Halstead Property President Diane Ramirez shares her expert thoughts on Hurricane Sandy’s impact on real estate markets.
On the Halstead Blog: http://ow.ly/f8dAW
November 7, 2012
Our hearts go out to everyone affected by the storm and in our outer boroughs and our neighboring States that are still seeing and experiencing dire conditions – they all remain in our prayers.
I am starting to hear pockets of concern about the potential affect that “Sandy” might have on the New York City real estate market and specifically Downtown Manhattan as well as the local economy. In my opinion, New York City has once again shown its true grit! By and large, in the areas that we cover, we are getting back to normal very quickly. Downtown Manhattan was affected the hardest and not surprising since it was hit head on by the horrific hurricane—an occurrence that has not happened in more than 190 years.
But even this area is coming back to normal albeit a little bit slower than the rest of Manhattan which looks like nothing had occurred. Our economy should remain on its course and possibly even see a small boost from the rebuilding efforts. We are seeing some delays with our closings that involve bank financing because many banks are requiring a final inspection to be done before closing to confirm that the property did not sustain any damage from the storm. Other than that minor hiccup, our market remains very competitive with extremely low inventory and interest rates and a huge demand by the consumer to live in our unflappable NYC.
I will be sure to keep you informed with any other important news or updates.
Diane M. Ramirez