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Hurricane Sandy And The LBI Real Estate Market
Hurricane Sandy and the Impact on the Long Beach Island NJ Real Estate Market
LBI Real EstateHurricane Sandy was without a doubt one of the major events to occur on Long Beach Island NJ in recent memory. Apart from causing substantial damage to the entire Long Beach Island area, Hurricane Sandy also had an impact on the LBI real estate market. For this reason, if you are thinking of buying or selling on Long Beach Island it is important to have an understanding of Hurricane Sandy and the LBI real estate market. On the whole, prices in the Long Beach Island real estate market have remained strong and interest in the local market has increased. Hurricane Sandy and the Long Beach Island NJ Real Estate Market have created a few generalizations that currently hold true in the LBI real estate market such as:
- The average price of a single family home appears lower than a year ago however when storm damaged homes are taken out of the equation (as they are being sold at land value with little to no consideration given to the structure) prices have actually remained the same or increased in some months.
- Activity has remained steady and in general has increased for homes that have been elevated on pilings
- There are excellent opportunities for those looking to purchase a damaged home and renovate or rebuild