Nobody has a crystal ball to predict the future with 100% accuracy but...
The homes that were flooded will be repaired and may wind up in better condition than they were before the hurricane. Most of the homes in Canarsie have never had flooding before so it is not an ongoing problem. Once everything gets cleaned up I think the market will be the same as it was prior to the hurricane. Any effect on the market will be short term.
If you are going to live in fear of flooding, hurricanes or things of that nature, simply move to a place far away from the ocean!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
We are still in a recession, and there are still a lot of foreclosures yet to happen.
Hurricane Sandy wiped out a bunch of homes and apartments.
Some will be rebuilt, some will be refurbished, some will be leveled.
In the meantime, there will be a supply shortage, which will increase the value of those still standing and habitable.
Some people will decide that now is a good time to move South and West. This will reduced the demand.
And these changes will not be evenly spread, but rather spotty.
Some Investors will see an opportunity in some areas.
Some States, Cities and Counties will offer aid and special programs; again, spotty.
Some Lenders will wave some fees and maybe be a little lienient with applications as well as people who are in the arears. Again, spotty.
Some Companies will be laying people off, and others will see a surge in business and hiring. This will affect unemployment in some areas.
A lot to think of.