Flood plain homes usually sell for less in any town than non-flood plain homes and they can be more difficult to resell. There are exceptions like some of the homes on the Hudson River with spectacular views of NYC and the GWB in Edgewater. However, in this area, a premium has not been placed on homes with river views.
Is there a particular home that you are considering? An unfinished new construction in Rutherford is on short sale and is set on the river. It is built on pillars to protect it when the Passaic washes over its banks.
Please feel free to contact me if I can be of further assistance. I work throughout Northern New Jersey. Click on my name to the right for contact information and more information about me and testimonials from my clients.
Riverside Ave. can become flooded at times, mostly during extremely bad storms. I just had a client look into flood insurance for a home she was looking to purchase in a flood zone and the quoted her a price of $1,900/year just for flood insurance. If I can be of any further assistance, please email me at email@example.com.