Hurricane Sandy Does Little to Dissuade Buyers From Lower Manhattan
Buildings along the southern lip of Manhattan are still pumping water from their basements almost two weeks after Governor Andrew Cuomo led a chorus of voices warning that violent storms and extreme weather patterns are the new normal. But the market for residential real estate seems, by and large, completely unphased. Hurricane Sandy may have flooded the city, but she has not dampened the desire to buy real estate in Lower Manhattan. At least not yet.
It is, of course, still early to judge what effect, if any, the hurricane will have on the Manhattan market, but real estate professionals say that cold—and wet—feet have not been an issue in showings and closings during the weeks since Sandy hit. (Banks, on the other hand, are feeling less confident, with a number insisting on inspections to rule out structural damage for loans on buildings in Zone A, even those that have long been in contract.)