New York real estate bounces back post Sandy

The New York real estate has recouped well post Sandy super storm that caused about $42 billion in damages across New York State with damages amounting to $19 billion in New York City alone !a"ority o# property were destroyed or were deemed inhabitable in all #i$e boroughs a#ter the storm touched down on %ctober 29 last year &owe$er' in spite o# the storm' the long lasting impact o# super storm Sandy on real estate NYC was minor (ccording to the New York real estate brokers , about )*+ o# property is nearly reno$ated and repaired back where they were be#ore Sandy !any o# the housing units are in the process o# being repaired and the storm,s de$astation did not a##ect the real estate interest among real estate buyers in any o# the boroughs !a"ority o# residents are choosing to rebuild rather than to relocate (s per the statements o# the New York real estate brokers, the storm has only a##ected the coastline with "ust about 1+ of New York real estate. International real estate buyers are continuing to show interest in the city and the selling market has gained some strength but buyers are opting to consider locations away #rom #lood -ones as $alues in those areas are down between 2+ to .+ /ewer New York homes #or sale ha$e been taking place across 0ockaways in 1ueens and in 2rooklyn &owe$er' in the New York City the New York apartments for rent and the cost o# New York homes for sales are ho$ering through the roo# e$en in newly mapped #lood -ones in !anhattan The Manhattan Condos for sale market has rebounded e$en a#ter the Sandy #looded basements and lobbies last year with sales ha$ing taken months to "ack up in hea$ily damaged areas such as 0ockways and Staten islands, that were located in #lood -ones 3n !anhattan,s #inancial district' sales were 44+ compared with pre Sandy numbers and median prices rose by 1.+ Sales increased in the hard hit neighborhoods such as &oward 2each' 1ueens where sales "umped by 45+ though the median prices were lower by 1*+ Sales bounced back e$en in the hard hit Staten 3sland neighborhoods in the third 6uarter The negati$e impact o# the Sandy was particularly acute in neighborhoods in the outer boroughs (ccording to real estate brokers' #ewer unrepaired damaged homes are listed #or sale in and around the city The in$entory o# repaired homes with newly reno$ated basements plus new

boilers and electrical wiring is shrinking 3n the 0ockaways' where ma"ority o# basements and many ground #loor le$els were swamped' the real estate buyers are interested due to their attraction towards lower prices !a"ority o# them are worried about the a$ailability o# a##ordable #ederal #lood insurance than another storm The Street7asy study #ound that the !anhattan real estate market paused #or a while a#ter Sandy smashed New York 8uring No$ember92*12' the listings in #lood -ones dipped by 21+ and the number o# contracts signed slipped by 24+ compared with No$ember92*11 &owe$er' the numbers bounced back with contract signing in Tri2eCa and the :est ;illage soaring #aster than in any other areas 2y (pril92*14' contracts were up by 2)+