Sunday, January 20, 2013

Flattened houses worth less

From the Daily News:

Residents of the Rockaways are facing another big blow: Hurricane Sandy has slammed their property values.

The average price of a home in the storm-wrecked area fell by 30% to $348,095 in the fourth quarter of 2012 compared with the previous year, according to brokerage firm Douglas Elliman.

As closings were delayed by the superstorm and as buyers pulled out of deals, closings fell by more than 60% to 31, the lowest level in nearly six years.

Before Sandy hit, the Rockaways had been enjoying a rebound, with prices rising steadily, year-over-year, for four straight quarters.

“This is clearly a setback,” Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiles reports for Douglas Elliman, told the Daily News.

“I think we will see the Rockaways lag for the next couple years as homes are rebuilt.”
Robin Shapiro, the owner of Robin Shapiro Realty in Rockaway Beach, said several houses closed at reduced prices because they were severely damaged and were sold as-is.

“There are a few brokers in the neighborhood who are looking for a quick buck,” Shapiro told the News.

But Shapiro said the recent price declines are a temporary setback.


Anonymous said...

So we can expect a reduction in property taxes for these homeowners?

Yeah, right.

Common sense no longer is part of our lives.

Anonymous said...

Their insurance rates have been raised to the stratosphere too....those who can even get insurance!

Anonymous said...

It's very sad looking at these photos.
I'm thinking, are we looking at America or Haiti?

Bear witness to Bloomberg's failure!
That SOB pays plenty of attention to the new
Barclay Center, but coldly ignores this kind of tragedy!

As far as that aloof demagogue is concerned,
it will all go away.

Anonymous said...

Hoping the rents will go down. but that might mean more of the looting types, low life drug dealers will move into the neighborhood.

Anonymous said...

Why shouldn't housing prices, property taxes, and insurance rates adjust to the new reality that the Rockaways are at risk to damage on the scale of the next "Sandy" whenever that happens?

Anonymous said...

I'm thinking, are we looking at America or Haiti?

Please. If it were Haiti, we would never see the picture because the photographer would have been robbed of his camera and then he likely would have been eaten.

Its a bad deal down there, yes, but don't go overboard. People are getting help. It just will take time to rebuild.

Anonymous said...

That's a load of bullshit, last poster!
You must be a politician's troll.

Anonymous said...

Maybe the residents should be offered a fair market (before Sandy) one time buy out.

Then declare the area not for building.

In the long run that will be the cheaper solution.