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How much does being in a FEMA flood zone hurt house resale value, and how much does being in a flood-free zone improve value? Flood insurance runs how much on average?
How much does being in a FEMA flood zone hurt house resale value, and how much does being in a flood-free zone improve value? Flood insurance runs how much on average?
if has no effect on buyer or owner if he bought after Sandy in a flood zone. either way you were compensated in price to offset flood cost.
My block prices are back at above presandy values.
Yes, it does affect market value in the eyes of the buyer which translates into lower offers and sales.
I'm going to give you exact amounts on my old house. On approved crawl space.
Zone AE $3230
If my house were across the street, it would be shaded X.......and $550.
Base elevation 11 ft. House at 12 ft. If across the street house would be at 14 ft.
I'm currently looking at property in another state. Of course, I found the perfect house. Looked at the Flood Maps........16 feet into the front yard.......Zone AE. The front setback is 60 feet.......balance of the property is shaded X. House and attached garage is all in Shaded X.
Base elevation is 11 ft. Front of property at 7 ft. Lowest living floor is 11 ft. Approved crawl space. THANK GOD I put an insurance contingency into the contract.
The whole property is rated Zone AE. If seller would consider dropping the price another $50K, I'd consider just buying the house and moving it. it is so perfect. Screw the lot.
But it is presently listed 20% below assessment.....and includes transfer of golf membership.
I looked at other houses.............every house with any Zone AE on the lot..........is priced at least 20% below assessment.
Add the cost of flood insurance and Wind and Hail.....plus regular HOI......that's a big chunk of change every year.
Yes, it does affect market value in the eyes of the buyer which translates into lower offers and sales.
I'm going to give you exact amounts on my old house. On approved crawl space.
Zone AE $3230
If my house were across the street, it would be shaded X.......and $550.
Base elevation 11 ft. House at 12 ft. If across the street house would be at 14 ft.
I'm currently looking at property in another state. Of course, I found the perfect house. Looked at the Flood Maps........16 feet into the front yard.......Zone AE. The front setback is 60 feet.......balance of the property is shaded X. House and attached garage is all in Shaded X.
Base elevation is 11 ft. Front of property at 7 ft. Lowest living floor is 11 ft. Approved crawl space. THANK GOD I put an insurance contingency into the contract.
The whole property is rated Zone AE. If seller would consider dropping the price another $50K, I'd consider just buying the house and moving it. it is so perfect. Screw the lot.
But it is presently listed 20% below assessment.....and includes transfer of golf membership.
I looked at other houses.............every house with any Zone AE on the lot..........is priced at least 20% below assessment.
Add the cost of flood insurance and Wind and Hail.....plus regular HOI......that's a big chunk of change every year.
As I read your post the first thing that came to my mind was "are you nuts??" Glad I continued, clearly you are well in possession of your facilities. Ah, I agree very tempting, but a wise man will run!!!!
No..I'm not nutz. Lived along the coast most of my 6 decades. Flood maps are one of the first things I check!
Also in the same subdivision as the "perfect house".......in an amazing house. Huge Georgian Colonial with views to die for. Above ground walk-out basement with 9 foot ceilings.....raising the first floor to 16 feet.
Zone AE of course...........and it is so priced below market.......it's a crime.
These properties are affected by south facing tidal estuaries and rivers. So I started looking on the eastside of town.........lots closer to the ICW...........as in 400 ft from the sand...........but elevation of these lots is higher and though closer to the water ............the worse Flood Zone is Shaded X!
I live in a Shaded X house, and have been here for decades. Never flooded here once. Sandy, Irene, whatever. Not a drop, dry as a bone.
This area had been rezoned as AE. After Sandy, a critical real-life test, local activists got FEMA to change the map to X.
Every storm is different. In Sandy..........various friends in Shaded X had different outcomes. Some didn't flood, some had a little water..............while others.....3 ft+ in their lower levels.
The good thing about Zone Shaded X - is that it is "Preferred Risk"........with fairly low rates.
30% of all flood claims come from Shaded X.
My old house in AE...........has never flooded since the day it was relocated to its new crawl space in 1941. It sits 150 feet from the beach. It did not flood in Hurricane Carol in 1954..........I have pictures..........but neighboring homes did. Did not flood in Hurricane Donna in 1960....neighboring homes did. Ditto with Sandy.
However, it's just a matter of time until it does flood. I've seen the rise in sea level during my lifetime and the land erosion.
Right now, at least on the North Shore, it's a marketing thing. It can also impact the value for lower-priced homes as a $450K home that requires $2500 a year flood insurance is a cost that first time homebuyers need to factor in.
However, given that there's a lot of people on LI and really no net new waterfront property available if it's in a desirable location it'll sell...
Yes, it does affect market value in the eyes of the buyer which translates into lower offers and sales.
I'm going to give you exact amounts on my old house. On approved crawl space.
Zone AE $3230
If my house were across the street, it would be shaded X.......and $550.
Base elevation 11 ft. House at 12 ft. If across the street house would be at 14 ft.
I'm currently looking at property in another state. Of course, I found the perfect house. Looked at the Flood Maps........16 feet into the front yard.......Zone AE. The front setback is 60 feet.......balance of the property is shaded X. House and attached garage is all in Shaded X.
Base elevation is 11 ft. Front of property at 7 ft. Lowest living floor is 11 ft. Approved crawl space. THANK GOD I put an insurance contingency into the contract.
The whole property is rated Zone AE. If seller would consider dropping the price another $50K, I'd consider just buying the house and moving it. it is so perfect. Screw the lot.
But it is presently listed 20% below assessment.....and includes transfer of golf membership.
I looked at other houses.............every house with any Zone AE on the lot..........is priced at least 20% below assessment.
Add the cost of flood insurance and Wind and Hail.....plus regular HOI......that's a big chunk of change every year.
Do you live on Long Island? If so where.
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