Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

Hurricane Sandy and Long Beach Island New Jersey

Nathan Colmer | The Van Dyk Group

C: 609.290.4293 | O: 609.492.1511

Hurricane Sandy and the LBI Real Estate Market on Long Beach Island NJ

Information about Hurricane Sandy and the LBI Real Estate Market on Long Beach Island. Hurricane Sandy made landfall on Long Beach Island at the end of October 2012 and caused major changes to the LBI NJ real estate market.

 

 

Hurricane Sandy | Long Beach Island New Jersey | LBI NJ Real Estate

Hurricane Sandy

 

Hurricane Sandy | Long Beach Island New Jersey | LBI NJ Real Estate

Hurricane Sandy has, without question, been the most destructive storm to hit Long Beach Island. Prior to Hurricane Sandy, this record was held by "The Storm of 62" which was a very powerful nor'easter that struck LBI in March of 1962. Like Hurricane Sandy, "The Storm of 62" was actually two storms that collided over Long Beach Island and hit at high tide and a full moon under perfect conditions for a storm. Similarly in 1992, another powerful storm system struck Long Beach Island and caused major coastal flooding and loss of property. However, neither storm was able to match Hurricane Sandy and the devastation that was created from this unique storm system. Hurricane Sandy had had a major impact on the LBI real estate market and it is important to understand how Hurricane Sandy and the LBI Real Estate Market on Long Beach Island NJ relate.

Hurricane Sandy | Long Beach Island New Jersey | LBI NJ Real Estate

Hurricane Sandy and Long Beach Island Real Estate

Hurricane Sandy has impacted the Long Beach Island real estate market in three ways. They are:

  • Making buyers and sellers aware of changes to flood insurance
  • Creating an inventory of storm damages homes
  • Requiring additional precautions to be taken when buying and selling homes that were flooded by Hurricane Sandy

Contrary to what many expected, the real estate market on Long Beach Island did NOT decrease due to Hurricane Sandy. In fact, home prices rose on properties that were not damaged by Hurricane Sandy! While it is true that storm damaged homes sold at much lower numbers, the majority of these homes were sold at land value with no consideration given to the structure on the property. Since it is the land that holds the true value of the LBI NJ real estate market, it is easy to see why the market did not decrease.

Flood Insurance and the Long Beach Island Real Estate Market

Flood insurance has been perhaps the most highly publicized reaction to Hurricane Sandy. While many new outlets report that flood insurance will cost $10,000-$20,000 and every house must be raised, this is simply not the case! Flood insurance is based on the elevation of a house and the ground and most homes on Long Beach Island, even the old Cape Cods, are at or just below the new Base Flood Elevation. This has avoided the major flood insurance increases reported by so many as a result of Hurricane Sandy and the LBI Real Estate Market on Long Beach Island NJ.

Storm Damaged Homes on Long Beach Island

Storm damaged homes have been the topic of many buyers looking to enter the LBI real estate market at an affordable price and indeed opportunities do exist! It is important to know the "ins and outs" of buying storm damaged homes and some properties will be required to be raised (if the cost of renovation exceeds more than 49% of the replacement value) and certain lot sizes may need variances to rebuild. It is also important to understand what to look for in home inspections on homes that were damaged but repaired after Hurricane Sandy.

 

Superstorm Sandy | LBI Real Estate | Flood Insurance | Nathan Colmer

Hurricane Sandy or Superstorm Sandy and the Real Estate Market on Long Beach Island have a great deal to do with one another. Hurricane Sandy brought to the forefront concerns about flooding and future storm damage. Hurricane Sandy and the Real Estate Market on Long Beach Island.

 

The Real Estate Market on Long Beach Island Post Hurricane Sandy

Hurricane Sandy, which struck Long Beach Island at the end of October 2012, left a major impact on the area and the Long Beach Island real estate market. Hurricane Sandy was the first major storm to directly impact Long Beach Island since 1992, and really can only be compared with the notorious “Storm of 62”, which also saw a similar combination of storms to create one major weather event. In the wake of Hurricane Sandy, many LBI homeowners were left with damaged homes now in need of repair or house raising, and also in need of an understanding of the different flood zones on Long Beach Island. While Hurricane Sandy changed Long Beach Island, the LBI real estate market remained comparatively stable. The LBI real estate market witnessed a number of storm damaged homes coming on the market, however, these sales represent only about 1/5 of the current market activity. The majority of LBI homeowners were able to rebuild either on their own or with the aid of insurance money. Hurricane Sandy and the Long Beach Island NJ Real Estate Market have created some new challenges that must be considered, and it is more important now than ever to do one’s homework before buying or selling in the LBI real estate market.


