Local Realtors Say Areas Hit By Sandy Will Rebound
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It might seem like Hurricane Sandy would be lowering interest in waterfront real estate in the five boroughs, but industry members say that is not the case. They predict that New York's market will not take a hit in the long run. NY1's Grace Rauh filed the following report.
It may be some time before people are snapping up beachfront homes in the Rockaways, but local realtor Robert Tracey of Tracey Real Estate says the area will rebound and people will buy once again.
"Breezy Point is a special community," Tracey says. "People want to be here."
The market will likely take a hit in the short term as people sit on their damaged homes instead of trying to sell them. There will, of course, be buyers on the lookout for deals.
"I think there is always an opportunity for someone to look for a distressed situation, I think. That's why I say wait," Tracey says.
Over at Streeteasy, a company that posts real estate listings online, Sofia Song is tracking the effects of Hurricane Sandy. So far, she says demand for properties in the mandatory evacuation zone from Sandy is about the same, but sellers are nervous.
"Since Hurricane Sandy, there have been 145 properties that were taken off the market, and that's literally double the amount of the number of listings that were taken off the market in the same period a year ago," Song says.
Many buyers are now aware of the risks of owning a home in a low-lying area. It could be prone to flooding, and they may be concerned about having to evacuate.
Streeteasy is now listing the evacuation zone a building is located in.
"It was information that was publicly available and we thought it would be a valuable resource for our consumers," Song says.
Some real estate watchers say that New Yorkers who own property within the evacuation zone do not need to worry about a drop in demand. They say there will always be a market for waterfront views across the five boroughs.
It helps that there is a history of real estate rebounding after hurricanes. That was the case in South Carolina after Hugo and in New Orleans after Katrina.
Closer to home, we have the example of September 11th. Fears that Lower Manhattan would be abandoned after the attacks proved unfounded. The area has experienced a resurgence. It is home to some of the priciest real estate in the city.