Real Estate Transactions on Long Beach Island NJ After Hurricane Sandy
LBI Real Estate Transactions After Hurricane SandyLong Beach Island New Jersey
Long Beach Island or “LBI” as it is more commonly known is a beautiful barrier island off the coast of Southern New Jersey. Sadly, Long Beach Island sustained a direct impact from Hurricane Sandy which has long lasting impacts on both the area and the local economy. LBI Real Estate Transactions After Hurricane Sandy are directly interconnected and with the Long Beach Island real estate market being the major contributor to the local economy, it is important to understand how Hurricane Sandy has influenced the area.
The LBI Real Estate Market
As a whole, the LBI real estate market has remained very strong in the wake of Hurricane Sandy. The real estate transactions on Long Beach Island consisted of three major groups:
- Non damaged single family homes elevated on pilings
- Non damaged single family homes that were not elevated but were located on the oceanside
- Storm damaged homes being sold for land value
Condominiums and multi family homes saw a major drop directly after Hurricane Sandy with very little interest from prospective buyers. In the month of November, which was the immediate aftermath of Sandy, the real estate market saw a significant decrease which was to be expected as the major priority was safety for the area and the LBI residents. This, however, was followed up by months of very strong sales activity. Against expectations, the majority of homes sold on Long Beach Island were not storm damaged homes. While there were many homes that were damaged by Hurricane Sandy, most homeowners elected to rebuild rather than vacate the area. The LBI Real Estate Transactions After Hurricane Sandy that involved storm damaged homes were mostly sold as “tear downs” with the new owners planing to build a new house.
Buying and Selling in the LBI Real Estate Market
As Long Beach Island returns to normal, much change has taken place…and most of the change has been positive! As tragic as Hurricane Sandy was, there has been a significant amount of good that has come from the storm. Aided by flood insurance money, many homeowners and business owners on LBI have taken Hurricane Sandy as an opportunity to rebuild better than before. The signs of progress are everywhere with new homes being built, almost every business open for Summer 2013 and new memories being made everyday. This bodes well for the LBI real estate market as the Long Beach Island area has shown resilience in the face of a major disaster. Surely there are new challenges to face when buying and selling in the LBI real estate market, but it is clear that we will continue to see LBI Real Estate Transactions After Hurricane Sandy!
If you would like more information about the real estate market on Long Beach Island, Hurricane Sandy or LBI Real Estate Transactions After Hurricane Sandy, please do not hesitate to contact me, Nathan Colmer, with any questions!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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