Hurricane Hermine and the LBI Real Estate Market
Long Beach Island NJ
We are well into hurricane season and now, at the beginning of September, we have our first named hurricane that could potentially impact Long Beach Island. While it is my assessment of the damage to LBI will be minimal, there is always the possibility of flooding and a direct hit from the storm. This brings up a common question, “how does a hurricane impact the LBI real estate market“. Understanding Hurricane Hermine and the LBI Real Estate Market is an essential topic for any buyer or seller as issues such as coastal flooding, flood insurance, and the potential for damage are once again brought to the forefront as they were in Hurricane Sandy.
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Hurricane Hermine and the LBI Real Estate Market
When discussing Hurricane Hermine and the LBI Real Estate Market there are a few important points to keep in mind.
- Hurricane Sandy, which impacted Long Beach Island at the end of October 2012, was a significantly larger storm and impacted LBI at high tide and on a full moon thus causing a higher tide than normal.
- Hurricane Hermine is a considerably smaller storm however it is predicted to reside off the coast for sometime. This could create coastal flooding and beach erosion.
- Hurricane Sandy forced the entire Long Beach Island area to be better prepared for storms including house raising and beach replenishment.
Overall, if a hurricane were to impact Long Beach Island again it is my assertion that we will see considerably less damage and therefore less of an impact on the LBI real estate market. Overall, the Long Beach Island area is much better prepared for a storm and for coastal flooding than it was in 2012. After Hurricane Sandy there was a substantial investment in the infrastructure of LBI and federal grants designed to encourage homeowners to raise their homes above base flood elevation or build new construction. In either case, the majority of the homes are far more prepared for a storm or a hurricane. Keeping that in mind, even if there were to be a direct hit from a storm such as Hurricane Hermine , the damage incurred on Long Beach Island would be far less and therefore have far less of an impact on the LBI real estate market.
Hurricane Hermine and Long Beach Island NJ
Hurricanes and storms are always a cause for concern when living on a barrier island and frankly it is a fact of life that one must come to terms with. While the damage caused by a storm, both on the physical and emotional level, is truly a tragedy, it is surprising to note that home values actually increased after Hurricane Sandy. Much of this has to do with the substantial investment that was made in the area. It is likely that we would see a similar scenario play out as some of the remaining homes that are below base flood elevation would be improved by raising or having a new home built in place. Overall it is my opinion that Hurricane Hermine will pass by Long Beach Island will little impact but either way a study of Hurricane Hermine and the LBI Real Estate Market makes for an interesting and important discussion.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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