Home Buying in Beach Haven>Question Details

katrosier, Home Buyer in Beach Haven, NJ

Has Sandy affected the prices of homes on LBI? How do prices compare from 2010... are they higher or lower and where do you see the market going?

Asked by katrosier, Beach Haven, NJ Thu Aug 1, 2013

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Good Morning.

Sorry for the delay in responding to this question however I only just came across it!

Sandy has had an impact on prices on LBI however this impact varies. If a property was damaged by the storm and left unrepaired than the house will be selling for land value only. This will of course be less than if there were an intact structure. Homes that suffered little to no damage have remained rather steady in price and in some cases, have even increased in value. The LBI real estate market as a whole has seen a lot of activity and it looks like it will be a very active fall. I believe this is in part to having had a successful summer with the beaches, stores and restaurants open for business thus countering the fear the LBI would not be ready for summer.

2010 was just coming off the low point in our market and again, the relation to value will depend on the specific property. I have personally seen many instances where value has increased substantially, despite Hurricane Sandy, since 2010 however there are also homes that will trade at or below 2010 levels.

I hope this helps. If you have any other questions please do not hesitate to contact me directly on my cell 609-290-4293 or my email ncolmer@vandykgroup.com.

Thanks!
0 votes Thank Flag Link Mon Aug 26, 2013
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