What me worry?

From Real Estate Weekly:

Threat of natural disaster does little to dampen home prices

Do the high real estate prices in New York and New Jersey equal high danger?

The area has certainly seen its share of intense weather in recent years. But while the Tri-State area won’t likely be considered as a backdrop for the next earthquake blockbuster to hit the big screen, a recently released report from RealtyTrac reveals that a significant number of local neighborhoods are likely targets for harsh weather.

The 2015 U.S. Natural Disaster Risk Report found that 35.8 million U.S. single family homes and condos with a combined estimated market value of $6.6 trillion are in counties with high, or very high, natural hazard risk.

Those 35.8 million homes represent 43 percent of the 83.4 million single family homes and condos in all counties analyzed for the report.

For the report, RealtyTrac assigned a natural disaster risk score to 2,318 counties nationwide with sufficient home value data available. Based on its score, each county was assigned to one of five risk categories for overall risk of natural disaster: Very High, High, Moderate, Low and Very Low.

New York and New Jersey ranked in the less favorable categories on multiple occasions.

“In the interest of personal safety and protecting the value of what is likely their biggest financial asset, prospective buyers and investors should be aware of any natural disaster risk impacting a potential home purchase,” said Daren Blomquist, vice president at RealtyTrac.

“In most cases learning about natural disaster risk will not stop a home sale, but it will help buyers make a better-informed decision about where to buy, and also be prepared, in terms of appropriate insurance coverage and family contingency plans, depending on the type of natural disaster risks most affecting the home they end up purchasing,” Blomquist added.

Blomquist’s optimism regarding home sales is backed up by the fact that home values in high-risk disaster areas throughout the country are stronger than those in regions where the threat of storms, floods, etc. is less daunting.

Homes in Very High risk counties for overall natural disaster risk had an average estimated market value of $170,237, and homes in High risk counties had an average estimated market value of $191,244, according to the report.

Both New York and New Jersey were tagged in a group of states with the most homes in the High Risk or Very High risk categories with New York holding 2.4 million and New Jersey contributing 2.3 million.
Other states with significant numbers in both categories include California (8.4 million), Florida (6.7 million), and North Carolina (2.3 million).

In terms of metro areas with the highest risk, New York City took home the most precarious ranking and registered 3.5 million homes in High risk or Very High risk zones.

This entry was posted in New Jersey Real Estate, NYC, Shore Real Estate. Bookmark the permalink.

33 Responses to What me worry?

  1. dentss dunnigan says:

    foist ……

  2. HeHateMe says:

    high risk = high price

  3. D-FENS says:

    NSFW: T0pless Women Storm Islamic Event Discussing ‘Whether Wives Should be Beaten’

    https://twitter.com/breaking911/status/643358316568137728

  4. Juice Box says:

    WTF>?

    “Fifty years ago, nearly every single working-age American man had a job or was looking for one.

    he labor force participation rate for men ages 25 to 54 stood at nearly 97% in 1965, but now hovers near a record low of 88%. That rate includes those who are working or have looked for a job in the past four weeks.
    If the participation rate had held steady, more than five million additional men would be in the workforce.
    Men are dropping out of the labor force in large part because they can’t find positions that pay decently or they don’t have the education and skills to land employment, experts say.

    Richard Kessler is one of them.
    Kessler, who worked as a research analyst and database manager at financial information firms, hasn’t held a job since he was laid off during the recession of the early 1990s. He was 37.

    Unable to find a job, he became a stay-at-home dad to his son, Chris. Still, he looked for work and went through a retraining program, learning computer skills such as Word and Excel, in the mid-1990s. The positions he was offered, however, paid only $8 an hour.
    “It didn’t make sense to give that to a babysitter,” said Kessler, now 60, who lives in Bernardsville, N.J., with his wife, a business analyst.”

    http://money.cnn.com/2015/09/11/news/economy/men-work/index.html?iid=ob_homepage_money_pool&iid=obnetwork

  5. LOL. From the twitter feed above:

    Nothing says “religion of Peace” like smacking the sh1t out [of] women protesting the beating of wives in the Islamic faith….

  6. 1987 Condo says:

    #4.. Word/excel are “Computer” skills?

  7. Men are dropping out of the labor force in large part because they can’t find positions that pay decently or they don’t have the education and skills to land employment, experts say. have a wife or girlfriend with a job and have internet p0rn at home.

  8. 1987 Condo says:

    …they are on “wife” support..

  9. Word and Excel were computer skills in the 90’s, now they are expected basic office skills. Circa 1999 or so my wife (then girlfriend) still refused to touch a computer until I forced her to learn Excel and Word, put it on her résumé, and look for a new job. She jumped instantly from $30K to $50K with just rudimentary knowledge of those two products.

    #4.. Word/excel are “Computer” skills?

  10. Ben says:

    lol, he took a class learning skills such as “word and excel”. In the 90s, Rutgers had a class called CS110. They taught word and excel adequately in 2 lectures. Does he expect to find a job that pays more than $8 an hour if he’s only willing to put in 2 days of work to improve himself?

    I’m more offended by

    ““It didn’t make sense to give that to a babysitter,” said Kessler, now 60, who lives in Bernardsville, N.J., with his wife, a business analyst.””

    So your wife makes enough money to afford a home in Bernardsville for the both of you and we are supposed to feel sorry for you. Get off your f*ck1ng behind and mow some lawns. Or better yet, stay seated because the lawn mower allows you to. That pays more than minimum wage…especially in Bernardsville.

  11. 1987 Condo says:

    #10..my BIL “retired” at 40…..(got fired from his job when he called in for a sick day and traveled from Brooklyn to his office in Jersey City to use the company gym and got seen by his manager!) ….went on wife support….brilliant..sheer brilliance!!

