe how quickly they received offers, accepted offers, and signed their contracts.
The buyers must believe that an event like Sandy will never happen again in their lifetime....otherwise why make an offer......
Using my hyper local area as an example, 4 homes, in the past month, have placed For Sale signs on their lawns after they had cleared and fixed their damage. In less than 2 weeks, 3 of the 4 homes show that they are now under contract. This is South Bellmore. South of the post office. I really couldn't believe how quickly they received offers, accepted offers, and signed their contracts.
The buyers must believe that an event like Sandy will never happen again in their lifetime....otherwise why make an offer......
It is a once in 700 year storm. LI homes manly built in 50s and 60s were often run down with old burners, oil tanks, outdate electric, wood paneling and popcorn ceilings.
Newly renovated homes all redone are going at pre-storm prices. It is a great deal as new owner is set for next 20 years. If home is ment to be a primary home, was not declared ICC, you close before 10-1-2013 when flood rates go up why not. Just get copies of receipts from prior owner and back up files.
Odds are it will never happen again, if it does you have records of repairs done and new rebuild was more flood resistant with stone floors and waterproof electric. It actually is a great buying opportunity. The bigger fools were folks who bought between 2003 and 2008 during real estate bubble.
Values will definitely drop and there will be more of a liability now to live on the south shore. I kind of think people will think twice before moving into water communities or anywhere south of Merrick. My house flooded with 4' of water...although we reside in a "zone A" or "red" flood zone, we didn't have insurance -- my parents dropped it once the mortgage was paid off...We went through FEMA for assistance and were granted money, but it looks like we're going to be forced to buy flood insurance now. Premiums will be very high ...that's if we can even get it.
You dont have to buy flood. FEMA is saying we will never ever pay out on that house again. If you flood again you will not get a nickle from FEMA.
Problem is I am in same boat. I have flood now but rates are expected to start rising over next few years, once it hits full rate I will drop it after first hurricane season just like everyone without a mortgage will do.
Issue is next storm if it happens 10-20 years from now the majority of folks wont have flood and charities and shelters will have tons of customers.
Anything beyond $3,600 a year I will just self insure. Right now at $420 I will pay it.
Just to be clearer, a 100 year storm (or event) means that every year there's a 1-in-100 chance of that event happening. So it's not a "once" in 700 year storm but a 1-in-700 chance of it happening every year, which is still a low probability.
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