Hurricane Sandy inflicted damage upon thousands of homes along the Northeast Atlantic seaboard, towns in its path have faced a succession of claims adjusters, contractors and construction crews, and finally, speculators seeking bargains on ocean properties that once commanded premium prices.After
But problems in storm-impacted housing markets may linger for years. Even homeowners whose homes escaped catastrophic damage face prolonged uncertainty about what it will cost them to raise their foundations to meet more stringent, federally-established, flood-insurance requirements. Potential homebuyers must factor expensive future renovations into their purchase price, further complicating market valuations.
"There's activity but not a lot of sales," says Michael Tassillo, owner of The Tassillo Group of RE/MAX Real Estate in Brick, N.J., one of the coastal areas hit hardest by the storm. "Some of the houses that got severe damage are being bought by local builders just for the land." TheRead More »from Hurricane Sandy-impacted towns await speculators