Hurricane Sandy made landfall on Long Beach Island at the end of October 2012. While much time has passed since the storm's impact, concerns about flood insurance, future stores and the potential for flooding still are on the minds of buyers and sellers. Learn about Hurricane Sandy and the LBI real estate market.
The Long Beach Island real estate market has experienced many changes since the impact of Hurricane Sandy the end of October 2012. Hurricane Sandy brought to light issues such as flood insurance, house raising, and the vulnerability of Long Beach Island to hurricanes. That said, there have been many positive results from Hurricane Sandy which have helped to strengthen the LBI real estate market and create a more storm ready community. In short, LBI real estate after Sandy is doing very well!
Even though Hurricane Sandy was the first storm to caused widespread damage in more than 20 years, Sandy served as a reminder Long Beach Island is in fact a barrier island and is a risk of flooding caused by storms. Concerns about future storms are indeed valid and they should be understood and recognized by anyone looking to buy or sell a home in the LBI real estate market.
Current Trends in the LBI Real Estate Market and Storm Damaged Homes have shown us that there are still excellent opportunities to buy both storm damaged and non-storm damaged real estate on Long Beach Island. Regardless as to whether you are a buyer or seller in the LBI real estate market, it is of vital importance to follow the current market trends so as to be able to assess a good opportunity when it presents itself. This includes understanding the average sales price of a home on LBI, the average days on market and the percentage between listing and sales price of a home.
If you are considering buying a house in the Beach Haven West real estate market you must have a clear understanding of not only Mortgages for Storm Damaged Homes in the Long Beach Island Real Estate Market but also of the local building codes and of flood insurance on LBI.
Just a few inches of flood water from a storm can cause significant damage to your home and be carry a surprisingly high cost of repair Flood insurance is intended to provide protection against this unexpected cost, and for the majority of homes on Long Beach Island, is very affordable. It is important to understand the costs of flood insurance in the LBI real estate market and how this costs are related to Hurricane Sandy.