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YES WHO cares REALLY when money is to be MADE ! But real estate agents in New York and New Jersey say the majority of homes for sale in these areas have some damage from the Oct. 29 storm, and it appears to them that a rising number are being put on the market as the spring home-buying season approaches.
ReplyDeleteIn addition to people looking to create their dream house out of a damaged home, Tripodi has seen investors eyeing the area. In Long Beach's West End neighborhood, for example, investors are looking to tear down gutted 1920s-era ranch homes and build bigger houses with multiple stories at higher elevations in their place.
New listings range from destroyed oceanfront properties being sold for the land, to flooded bayside homes untouched since the storm that must be gutted. Even the few undamaged homes in affected neighborhoods are listing at prices about 10 percent lower than they would have been pre-storm.
Some sellers are overwhelmed by the daunting prospect of restoring a damaged home. Some are older homeowners who had stayed in the houses where they raised their families, but now are relocating. Some didn't have flood insurance.
"They either don't have the funds or don't have the energy to go through the renovating and rebuilding process," said Jeff Childers, a broker with Childers Sotheby's International Realty in Normandy Beach, N.J.
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