Impact of Sandy on current contract
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.