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I sold a rental in Lincoln Park in the buy out years ago, I dont know what info you are looking for although I can warn you, if you take the buy you can NOT use the money to invest in another flood prone area.
May I ask where are you coming from? If you can only afford in the flood zone I would suddest Pequannock although it does flood there not half as bad as where you are looking, Pequannock its mostly road flooding. I wish you luck!
Just a quick question to those who have had a buyout,I do not live near an area prone to flooding just curious as to what happens to the home once the government buys it,do they resell it?
Just a quick question to those who have had a buyout,I do not live near an area prone to flooding just curious as to what happens to the home once the government buys it,do they resell it?
No they demolish the property and restrict the property so one one can build there ever again. The point is to make the property unavailable so they will not have to give assistance to the next guy that moves in.
I worked out the math, it should only cost about 25k to build a wall out of blocks and fill it with dirt to raise the level of a 100ft x 100ft property 5 feet. (1,851 cubic yards divide by each truck load is 6 cubic yards at $75 a load, that's 23k. I'm not sure how deep the it floods there, but it should be possible to raise the level of the property enough so it doesn't flood and build a house on top of that. You could build your house on pilings, like they do at the beach, but that would not save your car. Your better off just raising the level of the property and be done with it.
Properties on river road are worth less the 150k to 200k (with houses) and properties farther away from the river are worth 2 to 3 times as much, I would think you could pick up property cheap, raise the level of the property (at least the portion you want to build your house on) and build on top of that. Seems like a no brainier to me.
Last edited by TechGromit; 03-08-2013 at 10:48 PM..
You really shouldn't build on that much fill. Your footings need to be on undisturbed soil.
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Littlewood Ct
