More Information about Hurricane Sandy, Flood Insurance and the LBI NJ Real Estate Market
When Hurricane Sandy made landfall in New Jersey at the end of October 2012, many things changed. Large areas of coastal New Jersey, including Long Beach Island, were damaged, and that damage has taken a long time to repair. Thankfully, most of the shore areas were open for Summer 2013 and Summer 2014 is looking to be a very busy season. One positive impact of Hurricane Sandy is the amount of redevelopment and improvement being made to all the shore towns in New Jersey. With new construction taking place seemingly on every street and many older homes being raised, many home buyers in the LBI real estate market have been asking what is the cost of flood insurance for an elevated home on Long Beach Island.
The real estate market on Long Beach Island, like any market, is subject to high and low points. When home prices rose in the early 2000's, so too did they rise on Long Beach Island. When the national real estate market and stock market fell in 2008, the LBI real estate market followed suit. That said, there are some important differences between the LBI real estate market and other markets around the country. The main difference is the summer rental market. Summer rentals provide a steady stream of income that helped to limit the number of short sales and foreclosures in the LBI real estate market (which in turn helped to keep prices more stable). At its core, land is what really determines property value on Long Beach Island. By examining land value, one can often predict the future of the LBI real estate market. Therefore, it is important to understand Why Land Value is Increasing on Long Beach Island NJ.
Hurricane Sandy made landfall on Long Beach Island at the end of October 2012. There is no question that Hurricane Sandy was a major weather event and the first major storm to hit LBI in more than 20 years. The damaged caused to the Long Beach Island area forever changed the area-both in positive and negative ways. When compared to other shore towns, Long Beach Island recovered quickly so it is important to dispel some myths that still prevail about the Jersey Shore and Hurricane Sandy since Summer 2014 Hurricane Sandy and Long Beach Island NJ are very different!
The Long Beach Island economy and the LBI NJ real estate market are based on summer tourism. With the majority of home on Long Beach Island being either second homes or vacation properties,LBI is what is known as a “second home market”. A rise in the sale of vacation homes, both on Long Beach Island and across the country, often signify a stronger economy as home buyers feel they have more discretionary income. Therefore, to see Vacation Home Sales on the Rise is a good good sign for the future of the LBI NJ real estate market.
The summer rental season on Long Beach Island looks to be very strong. There has been an increase in activity for homes in all locations on LBI as compared to both 2012 and 2013. Increase in activity helps to strengthen both the Long Beach Island economy and the Long Beach Island New Jersey real estate market. There is no question Hurricane Sandy still plays on the minds of everyone involved in the LBI economy and the impacts of flood insurance are still being felt by many homeowners. To help address to the fears to the LBI NJ summer rental market that still persist as a result of Hurricane sandy many real estate agencies have chosen to offer vacation rental insurance on Long Beach Island.
Buying a home on Long Beach Island is an exciting experience and can be a very good investment. There are homes available in many different price ranges and activity has been increasing all over Long Beach Island. When looking to buy a home in the LBI real estate market, it is important to understand the process and what is needed to ensure a safe and secure transaction in the LBI real estate market. A key component to buying a home is getting a Survey and Flood Elevation in the LBI Real Estate Market.
In the wake of Hurricane Sandy, there has been a massive wave of new construction taking place on Long Beach Island. With many homeowners concerned about damage from future storms and increased insurance rates, many have taken the opportunity to build a new home and maximize their investment in the LBI NJ real estate market. With such rapid change taking place on Long Beach Island, it is important to understand how these changes will impact the Long Beach Island real estate market. New construction has always been highly sought after and now, with so much of it taking place, buying a new home on Long Beach Island presents some excellent opportunities. Therefore, understanding the Price Per Square Foot For A New Home On Long Beach Island is essential prior to making any investment on Long Beach Island.
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