What Will Happen to the Lindenhurst Real Estate Market After Hurricane Sandy?
I have been asked this question so many times, I have lost count. Here is my professional outlook and opinion:
- Withdrawn Listings -Only five Lindenhurst NY homes were withdrawn from the market since 10/29/12. Three of those five homes, were South of Montauk Highway.
- Expired Listings - 14 Lindenhurst NY homes expired off the market since 10/29/12. Five of those homes are south of Montauk Highway.
- Under Contract Listings - Since 10/29/12, eight Lindenhurst NY homes are under contract. Four of them are south of Montauk Highway.
- Closed Listings - Nine homes in Lindenhurst NY made it to the closing table since 10/29/12. Two of those homes are south of Montauk Highway.
- Rental Market - There are 19 available rentals in the MLS for Lindenhurst NY as of 11/16/12. This includes apartments and whole house rentals. There have been 8 property rentals in the MLS since 10/29/12.
- Lindenhurst NY Homes on the Market - On 10/29/12 there were 199 homes in Lindenhurst for sale. As of 11/16/12, there are 194homes on the market.
As of now, not much has changed with the Lindenhurst NY real estate market. Homeowners still have to get their homes rebuilt and that is going to take a while. A lot still haven't even had their homes inspected by their insurance adjusters.
Will there be a lot of Lindenhurst NY homeowners walking away from their homes? I doubt it. People have a lot of pride, and when I hear them talk about what has happened, they plan on rebuilding and staying. Living on the water in Lindenhurst, NY is a lifestyle, and these homeowners do not want to give that up.
My three concerns I have is: Will FEMA flood insurance rates go up and how much? Will homeowner insurance premiums rise considerably? And will the FEMA flood maps add more flood zones? FEMA could include homes that are South of Sunrise Highway. Right now those areas are not on the FEMA flood map. As of now, there are no changes to the FEMA flood map for Lindenhurst.
I will be keeping a close eye on the real estate market for Lindenhurst NY, and will report back when and if anything changes significantly.