Tuesday, November 20, 2012

Lower Manhattan homes in demand — even after Sandy’s landfall

I think this story is a bit optimistic. If severe weather is going to become a pattern in lower manhattan and other waterfront communities in the boroughs; there may be some negative affects on properties in those locations.
Developers may seek out higher ground for new projects.
Time and the weather forecast will tell.

Lower Manhattan homes in demand — even after Sandy’s landfall


From left: Jonathan Miller, Gary Malin and Michelle Bourgeois
Hurricane Sandy hasn’t lessened the demand for Lower Manhattan residential properties, the New York Observer reported. Though it’s early to say what effect the storm will have on the Manhattan market as a whole and a slew of Lower Manhattan properties are still pumping out flood water from two weeks ago, showings and closings have not slowed down since Sandy passed through.
Even the day of the storm, as winds howled, Town salesperson Michelle Bourgeois helped close a deal on a Tribeca apartment — located in Zone B — for two clients. She even got both attorneys and found an open bank to finalize the deal.
“With the lack of inventory downtown, there’s a huge demand for properties of that size in great condition,” Bourgeois told the Observer. “When you get one that you love, well, you don’t want to risk losing it.”
According to Hall Willkie, a broker at Brown Harris Stevens, the storm will not have a general impact on overall downtown property values. “It may affect specific homes within buildings or locations which were severely damaged by the storm but not on the long term market as a whole,” he told the paper in an email.
Appraiser Jonathan Miller said the waterfront remains a strong selling point. But he said he expects a change for lending — with tight credit, a mortgage for an apartment located in a flood zone could sink the deal. [NYO]Zachary Kussin

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