In the aftermath of Hurricane Sandy, I am often asked, "What's going to happen to the real estate market?" Being cautious by nature, and having no clue what might happen, more often than not, my answer has been "Everything." Thankfully, January did not disappoint!
In the neighborhoods of Point Pleasant and Point Pleasant Beach that were not significantly impacted by the storm, the market is behaving like a normal January. Each week brings an increase in activity as buyers wake from their holiday slumber. The inventory of available homes is at its seasonal low, and interest rates are at near historic lows. This combination of factors bodes well for a brisk spring market.
In the neighborhoods that saw significant flooding, the landscape is certainly a bit more complicated. The internet and social media are awash (no pun intended) with all manner of truths, half-truths and urban legend regarding what people might have to do to restore their homes.
We are all suddenly conversant in the acronym soup of BFE's, A-zones, V-zones, ABFE's, ICC money, and SBA money. And we are all hearing wildly different estimates of where flood insurance rates may go. But with all that we know, it only sheds light on all that we don't know.
So that brings me to my purpose for starting this blog. I will try, on a regular basis to provide information that I can authenticate as from a reliable source. And I will provide a weekly update of market activity and statistics.
Please see the attached PDF for a summary of recent sales in Point Pleasant and Point Pleasant Beach, along with a brief statistical analysis of the marketplace today.
I welcome your comments, questions and information.