While waterfront properties have made up some of New York City’s most exclusive real estate, hurricanes Irene and Sandy could have buyers re-thinking buying on the water, the New York Times reported.
Waterfront properies sustained some of the heaviest damage during Sandy, but long-term values shouldn’t be impacted too significantly, real estate experts told the Times.
“Some of our buildings out in Brighton Beach, Coney Island and the Rockaways have part of the boardwalks in their lobbies,” David Kuperberg, CEO of Cooper Square Realty, the city’s largest residential manager, told the Times. “There is one building that had 24 feet of water in the lobby at one point.”
Still, the waterfront will appeal to many buyers, said Dottie Herman, CEO of Prudential Douglas Elliman.“If you love living on the water, and you’re willing to take the risk, waterfront properties always go for a higher premium,” she told the Times. “Those who buy on the water know the risks ahead of time.” [NYT] –Guelda Voien