INVESTORS EN MASSE IN MERRICK, NY 11566
IN THE AFTERMATH OF SUPERSTORM SANDY, NEW YORK REAL ESTATE DIED.
Abraham Maslow's Hierarchy of Needs teaches us that until the basics of air, food, drink, shelter and warmth are met, we can't possibly concentrate on anything else.
Fast forward two weeks coupled with a seasonally mild couple of days and the phones are ringing off the hook. Investors are coming out of the woodwork to see if they can pick up a steal in areas devastated by the storm.
Some displaced owners have become completely overwhelmed by what promises to be a long and tedious process. The time, cost and effort that will be necessary to rebuild the homes has them feeling confused and at a loss for direction. They may prefer, instead, to accept a lower selling price on their house just for the convenience of transferring title "as is."
Sticker shock may be the only downside to this arrangement. Homeowners may not be prepared for the lowball offers that are coming in from these mainly all-cash investors. Fair market value will be difficult to determine in light of all the destruction. Still, for some, it will be the perfect solution to this emotionally draining event.
On the South Shore of Long Island, as well as in other parts hard hit by Sandy, real estate has been impacted in myriad ways. It may be some time before we know how long it will take to get back to normal.