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Health & Fitness

One year later: Sandy's impact on our real estate market

On the eve of the super storm’s one year anniversary, I was asked by a local TV reporter how the real estate market in Fairfield’s beach area had been impacted by Sandy.

To understand the effect of Sandy, you need to go back a full year.  In the fall of 2012, our real estate market was in a recovery.  Although luxury properties were lagging, sales of median priced homes were increasing:  the market was pretty strong.  Well priced homes were getting multiple offers.  A significant percentage of the beach area is luxury real estate.  Prices in this sector had already dropped due to economic factors.  Luxury buyers were slowly reentering the real estate market.  Buyers in all price ranges were looking for value.

Then came Super Storm Sandy.  To say we were all devastated by Sandy would be an understatement. 

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There was no real estate market immediately following the storm.  Homeowners couldn’t get into their homes, let alone accommodate prospective buyers for showings.  It was physically impossible to navigate the flooded streets.  The National Guard watched over impassible roads. 

Everyone dropped what they had been doing and instead focused on helping our neighbors.  Fairfield is a generous community.

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As Fairfielders banded together in support, we saw the beauty of the beach neighborhood from a different perspective. It wasn’t curb appeal; it was human appeal. 

Eventually, buyers came back to look in the beach area, slowly.  Just like homeowners, they had apprehension about another major storm coming.  There was uncertainty about flood insurance and re-drawing of flood zones.  Elevation, although certainly not a new idea, was on the forefront of buyers’ minds.  The sight of small homes being raised to FEMA-compliant elevations was unsettling. 

Homes that survived the storm without damage had a very different tale to tell than those that had a foot of water on the first level.  Buyers were still leery, but they felt better about considering the purchase of a home whose elevation met or exceeded FEMA requirements. 

Six months after Sandy hit, a big change was underway:  the resurgence of new construction.  Builders began buying up lots, flood ravaged homes were torn down, and builders began constructing FEMA-compliant homes.  This will bring new buyers to the beach area. 

One year after Sandy, the beach area continues its revitalization.  Homeowners take pride in their beautiful neighborhood.  Buyers are slowly returning for all the reasons that have always made the beach area a very desirable place to live:  a wonderful neighborhood, great schools, easy access to New York City via the main Fairfield train station, close proximity to town center and I-95, a cohesive sense of community.  And, of course, the allure of our beaches remains. 

A year can make a big difference.   But some things will never change.

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