Reporting David Madden
Filed underBusiness & Economy, Environment, Heard On, Hurricane, Local, New Jersey, News, Syndicated Local, Watch + Listen, Weather
By David Madden
MANAHAWKIN, N.J. (CBS) — As the South Jersey shore continues to recover from Hurricane Sandy, some homeowners are throwing in the towel and putting their storm-damaged properties on the market, “as is.”
People have a myriad of reasons for deciding to get out of second homes, some of which have been in the family for generations.
Curtis Lee, a broker with Prudential Zack Shore Properties in Manahawkin (Ocean County), says his area takes in Beach Haven West, on the mainland across from Long Beach Island, which was hit hard by Sandy.
“A lot of those folks didn’t have flood insurance, so they just don’t have the funds to rebuild their houses,” he tells KYW Newsradio. “Other folks are concerned with what may or may not happen with taxes if they build a new house.”
Business right now is “about average” for Lee. And he says, yes, there are buyers for some of those properties being sold as-is.
In fact, if post-hurricane history means anything, he suggests there could be a real estate boom in a couple of years in the very areas that are now distressed.