Katrina was the costliest hurricane in U.S.history, but last year’s Hurricane Sandy blew in at second place. After nearly four months, the southern end of New Jersey’s Long Beach Island is still suffering from the devastation that super storm caused.
In November 2012, the barrier island was closed down for two whole weeks in the wake of Hurricane Sandy. Although the clean-up continues, new hope is springing up from the debris. Real estate agents are happily reporting an unexpected but most welcome comeback.
House-hunter Rafi Gardee is among those who see unique opportunity. He believes it’s a great time to buy property because “This area’s always maintained its value.”
He acknowledges that the climate is likely to worsen over the next few years and such storms will probably recur, but he agrees with chief economist, Stan Humphries, who said, “The lures of coastal living are actually more powerful than the periodic chance of having a natural disaster in your backyard.”
All locations are subject to natural disaster, from tornadoes in Kansas and hurricanes in Florida, to earthquakes in California and ice storms in New England.
According to a study conducted by the real estate firm, Zillow, home values in New Jersey are already almost 2% higher now than they were pre-Sandy. That’s actually higher than in areas not affected by the storm.