January 17, 2013
Crain's New York Business
Sandy devalues homes
by Amanda Fung
The aftermath of Superstorm Sandy in neighborhoods like the Rockaways, Queens, lingers. In the last quarter of 2012, the average sale price plunged 30% in the Rockaways, while the entire borough of Queens recorded an increase of 9.4% in average home prices, according to the New York Post.
The average sale price in the Rockaways fell to $348,095 in the fourth quarter of 2012, a report by brokerage Douglas Elliman and appraisal firm Miller Samuel Inc. said. It’s so bad in the beach neighborhood that no one can sell a home there, said Douglas Elliman CEO Dottie Herman “unless you want to pick something up for nothing.” Similarly, in Coney Island, Brooklyn, there were a mere nine sales in the final three months of last year compared with 24 the same period a year ago.
Original Article // crainsnewyork.com
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