Wednesday, December 02, 2009
Down By the Riverside
Which would you prefer: An oceanfront, lakefront, or riverfront home? Most North Jersey folks would probably put riverfront living 3rd on the list because of flooding reports from monster storms of recent decades. As discussed in an earlier post, homes that need flood insurance are usually priced below market value and often turn out to be good deals. Many may have never had serious flooding but require close examination for signs of water damage. An older finished basement with wood trim, for example, may be a safer bet than a cleaned up concrete unfinished basement.
Garden State MLS listings are no longer required to state whether or not any property is in a flood zone or requires flood insurance. Yet even in non-flood areas, sellers are required to disclose if they have ever had water damage -- even in unfinished basements.The best time to find bargains is a few days after a major storm. Even several weeks after water levels have receded, tell-tale garbage piles can still be found in front lawns.
Incidentally, our office currently has three low priced listings in good condition with backyards on the Passaic River. The largest at 148 Bergen Ave. in Woodland Park(top), is listed at $269,900.
Two smaller properties at 4 and 5 Barber St.(below) in Little Falls are priced at $195,000 and $240,000 respectively. Since they are adjoining lots, they could be combined.