Sonal, Both Buyer and Seller in 07604

Please help! Reply honestly.

Asked by Sonal, 07604 Tue Mar 11, 2008

I really like the new townhouses that have been built in wallington by the river. However, it is a floodzone. How will this impact the appreciation and resale value? How much you think it will appreciate if I buy a 2BR/2 1/2 BTH for 349,000.

Any other townhouses that are similar to this?

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Andrew Tisel…, Agent, clifton, NJ
Thu Aug 23, 2012
In my experience Townhomes and Condos because they are part of an association that usually pays for the flood insurance are not as affected by the negative impact of being in a flood zone.

these are usually newer properties that have been built taking into consideration the possibility of a flood.

Most buyer are not concerned about flood for these type of properties like they would for a single family home.
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Karen Lampia…, , Mahwah, NJ
Sun Apr 6, 2008
In my experience buyers tend to shy away from homes in a floodzone. Very often they tell their realtors not to show those properties to them. As a potential owner of a property in a floodzone, you should be aware of the negative perception most buyers have regarding it. That being said, people buy & sell homes in floodzones all of the time but they generally take longer to sell. If you truly love these townhouses and feel they are perfect for you, speak with a realtor who specializes in that area and have a frank conversation with them. If you need a recommendation of someone to speak with, please email me through my website. Good luck.
0 votes
Jessica, , USA, Mobile, AL
Tue Mar 25, 2008
how much will it depreciate is more like it.... the market is going dow and for a 2BR 2.5BA in a flood zone in wallington should be more like 305k and that is only if it is completely updated!!! any information you need is right online... public records, assessed values, home prices, what owners paid for their home, the recent sales... just google everything or go to each town to check. the more you educate yourself the more you will be able to understand the market and achieve a good home at a good price... GOOD LUCK!!!
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