Superstorm Sandy: Ten Years Later, an Oral History

After Hurricane Sandy hit the New Jersey shore in 2012, insurance companies had to reassess the risk associated with insuring properties in the area. Here are some news stories and summaries that highlight how insurance companies have responded to the hurricane:

1. "After Hurricane Sandy, Coastal Property Insurance Rates Rise" (NPR, November 2013) - This article discusses how insurance rates for coastal properties in New Jersey have increased since Hurricane Sandy. Many insurance companies have either stopped offering policies in the area or have significantly increased their rates due to the higher risk of storm damage.

2. "Insurance Rates Rise on Sandy-Damaged Properties" (The New York Times, March 2013) - This highlights how insurance rates…

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There are a number of variables that can affect the closing expenses, including the purchase price, the location of the property, and the type of financing. The following are some typical closing expenses you can face:

1. Legal costs for selling a home in New York: often between $1,500 and $2,000.
2. Transfer taxes: In New York City, the transfer tax is 0.4% for homes under $500,000 and 1% for homes over $500,000. The transfer tax varies from county to county outside of New York City.
3. Title check and insurance: Usually costs between $500 and $1,500.
4. The cost of the real estate broker commission could be reduced if you decide not to use a real estate agent.

When purchasing a home in New Jersey, there are a few costs to consider.

1. Mortgage…

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When compared to only images, property videos may be a very powerful tool in real estate marketing. The following engagement statistics back up this statement:

1. Greater Engagement: Research shows that videos get 1200% more social media shares than text and photos combined. More effectively than just images, property films may draw in prospective buyers and increase engagement.

 2. More views: A National Association of Realtors (NAR) survey discovered that listings with videos attract 403% more enquiries than those without. This means that a property listing with a video will likely receive more attention from potential buyers than one with only images.

 3. Prolonged Visit: According to the same NAR survey, users stay on websites with video…

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At nearly 6%, the 30-year fixed mortgage rate hit a 13 year high this month. Have buyers pulled back in our seller’s market?


Average Home Sale Prices

For the second time in history, home sale prices broke $700,000 in Staten Island last month. The average home now sells for $706,557. In New Jersey we see the same thing happening. For Monmouth and Ocean counties, prices came back to record levels at $551,061. Only in September of 2021 did average home prices eclipse that, coming in at $554,307.

Available Inventory

Inventory is also still struggling to keep up with demand. Active listings are down from last year in both markets. In New Jersey, active listings fell 26% from last year to 2,553 from 2021’s 3,439. Staten Island inventory…

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jersey shore homes

 

Interest rates are now giving home buyers sticker shock. The market has dropped in Staten Island, as well as much of the United States. The Jersey Shore market continues to hold its own.


Mortgage rates around the country are now 5.37% according to CNBC Real Estate, the highest since 2009. Borrowing rates have risen faster than expected to, and are projected to rise further by year’s end.


Home prices fell in Staten Island by $26,775 to an average of $669,258. Active listings are also up by more than 100, from 1,279 in February to 1,381 in March. New listings came in at a healthy 654 new homes this month. This is on par with one year ago, when 659 new homes were listed in March. Sales are up from February’s 374 to 425 in March.…

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All around the nation, mortgage rates have been rising for the first time since the start of the pandemic. Home prices have begun to stabilize after their breakneck climb.

Here in our local markets, Staten Island and The Jersey Shore, we do see some similarities between the two. But there are pronounced differences between buying and selling in these two areas.

 

Breakdown: Staten Island and New Jersey Real Estate, March 2022

Staten Island is the more stable market of these two. The Jersey Shore market is more volatile. Staten Island home prices remained about the same in February as they did in January. The average Staten Island home sold for $710,776 last month.

In Monmouth and Ocean Counties, prices came down quite a bit.…

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There simply aren’t enough houses to go around! Inventory shortages have once again pushed home prices to a record high.

For the first time, the average home sale price in Staten Island cracked $700,000. The average property now sells for $707,376, an amazing $45,251 increase in just one month! In Monmouth and Ocean Counties, the average home fetched $540,740. Although this was up 14% from last year’s $474,411, prices in New Jersey appear to have stabilized over the past few months.

The inventory squeeze has created high buyer competition in both markets. In Staten Island, just 1,228 listings are available for the entire county. By contrast, 1,763 homes were listed at the same time last year. This hot seller’s market offers 30% less inventory…

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2021 was a historic year for real estate. Pandemic boom towns brought remote workers out to the suburbs, starting bidding wars that brought home prices to record highs.

Our two main markets, Staten Island and The Jersey Shore, are attractive for buyers leaving New York City. Combine this trend with the lowest borrowing rates in a lifetime, add in constrained new construction inventory, and this past year was a roller coaster to say the least!

Across the US, new construction has not kept up with shrinking inventory. Supply constraints pushed up home prices nationwide. But each market is different, as we found when serving clients in the New York Metro area and the Jersey Shore area.


Year Over Year Comparison:

Home Sale Price

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Jersey Shore real estate


Prices came back up again this past month in Staten Island. Despite a small slip in early fall, the average home in Richmond County now sells for $666,041. For the past six months now, home prices have stabilized around the $660,000 mark.

On the other hand, our new ventures into New Jersey have opened up an entirely different market. By contrast, the New York City market has been on a steady climb in recent years. Home prices on the Jersey Shore have been more volatile. Here, buyer activity is off the charts (literally).

In Monmouth and Ocean Counties, real estate now sells for above 100% of its asking price. Even in the hottest months, Staten Island homes have always sold at a slight discount from list price for as long as we have been…

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