The Real Deal New York

Rockaways home prices plunge 30 percent post-Sandy, major new report shows

January 18, 2013 11:30AM

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Storm damage in the Rockaways

The residual waves of Hurricane Sandy just won’t let up for Rockaway residents. According to a new report from Douglas Elliman, the average home price in the Rockaways dropped by 30 percent to $348,095 in the fourth quarter of 2012, year-over-year, the New York Daily News reported.

Moreover, closings fell by more than 60 percent to just 31 in the same quarter — the lowest number in almost six years — as many closings were delayed and buyers scared off by the storm.

As it happens, the Rockaways had been basking in a housing rebound before the storm struck, with price increases for four consecutive quarters.

“This is clearly a setback,” Jonathan Miller, CEO of appraisal firm Miller Samuel, told the Daily News. “I think we will see the Rockaways lag for the next couple years as homes are rebuilt.” [NYDN]Christopher Cameron

  • ralphpetrillo

    Good buying opportunity. Are taxes being lowered?

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