A giant elephant in the room, and it’s not named Lucy. Will dune, beach & outfall pipe projects beat down Real Estate values and rental interest on the Margate beach-front?
Just how bad is the damage to Margate’s #1 industry, Real Estate? WATCH VIDEO >
Price reductions, longer time on the market, low-ball offers and dead deals. All thanks to dunes built to protect these pricey investments.
This Margate dune project could cause GREATER financial loss to beach-front homeowner investments than occasional front-ocean storm surge.
These particular areas of Margate have higher elevations and relatively low, flood insurance rates. Insurance underwriters think the chances of large pay-outs to repair these homes, in the event of a storm…is low.
Will everybody’s flood insurance rates plummet, once the dune system is complete? (cue sound of crickets)
Gov Christie, NJ DEP, Congressman LoBiondo and the Army Corp of Engineers say that dunes are the only way to save lives & property. Are they ignoring that ginormous elephant in the room: Real Estate valuations?
Let’s not forget some other elephants:
> 99% of insurance claims were connected to damage from BACK BAY flooding.
> This dune project is an easy way to spend taxpayer money every 3-4 years via replenishment, keeping the Army Corp busy working on questionable projects
> WEEKS MARINE certainly knows how to lobby Congress.
Early, yet significant evidence that Margate beach-front Real Estate market is getting beat up by a one-size-fits-all beach project.
If a private contractor perpetrated this mess…they’d be fired, fined, shut-down, sued, or possibly thrown in jail.
Margate & Ventnor homes that the NJ DEP, Army Corp & Congressman LoBiondo want to protect, are the very same homes losing value due to sand and pipes dumped at their doorsteps.
Lagging indicators will likely prove the point: Real Estate values based on actual selling price, time on market, price reductions, etc.
Margate BEACHFRONT is where the greatest financial impact will likely take place. Hope we’re wrong.
Residents say biased elected officials, newspapers, and contractors share half-truths, scare tactics and pie-in-the-sky promises.