  12. Juice Box says:

    re: “went on wife support”

    A good programmer I know is now playing Mr. Mom, refuses to go back to work, spends his days in the gym while kids are at work. They relocated to a cheaper rent district in the Midwest.

  13. 1987 Condo says:

    Instead of closing the park we should advertise and keep it open 24/7!:

    Colorado park stays closed because too many people are trying to take selfies with bears

    http://www.nydailynews.com/news/national/park-closed-due-selfies-bears-attempts-article-1.2359003

  14. leftwing says:

    Wife support, nice gig if you can get it.

    These househusbands, including your buddy in the Midwest, are smarter than all of us combined. And in better shape. And in better mind.

    Spend their days in the gym getting healthy, evenings with their kids. No commuting or other BS pressures just to watch all the earnings go out the door with de minimus savings. LOL.

  15. D-FENS says:

    Bush’s tax plan hits Christie’s N.J. hard by scrapping property tax deduction

    http://www.nj.com/politics/index.ssf/2015/09/jeb_bushs_tax_plan_hits_christies_new_jersey_espec.html#incart_river

    WASHINGTON — New Jersey residents face the loss of one of their most cherished deductions under former Florida Gov. Jeb Bush’s tax proposal, which would eliminate breaks for the state’s sky-high property taxes.

    This component of the tax plan would slam New Jersey harder than nearly every state in the nation, according to Internal Revenue Service statistics.

    Bush’s proposal would eliminate the federal deduction for taxes paid to state and local governments. That includes the state income tax and local property taxes.

    Bush would reduce the top federal income tax rate to 28 percent from 39.6 percent, eliminate the levy on multimillion-dollar estates, and drops the corporate tax rate to 20 percent from 35 percent.

    In 2013, the last year for which IRS statistics are available, 41.4 percent of New Jersey taxpayers took the state and local tax deduction, which lowered their federal income taxes. Only Maryland and Connecticut had a higher percentage.

    New Jersey taxpayers’ average deduction was $16,682, higher than every other state except New York and Connecticut.

    New Jersey residential property taxes rose to an average of $8,161 in 2014, according to data from the state Department of Community Affairs. The state is home to seven of the 10 U.S. counties with the highest property taxes, according to an analysis by Zillow, the real estate website.

  16. D-FENS says:

    I will eat broken glass before I ever vote for Jeb Bush.

  17. A Home Buyer says:

    15 – D-FENS

    Coming Soon to a municipality near you… Local Taxes on Internet Streaming Services.

    http://fortune.com/2015/09/14/netflix-tax-lawsuit/

    Hopefully they win that lawsuit.

  18. leftwing says:

    15. LOL.

    Last week there was good ranting about how the tax code has so many avoidances for the privileged. Guess what guys, based on personal income at least we’re privileged.

    Kiss those deductions goodbye.

    In theory everyone wanted a flat tax. In practice?

  19. grim says:

    Good thing Jeb doesn’t stand a chance in hell

  20. Ragnar says:

    Jeb Bush and Chris Christie
    Both have remarkably low political relevance relative to the press attention they get.

    Anyway, I would come out far ahead with a lower marginal rate vs the tax deductability of my $20k property tax.

    AMT was eroding many mid-high income people’s deductions anyway.

  21. D-FENS says:

    Schwarzenegger is the new host of the ‘Celebrity Apprentice’? You’ve got to be kidding.

  22. The Original NJ ExPat says:

    [21] You ahh terminated!

  23. The Original NJ ExPat says:

    termuhnated, I guess?

  24. Libturd at home says:

    Went to Panera for lunch in Morristown on Saturday. The registers have been replaced with kiosks. There are 8 of them in total. Then ran into Burger King in the same mall to get my son Chicken Fries. Combo Meals now range from $7 to $9. Me thinks this minimum wage thing is going to backfire in a terrible way.

  25. Essex says:

    Yeah (25) people will stop eating crappy foood.

  26. Juice Box says:

    What a showman, Musk would make PT Barnum proud. Didn’t Bill Gates and Saudi Prince Alwaleed and others lose their shirts on Teledesic?

    http://www.independent.co.uk/life-style/gadgets-and-tech/news/elon-musk-plans-launch-of-4000-satellites-to-bring-wifi-to-most-remote-locations-on-earth-10499886.html

    What do they sell now about 1,300 Teslas a month? They area still a joke in Detroit, Stuttgart and Yokohama, yet are a wall st darling, $300 stock projections. I still don’t see sales of 500,000 vehicles a year anytime this decade, and we are well above pre-crash sales.

  27. Anon E. Moose says:

    Grim [19];

    Good thing Jeb doesn’t stand a chance in hell

    Jeb should have listened to his mother.
    http://politicalticker.blogs.cnn.com/2013/04/25/barbara-bush-on-jeb-in-2016-weve-had-enough-bushes/

  28. Essex says:

    27. I think the valuation is based more on the battery technology that the Mr. Musk’s firm has pioneered. That and if he decides to scale the business, he can/will. Don’t understimate him or his brand. He can beat Detroit at their own game.

  29. chicagofinance says:

    Do you remember cash for clunkers? THAT is Musk’s business model (i.e. government hands you money for buying one of his cars)……on top of the fact that they are handing massive subsidies to his business too……

    Essex says:
    September 14, 2015 at 8:22 pm
    27. I think the valuation is based more on the battery technology that the Mr. Musk’s firm has pioneered. That and if he decides to scale the business, he can/will. Don’t understimate him or his brand. He can beat Detroit at their own game.

  30. Juice Box says:

    Re: 29 – eh? Do some research on his Double AA battery tech.

  31. NJT says:

    To quote a former South African tenant of mine “Elon is all over the show”.

    (U.K./Commonwealth humor).

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