Buyers, sellers, and damaged beachfront homes in the Rockaways, post-Hurricane Sandy

Image source: Reuters

Reuters published an article on the choices buyers – and sellers – are faced with when it comes to the decision to buy/sell a home in the Rockaways, especially a beachfront home. A number of people are sort of stuck – they were about the complete the sale just as Hurricane Sandy hit, and in many cases the home there were to buy was flooded or severely damaged. They are having to make a decision – go with the sale, or figure out a way to get out of it.

Some are sticking with the house and working with the seller to figure out who will pay for repairs. Some are looking for that escape clause. Some will renege. Realtors are looking at their housing stock in the flooded neighborhoods, and banks are sending out appraisers to assess just how much a house is worth – both from the structural damage and the damage done to the neighborhood.

It is possible that property values will drop, but a number of real estate professionals believe that people will continue to be enamored with beachfront living (same goes for waterfront condos). Banks, on the other hand, are skittish and may not even issue mortages for beachfront properties despite the owner having flood insurance. Perhaps as time moves on they will become less nervous.

Buyers consider risks of beachfront homes after Sandy [Reuters]
Hurricane Sandy’s effects on waterfront development and sales [QNYC]