New York Dopers: Has Sandy Just Killed Rising Real Estate Prices?

Don’t get me wrong, I love NYC and lived there. As a matter of fact, one reason I am asking is because I also once lived in lower Manhattan - on Pearl Street; not a good place to live today and I would guess the people living in that loft are probably staying with friends elsewhere right now.

Manhattan real estate is perhaps the priciest of anywhere in the USA. After all, how could you go wrong investing in property in Manhattan?

The last hurricane didn’t really cause all that much damage, but scared the bejesus out of many people. This hurricane/strong storm has been FAR more severe, showing exactly how vulnerable Manhattan (at least lower Manhattan) is now to environmental changes.

Oh sure, you will always find an idiotic, rich Republican who thinks global warming is still just a theory, but for people who believe in evolution and science, do you think this has been a wake up call for rising prices in Manhattan real estate?

I would imagine trying to sell that condo or loft in Lower Manhattan right now is not going to reap large rewards. Even after everything settles back to normal, there is still that gnawing feeling that this has happened twice recently, and perhaps plunking down millions for a few hundred square feet of living space near Battery Park is not such a wise idea.

Just wondering - do you think Sandy will go down as the moment that real estate prices, in at least parts of Manhattan, start to sink (pardon the pun) or at least level out?

No. Come on. This is still going to be very desirable real estate, the water will be gone pretty soon and businesses will get back in shape. Cuomo is apparently throwing out the idea of building a levee.

Wish you felt that way AND you still owned that loft on Pearl Street. I’m buying.

I didn’t own it, but was a roommate with a woman who then did sell it - for really cheap back then - right before prices really took off! (In 1979, she sold the loft - an entire floor of a five story building - for $25,000.)

And don’t get me wrong - I am not saying these places will become vacant lots. I know that homes on Fire Island are still pricey, despite decades of storms blowing many of them to bits and then just rebuilding again - all I am asking is if the prices for condos and lofts, especially in Lower Manhattan, are going to level out and perhaps not continue to skyrocket in value.

Maybe I am overly cautious, but if I were house hunting in Manhattan and had the money to buy a place, I think I would hesitate buying in an area that will continue to be the first area evacuated whenever large storms head in that direction.

Now, should they actually build a levee - well, that is a different story.

The vast majority of Manhattan is perfectly intact.

You know, I’ve come across a few rich Republicans who “believe in evolution and science” too. Nevertheless, I think all this will do is possibly cause those areas that were high enough or sheltered enough to escape relative damage to become even a little more valuable.

“Buy here, even during the storm of the century this place was fine.”

I don’t know all the practical considerations of course, but I think they would do that if they thought it could prevent another flood that caused catastrophic damage to lower Manhattan, the subways, the tunnels, and all these power outages and other problems.

By the way, what the hell happened at that building on 8th Avenue and 14th Street? I don’t understand how the front of the building just collapsed that way. I’d be more than a little annoyed at finding out the building I lived in was in that kind of shape.

Wind, man. Shit can mess you up.

I guess if it could bend that crane over backward it could crack the front of a building.

Common sense says yes but people don’t have any common sense.

My uncle’s ocean front property is very valuable, despite the fact the taxes are like buying a luxury car every year and the house gets half destroyed at least every 5 years. And, like clockwork, he has to go live elsewhere for every damn hurricane. This, to me, is not progress.

The one good thing about NYC buildings being washed/blown away is that finally stuff can be more “built up”, decoupling the price of land and housing, which are too closely linked when they shouldn’t be. The Rent Is Too Damn High is a quick (albeit somewhat superficial) explanation of what I mean.

Sandy made people rethink to have a rental property in the area.
But I think this is a temporary trend, things will change soon.

Reported.