Prior to Sandy, prospective buyers rarely mentioned issues such as flood maps and building elevations until the matter of flood insurance came up — often at closing.

While there are bargains out there, ranging from 10 percent off pre-storm prices for upscale homes on New York’s Long Island and the Jersey Shore to as much as 60 percent off modest bungalows Staten Island and Queens, it’s still very much a game of buyer beware.

Not only are buyers are on the hook for repairs and in some cases total rebuilds, they’re also wading into a host of potentially expensive uncertainties about new flood maps and future insurance rates, zoning changes and updated building codes.

“It’s totally changed the way I sell real estate,” said Lawrence Greenberg, a sales associate with Van Skiver Realtors, whose own Mantoloking, N.J., office was wrecked in the storm.

Prior to Sandy, prospective buyers rarely mentioned issues such as flood maps and building elevations until the matter of flood insurance came up — often at closing. “Now, everybody asks the question of elevation,” Greenberg said. Even if potential buyers plan to tear down and build new, they ask about the pending changes in flood maps proposed by the Federal Emergency Management Agency, because flood insurance rates will depend upon the new zones. READ MORE …

Thank you for visiting the blog of the Staten Island Board of REALTORS® (SIBOR)

The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.

SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.

Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.

SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.

All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

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