Reuters

Homes ripped apart by the superstorm are proving to be magnets for bargain hunters—but not everyone is getting a good deal.

257 Beach 140th Street, a modest four-bedroom house blocks from the beach in Rockaways, Queens, is fairly unremarkable, but it put up a hell of a fight during Hurricane Sandy. While other houses just down the street were being ripped off their foundations, 257, which had been up for sale since before the storm, suffered only a little flooding in the basement. It’s otherwise unscathed, but even that damage was enough to knock a solid ten percent off its list price (down to $799,000 from $890,000), enough to make first-time homebuyers Matthew and Jenny Daly take a closer look.

"There are more opportunities because of everything that’s happened in the last six months," Matthew says.

In New York City alone, Sandy racked up $3.1 billion worth of damage to homes. Many of those properties in hard-hit areas like the Rockaways and the south shore of Staten Island are still empty, awaiting repairs, government buyoutsresident squatters, or like in the case of 257, a new owner ready to tackle a fixer-upper. Damaged homes are now on the market for as much as 60 percent off their pre-storm value, and local realtors say there’s a ready contingent of bargain-hunters waiting to pounce—sometimes, to the detriment of sellers.

About the Author

Most Popular

  1. a photo of a man surveying a home garage.
    Transportation

    How Single-Family Garages Can Ease California's Housing Crisis

    Given the affordable housing crisis, California cities should encourage single-family homeowners to convert garages into apartments and accessory dwelling units.

  2. The facade of a casino in Atlantic City.
    Photos

    Photographing the Trumpian Urbanism of Atlantic City

    Brian Rose’s new book uses the deeply troubled New Jersey city as a window into how a developer-turned-president operates.

  3. a photo of Northern Virginia's Crystal City.
    Life

    When Your Neighborhood Gets a Corporate Rebrand

    From National Landing to SoHa, neighborhoods often find themselves renamed by forces outside the community, from big companies to real estate firms.

  4. Tech workers sit around a table on their laptops in San Francisco, California
    Life

    America’s Tech Hubs Still Dominate, But Some Smaller Cities Are Rising

    Despite established urban tech hubs, some smaller cities are attracting high-tech jobs with lower living costs, unique talent pools, and geographic diversity.

  5. Environment

    No, Puerto Rico’s New Climate-Change Law Is Not a ‘Green New Deal’

    Puerto Rico just adopted legislation that commits it to generating all its power from renewable sources. Here’s what separates that from what’s going on in D.C.