On the whole, prices in the Long Beach Island real estate market have remained strong, and interest in the market has increased. Hurricane Sandy and the Long Beach Island Real Estate Market have created a few generalizations that currently hold true. These are:
The average price of a single family home appears lower than a year ago. However, when storm damaged homes are taken out of the equation (as they are being sold at land value with little to no consideration given to the structure), prices have actually remained the same or increased in some months.

  • In general, activity has remained steady, and has increased for homes that have been elevated on pilings.
  • There are excellent opportunities for those looking to purchase a damaged home and renovate or rebuild.
  • It is important to check and recheck local zoning laws and flood maps before buying or selling in the Long Beach Island NJ real estate market.


If you are considering the purchase or sale of real estate in the Long Beach Island real estate market, it is important to understand the different areas of LBI ,and how they weathered Hurricane Sandy. For example, Holgate, on the very southern end of Long Beach Island, suffered the most from Hurricane Sandy. While progress has been made, the recovery takes time. Fear, more than anything else, drives a market, and Holgate will sadly carry the memory of the damage for a long time to come.


Perhaps the question on most everyone’s mind is with regards to flood insurance costs, and if these costs will negatively impact the value of the Long Beach Island real estate market. In most cases, flood insurance rates are very affordable, and by no means does a house have to be raised to obtain flood insurance. Flood insurance rates are based on the combined elevation of the ground above sea level and the structure’s elevation. Most homes on Long Beach Island are, at worst, 2 -3 feet below the Base Flood Elevation or BFE (after combining the ground elevation with the property’s foundation) established by FEMA, and these homes will see a comparatively minor increase in their flood insurance. Therefore, it will have minimal, if any,  impact on the Long Beach Island real estate market valuations. Of course, exceptions do exist. For example, homes that have a basement (and believe it or not there are homes on Long Beach Island that have basements!) so it is best to speak with an insurance agent about a specific property to understand what unique characteristics may exist.

 

 

 

Buying After Hurricane Sandy

Learn about the pros and cons of buying a home in the LBI NJ real estate market after Hurricane Sandy.

 

 

 

Selling After Sandy

Read about the questions buyers ask and what to prepare for when selling a home after Hurricane Sandy on Long Beach Island New Jersey.

 

 

 

Long Beach Island Flood Insurance & Hurricane Sandy

Before buying or selling in the LBI real estate market consumers should understand how flood zones, flood insurance and FEMA regulations have changed since Hurricane Sandy.

 

 

 

 

Hurricane Sandy Blog

Read current news and postings by Nathan Colmer about Hurricane Sandy and the LBI NJ real estate market.

 

 

 

Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Hurricane Sandy | Long Beach Island New Jersey | LBI NJ Real Estate

News About Hurricane Sandy and the LBI Real Estate Market on Long Beach Island NJ

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Buying Opportunities in the Long Beach Island NJ Real Estate Market

Buying Opportunities in the LBI NJ Real Estate Market Long Beach Island NJ Real Estate Market Many people dream of owning a home on Long Beach Island New Jersey however the LBI real estate market is expensive thus making it very important to recognize Buying Opportunities in the Long Beach Island NJ Real Estate Market. Regardless … Continue reading →

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Hurricane Sandy and the Long Beach Island NJ Real Estate Market

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House Raising on Long Beach Island New Jersey

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Real Estate Transactions on Long Beach Island NJ After Hurricane Sandy Long Beach Island New Jersey Long Beach Island or “LBI” as it is more commonly known is a beautiful barrier island off the coast of Southern New Jersey. Sadly, Long Beach Island sustained a direct impact from Hurricane Sandy which has long lasting impacts … Continue reading →

 

 

 

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Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511