Impact of Sandy on current contract

Pipersville_CarolNovember 25, 2012

I'm currently under contract to purchase a condo at the Jersey shore. It's a short sale, and I haven't heard yet if the bank will accept the seller's hardship letter. So who knows if we'll actually close.

My question is, how do you think Sandy will impact shore prices in the immediate future? This condo is close to the beach on a high floor of an historic building that didn't flood, and this particular town didn't have much damage. Towns around it were devastated, though.

Will prices go up because so many properties are gone/destroyed and people still want beach properties? Or will prices go down because buyers are scared off by future storm risk/insurance costs?

I know there's no real answer to this, I'm just curious about folks' opinions.

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ottawavalleygardener

Or will prices go down because buyers are scared off by future storm risk/insurance costs?

^this. Storms are going to get worse, and I wouldn't buy or build near the coast.

    Bookmark   November 25, 2012 at 10:56AM
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cearbhaill

I think just as many people think the storm of the century just happened and the chances of it happening again in xx years is slim.
Ocean front/near the beach will always be desirable- while a portion of people will leave there is no shortage of new buyers wanting their shot at beach living.
Otherwise Florida would be out of business.

    Bookmark   November 25, 2012 at 12:46PM
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kirkhall

I'm with cearbhaill on this one. Sandy was supposed the "perfect storm" and not likely to happen again for a number of years.

    Bookmark   November 25, 2012 at 5:55PM
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cas66ragtop

December 21, 2012 is approaching very rapidly, so I doubt any of this really matters.

Of course I am joking..........or am I?

:)

    Bookmark   November 25, 2012 at 8:44PM
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RooseveltL

As long as you can get insurance for property shouldn't matter much.

    Bookmark   November 25, 2012 at 11:08PM
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Pipersville_Carol

Since it's a condo, my understanding is that I only need to get insurance for the interior of the unit. Of course, as the overall insurance for the building gets more expensive, the HOA fees will rise.

I'm just trying to predict what kind of counter offer the bank is likely to make if the short sale is approved. I'm hoping the storm will impact prices negatively, at least short term.

Who knows what will happen, though.

    Bookmark   November 27, 2012 at 2:02PM
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