A giant elephant in the room, and it’s not named Lucy. Nobody’s talking about how dune, beach & outfall pipe projects are beating 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 beach/dune/pipe 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 working on non-critical projects, and show just how astute WEEKS MARINE can lobby Congress.
There is early, yet significant evidence that Margate beach-front Real Estate market is getting beat up by this 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.
The homes that NJ DEP & Army Corp & Congressman LoBiondo want to save with dunes, are the very same homes that are losing value due to un-needed mountains of sand, filthy mud, pipes and government waste 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. Some may call homeowner discussions: ‘anecdotal evidence’. It’s still evidence nonetheless.
This article is purely focused on BEACHFRONT, where the greatest financial impact will likely take place. Hope we’re wrong.
Sitting quiet as biased state & federal officials, newspapers, contractors, and connected politicians share half-truths, scare tactics and pie-in-the-sky promises…. is un-acceptable.
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