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Trends In The LBI Real Estate Market After Hurricane Sandy
Hurricane Sandy and the LBI Real Estate MarketHurricane Sandy made landfall on Long Beach Island at the end of October 2012. The storm, which was unprecedented in both size and damage, created a new genre in the LBI real estate market: that of the storm damaged home. These homes which suffered substantial damage from flooding are sold essentially for land value with little to no consideration being given to the physical structure. In most cases, the owners of these homes chose to simply accept their insurance payment and “walk away” creating some interesting opportunities for buyers in the LBI real estate market. As we approach the one year mark of Hurricane Sandy’s historic impact, Current Trends in the LBI Real Estate Market and Storm Damaged Homes have begun to change and have created some new opportunities for both buyers and sellers in the LBI real estate market.
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