Changes to the Long Beach Island Real Estate Market after Hurricane Sandy
The Long Beach Island real estate market has experienced many changes since the impact of Hurricane Sandy the end of October 2012. Hurricane Sandy brought to light issues such as flood insurance, house raising, and the vulnerability of Long Beach Island to hurricanes. That said, there have been many positive results from Hurricane Sandy which have helped to strengthen the LBI real estate market and create a more storm ready community. In short, LBI real estate after Sandy is doing very well!
LBI Real Estate After Sandy
There have been three main areas of impact after Hurricane Sandy. They are:
- Buying opportunities in the LBI real estate market
- A better understanding of flood insurance rules and regulations
- A more storm ready Long Beach Island
Hurricane Sandy created some excellent buying opportunities in the LBI real estate market. These opportunities present themselves in several ways. There are still storm damaged homes which may be purchased for land value and a new home built in their place. This can be highly advantageous for those looking to build a new home on Long Beach Island as a buyer will not have to give any financial consideration to the existing structure. Many homes were renovated in the wake of Hurricane Sandy which has helped to create more “move-in ready” homes. This is important as many buyers in the LBI real estate market will shy away from a major renovation project given the distance between the primary residence in your vacation home.
The national flood insurance program has been in existence long before Hurricane Sandy however it was rarely utilized on Long Beach Island and to a degree has slipped into obscurity. Hurricane Sandy caused such widespread damage that the entire population of Long Beach Island received a crash course in flood insurance. This is helped many homeowners to improve their properties and make them more storm ready. This includes raising a home above base flood elevation, building a new home, and taking preventative measures to limit the impact of future storms. In addition, Long Beach Island as a whole is taking steps to limit the impact of hurricanes and tidal flooding. A massive, island wide beach replenishment project is in the works which will help to serve as a first line of defense against future storms.
Improvement in the Long Beach Island Real Estate Market
There is no doubt that the LBI real estate market has been improving since Hurricane Sandy. Both the number of homes sold in the average sales price are both increasing and confidence in the ability of Long Beach Island to weather a storm has greatly improved. Compared to other shore towns in New Jersey, LBI made a speedy recovery which further helped to improve buyer confidence. For more information about the LBI real estate after sandy, contact me and I will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com