Home Buying in Canarsie>Question Details

May, Home Buyer in Brooklyn, NY

Will home prices go down in canarsie due to flooding and roof ect damage in soooo many homes especially homes that had for sale signs on them????

Asked by May, Brooklyn, NY Sat Nov 3, 2012

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Homes that were affected by the storm unless repaired will lose value, however That doesn't mean homes in the area that weren't affected will reduce price since there home value remained the same.
0 votes Thank Flag Link Sat Nov 3, 2012
thank you
Flag Sat Nov 3, 2012
Depends, keep in mind that some of the homes may be repaired....
0 votes Thank Flag Link Sat Nov 3, 2012
Dear May:

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!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Nov 3, 2012
Well said
Flag Sat Nov 3, 2012
You will find everything that happens, has a negative effect and a positive effect:
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.
0 votes Thank Flag Link Sat Nov 3, 2012
Excellent!!!! reply...you will help a lot of wondering minds like mines...smile.

Stay safe and be well, May.
Flag Sat Nov 3, 2012
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