Homes damaged by Superstorm Sandy hit market at bargain prices in New York, New Jersey
A swan swims near the flooded home of the Maziekien family on November 21, 2012 in Mantoloking, New Jersey. Mantoloking was one of the hardest hit areas by Superstorm Sandy. The storm devastated the northeast.
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Last Updated: 100 days ago
LONG BEACH, N.Y. - Homes damaged by Superstorm Sandy have hit the real estate market at bargain prices across New York and New Jersey.
The bargains are out there -- ranging from 10 percent below pre-storm prices of upscale homes on Long Island and the Jersey Shore, to as much as 60 percent off modest bungalows in Staten Island and Queens.
But buyers will still be on the hook for repairing or rebuilding. And they're facing uncertainty about new flood maps, insurance rates, zoning changes and building codes.
There's no sign that homeowners are fleeing the shoreline communities. The number of for-sale listings in the areas hit by the storm was about 2 percent below last year's level in January, according to the online real estate information company Zillow. It suggests that most homeowners are rebuilding, or haven't yet decided what to do.
But real estate agents in New York and New Jersey say most of the homes for sale in those areas along the shore have some damage from the October storm, and that it appears that a rising number are being put on the market as the peak selling season approaches.
Copyright 2013 Scripps Media, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.