STATEN ISLAND, N.Y. — Home sales in several of Staten Island’s flood-prone areas increased at a faster pace than those in low-risk zones, a new study says, and the median price of such properties jumped by about 59%.
According to data culled by Property Shark, a property research tool used by real estate professionals, investors and homebuyers in New York and other major U.S. markets, flooding events that occurred over the past decade did not negatively impact real estate sales in some of the borough’s FEMA-designated flood zones. The website, which explored sales trends in 65 NYC neighborhoods deemed “at-risk,” compared the numbers from 2012 — before Hurricane Sandy hit the borough — and 2023. All designations were based on FEMA’s current effective flood zone map.
“Flood zone sales ticked down in three of the city’s five boroughs, with Staten Island and the Bronx bucking that trend,” the report stated. “In Staten Island, flood zone sales went from accounting for 10% of the borough’s total in 2012, to supplying 11% of all residential sales [in 2023].”
In neighborhoods hit hard by Sandy — Midland Beach and New Dorp Beach — prices climbed by 41% and 78% respectively. But there was a significant price contraction in one neighborhood, Property Shark noted. Arden Heights — which is considered an AE Zone by FEMA, carrying a 1% risk of flooding annually and a 26% risk of flooding over the course of a 30-year mortgage — logged a 5% price decrease, with houses dropping $22,000 between 2012 and 2023.
Here’s a look at the nine other flood-prone Staten Island neighborhoods chosen for the study, alongside the percentage of price increase since 2012:
- Arrochar, 67%
- Bulls Head, 26%
- Dongan Hills, 58%
- Great Kills, 48%
- Midland Beach, 41%
- New Dorp Beach, 78%
- New Springville, 43%
- Oakwood, 62%
- Tottenville, 96%
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