James West is the editor and producer of The Climate Desk, a collaboration among The Atlantic, the Center for Investigative Reporting, Grist, Mother Jones, Slate, Wired, and PBS. He is the author of Beijing Blur.
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 buyouts, resident 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.