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I there are some people that would never live in proximity of the water, some that would consider it and others that want to live in areas on the shore no matter what. I think that the middle ground people will look elsewhere but they may not have bought there anyways. One thing to consider is that many first homeowners in 7-10 years are only 18 years old now. How many 18 year olds that dont live near the water or know many affected are really appreciating what is happening now? I have met many many more people that do not understand the affect of Sandy on LI than do. So i think things will be affected but not as badly as people think now.
Regardless of the ability of people to remember this storm and the damage it did, the ability to insure the home, and pay for insurance, will loom large in the future. Look back on old threads and see the problems people had already been having procuring insurance for their homes on Long Island.
Does anyone know how Sandy may be affecting South Shore Nassau home values or sales? I've looked at the flood map showing Sandy's impact and, based on that, I would be reluctant to buy a home south of Merrick Road. Now, if other people feel the same way, house values down there could drop. And if house values drop, how will that affect the overall tax base and the future property taxes on homes north of Merrick Road? It could get interesting.
Are there any real estate agents or others who know what's happening to home sales post-Sandy?
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.
It will be interesting to see what SANDY does to sales on the North Shore as well!
Home values will most likely increase in the areas, north merrick road. That's just my opinion but people looking to get out of homes south and move to north are going to drive prices up.
I already know people south of merrick/montauk that have already went out looking at homes north of the flood zone.
I got 3ft of water on the first floor.....crawlspace totally submerged (boiler hot water heater)....Pumped everything out and fired all the burners back up....Replaced all the sheetrock and insulation. All this while having no power for a month. Still will never move more than a 1/4 mile from the water!. A friend of mine lives in North Massapequa...drives down his block and looks at the houses all the same....same roof line same lot size and pays $18,000 in taxes and when he lays on his deck he has beuatiful views of his neighbor walking around in his underwear....meanwhile I have views of of the Great South Bay and all the wildlife swiming and flying by. Move because of a flood??? NAH
Great point. I would be like yourself, but with a plan for future events like Sandy.
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.
sorry to hear they dropped the insurance.
People that live on/near the water and flood zones need to buy insurance or not expect to receive aid. I would think it would be a requirement to receive FEMA would be to have insurance cover it and fema subsidize the remaining costs. Not just handouts.
People that live on/near the water and flood zones need to buy insurance or not expect to receive aid. I would think it would be a requirement to receive FEMA would be to have insurance cover it and fema subsidize the remaining costs. Not just handouts.
I agree. We had dropped it because we are at the end of the flood zone and never had a saltwater flood from a storm in the 28 + years we've been living here. With an exception of the two ground water floods we had that flood insurance will NOT cover, this was the first time we got hit with saltwater. We were lucky to get aid from FEMA, but I'm unclear about how things will move forward. From what I've heard from neighbors and friends who have been flooded, if you had flood insurance during the time of the storm, FEMA automatically denied your claim because you had insurance. If you were lucky you got a little bit of money for temporary housing if your house wasn't/isn't livable.
I did see an article in Newsday that FEMA is now insisting that you carry insurance if you reside in a flood zone. If you don't, and another storm hits us and you're flooded they'll tell you to take a hike.
But what I don't understand is that from what I hear FEMA is denying victims who have insurance. But if they're telling you, moving forward you need to have flood insurance and if you don't they won't help you...but wouldn't they not be helping you anyways even if you had insurance??
I got 3ft of water on the first floor.....crawlspace totally submerged (boiler hot water heater)....Pumped everything out and fired all the burners back up....Replaced all the sheetrock and insulation. All this while having no power for a month. Still will never move more than a 1/4 mile from the water!. A friend of mine lives in North Massapequa...drives down his block and looks at the houses all the same....same roof line same lot size and pays $18,000 in taxes and when he lays on his deck he has beuatiful views of his neighbor walking around in his underwear....meanwhile I have views of of the Great South Bay and all the wildlife swiming and flying by. Move because of a flood??? NAH
When I lay on my deck, I have beautiful views of my neighbor walking around in her underwear.
I got 3ft of water on the first floor.....crawlspace totally submerged (boiler hot water heater)....Pumped everything out and fired all the burners back up....Replaced all the sheetrock and insulation. All this while having no power for a month. Still will never move more than a 1/4 mile from the water!. A friend of mine lives in North Massapequa...drives down his block and looks at the houses all the same....same roof line same lot size and pays $18,000 in taxes and when he lays on his deck he has beuatiful views of his neighbor walking around in his underwear....meanwhile I have views of of the Great South Bay and all the wildlife swiming and flying by. Move because of a flood??? NAH
If you had 3ft of water and your hot water heater and boiler were flooded, I sure hope you plan on replacing it. If not, it's just a matter of time before your house goes on fire...
Location: Winston-Salem, North Carolina (But originally from Long Island)
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Quote:
Originally Posted by nyliguy
Home values will most likely increase in the areas, north merrick road. That's just my opinion but people looking to get out of homes south and move to north are going to drive prices up.
I already know people south of merrick/montauk that have already went out looking at homes north of the flood zone.
We will be listing our house (in Smithtown) in the next few weeks, and are hoping that the RE market here on the North Shore is not negatively affected by Sandy.... We have heard *predictions* that the market should be better here in 2013 (supply and demand - people who would have looked near the water will now look inland, etc) Who know....time will tell I guess. I know houses in the areas we are looking to buy (in NC) are selling well....but their market has been pretty strong for awhile.
We just have to decide if we should list the house in the beginning of Feb/March, or wait a bit closer to Spring.....
We will be listing our house (in Smithtown) in the next few weeks.
We just have to decide if we should list the house in the beginning of Feb/March, or wait a bit closer to Spring.....
If your decision to sell is made and your house is "ready", I suggest you don't wait till Spring.
Why not be a "big fish in a little pond" rather than a "little fish in a big pond"? Inventory is lower now but usually increases as Spring approaches.
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Great point. I would be like yourself, but with a plan for future events like Sandy.
sorry to hear they dropped the insurance.
