PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

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Thursday, January 31, 2013

Selling Hurricane Damaged Property "As Is"

The N.Y. Times looks at attempts to market and sell properties in the hurricane ravaged Rockaways area.

The buying and selling of homes in the Rockaways slammed to a halt right after Hurricane Sandy, but a few homes and plots of land are on the market today. And while under more normal circumstances, properties put up for sale are buffed and polished to their highest possible shine, many of the most badly damaged homes are being offered to buyers more or less as the hurricane left them.

“People ask me, ‘Should I fix my house and then put it up?’ But I don’t know if the value will be there. So I say let’s put it up as is, and let’s see what happens.”  One such experiment is 135 Beach 142nd Street, a house of pale yellow brick built right on the ocean, which is listed for $3 million. It has spectacular open views of the water, which can still take your breath away — but most of the walls on the side of the house that faces the water have been torn off, leaving a jagged, gaping hole.

Steve Clowney

http://lawprofessors.typepad.com/property/2013/01/selling-hurricane-damaged-property-as-is.html

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