Real Estate Market Flooded with Water-Damaged Homes from Sandy

Nature & Weather, Local News, Business & Finance, National & World News

Homes damaged by Sandy are up for sale at 10-60% off pre-Sandy prices.

Those who flip homes and are looking for a bargain may find a deal with houses ravaged by Superstorm Sandy that have recently hit the market.

Hundreds of homes in New York and New Jersey are available at discounted prices, ranging from 10-60% off pre-storm prices – as long as the buyer is willing to reupholster and refurnish the mostly-gutted homes.

“[Homeowners] either don’t have the funds or don’t have the energy to go through the renovating and rebuilding process,” said Jeff Childers, a broker with Childers Sotheby’s International Realty in New Jersey, to Long Island Business News.

Though the buyer may get the house for a low price, it is worth considering that local flood zone maps have been expanded by miles since the Superstorm, and that what happened once may happen again.

Back in January, Governor Andrew Cuomo tried to persuade homeowners who live in or near flood zones on the South Shore to sell their houses to the government to be leveled, saying “At one point, you have to say maybe Mother Nature doesn’t want you here. Maybe she’s trying to tell you something.”

Government buyouts are still available for those whose homes were damaged by the high flood waters and raging winds.  Many Staten Island residents have taken advantage of the option to sell to the government to spare themselves the stress of rebuilding their homes.

Homes bought by the government will be assessed by state-approved licensed real estate appraisers.  The $30 billion in aid given to New York will also contribute towards the buyout program.

Photos

5 comments

Gordy Mar 12th, 2013 07:31 PM

I think the statement from the Governor is just as ignorant and rude as it can get. If I want to live on the coast I'll take my chances. No thanks to you you smug idiot. 

Phil Mar 13th, 2013 08:14 AM

My house has been damaged - quite severely - but we are not selling out. I am rebuilding and going to live near the water as long as I can. If another storm comes... c'est la vie!

FranS Mar 13th, 2013 10:29 AM

I just might have to go buy me some ocean front property. 

Robert Mar 14th, 2013 09:03 PM

I'm with you Gordy! I have a home that was flooded, had to rebuild it, and will not move out. I don't care what the governor says. I've lived in the area all my life and not about to leave now. If another storm comes, bring it on. 

SANDY L SCIACCHETANO Mar 17th, 2013 10:12 AM

the buyout is the best and easy way to get out of danger not safe to live here anymore

Add your comment...


 

Join Our Weekly Newsletter

Sign up for a free weekly newsletter covering things to do, hottest local headlines, and everything Long Island! Read more here or enter your email to signup.

   
     Newsletter Archive
Advertisement
Advertise With Us
 
Open Feedback Dialog