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Originally Posted by babybackribs2314
You don't? The southern halves of both BK and Queens are vulnerable to flooding from hurricanes, check out the surge maps... Sandy was obviously bad, but if a storm comes in with 5ft more surge than Sandy--certainly plausible--it would have been far far worse and all of Southern BK & Queens would've looked like the Rockaways.
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No, I don't. Sandy was the worst storm in history, and yet didn't really harm these neighborhoods in terms of real estate valuation.
And I'm not basing long-term real estate values on the absolute worst possible secenario, especially since the primary real estate issue related to Sandy in the prime neighborhoods like Lower Manhattan and Dumbo (important stuff in the basement destroyed) isn't going to be at issue with most landlords if it happens again.
People love to live near the waterfront, and with all the new parks and waterfront infrastructure, I think these areas are some of the best long-term real estate bets. Obviously the Rockaways and Jersey Shore suffered much worse damage, though, and have all those tiny bungalows that were destroyed in the storm, but those will be rebuilt to modern construction standards. Newer construction fared fine in Sandy.
I also like the Concourse area as a long-term bet, though, because the architecture and building quality is so terrific. You have big, prewar layouts, and really nice buildings. And there's great subway access to Manhattan, including express train service.
We'll see, though. Brooklyn and Queens obviously have much more gentrification at this point.