With Hurricane Sandy closely in our rear view mirror we are left with continued clean up caused by record breaking winds and a storm surge that changed the landscape of many coastal communities. As a real estate professional focusing on the Waterfront Communities in the region, I must pause and think of the short and long term affects that this storm will have on the market.
The short term is ear marked by the clean-up of downed trees, submerged roads, newly created sand dunes, and catastrophic structural damage to homes located in low- lying areas not fortified by seawalls. It is rumored that FEMA may in fact redraw the maps that have defined the communities since 1938. Time will tell.
Lending has slowed dramatically as banks want to make…
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