The property Market in south east queens land seems not to be moving at all. I am trying to sell an apartment and reduced the price by 10%and nothing is happening at all even though two agents agree that it is priced to sell
I don't think the floods will stop people buying in the flooded areas through fear of the same thing happening again. Look at the US, where people live in earthquake areas knowing one's going to come eventually.
Obviously damaged homes won't sell as well, but once repaired they should.
Houses in the area as well as lands might have some hard time to be sold out to people -since people are aware now that the place can be flooded anytime possible when such situations happen again. That's a very big factor when it comes to selling properties and land for those buyers.
It is interesting to hear so many people are having difficulty getting their property off the market. Is this even after redevelopment?
According to an article on the expertVIEW blog (sorry I'm not allowed to post the link),the flood-affected properties that are coming back onto the market are achieving higher asking rents, due to the improvements carried out on the property.