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Beach Haven West is a quiet residential community located in Stafford Township in southern New Jersey. The area was developed in the 1950s and 1960s with single level ranches and Cape Cod style homes. Beach Haven West is unique in that just about every home is located on the water. The entire development is lined with lagoons that offer direct access to Barnegat Bay. While life on the water is an essential and compelling component of living near the beach, it does carry with some risk. These risks were made evident when Hurricane Sandy made landfall at the end of October 2012. Beach Haven West and Hurricane Sandy created some new challenges for the Beach Haven West real estate market.
There are three major impacts both buyers and sellers need to be aware of in the Beach Haven West real estate market as a result of Hurricane Sandy. They are:
Flood insurance is perhaps the most critical component of the changes seen Beach Haven West real estate market in the wake of hurricane Sandy. Flood insurance is determined by several components, the most important of which is the elevation above sea level. Homes that are below base flood elevation will see an increase in their insurance premiums. While this increase will not be catastrophic in all cases, it is a financial concern and something that must be taken into account when determining the cost of ownership. In some cases, homes that are out of compliance will see a dramatic increase making the home all but unsellable. In these cases, the value will essentially be for the land and the possibility of future new construction.
The upside of Hurricane Sandy has to do with the changing face of Beach Haven West. Aided by flood insurance payouts, many homeowners were able to rebuild their older homes to large new construction elevated well above base flood elevation. These new homes are better protected against future storms, and meet all the requirements of the national flood insurance program. This will help to safeguard Beach Haven West against future storms and a significant investment recently made in the area should have a positive impact on prices.
There are three main changes taking place in Beach Haven West. They are:
New construction is taking place on nearly every street in Beach Haven West. Many of the original homes that were constructed in the 1950s and 1960s sustained flood damage as a result of Hurricane Sandy. In many cases, these homeowners elected to tear down their storm damaged structures and build a new home or sell their existing lots to make way for new construction. Additionally, many older homes were renovated and raised above the new base flood elevations thus making them more storm ready. Lastly, with so much renovation taking place in Beach Haven West, many homeowners and buyers decided to upgrade their bulkheads in the process. Many of the original bulkheads in Beach Haven West were creosote and begun to show their age. These bulkheads were updated with new vinyl or pressure-treated construction which is far better to withstand the shore environment and add a great deal of value to their homes.
Buying a home is a major investment in any buyer should make sure that their investment is sound. A home inspection will go a long way to uncover any potential defects in a home and can help guide you as a home buyer. This is especially important after Hurricane Sandy not only for homes that were flooded but for new homes as well!
Learn about buying a home in the Beach Haven West real estate market.
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Read the latest about flood insurance in the Beach Haven West real estate market.
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