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It’s hard to believe that real estate market in places that were devastated by hurricane Sandy could ever come back as strong as it was before.
For example, Seaside Heights in New Jersey is located on a barrier island and was directly hit by Sandy.
Over 80 percent of all the properties there were severely damaged and according to the city council, it will take about 6-8 months to restore all the natural gas pipelines in the area.
Holli Peele, who is a real estate broker who lives on another similar barrier island that is just over 400 miles away from Seaside Heights, knows how the residents here feel.
Hurricane Isabel hit her home town on North Carolina’s Outer Banks in 2003, destroying over 30 homes and cutting Cape Hatteras off for two months because the storm destroyed the highway that led to the city.
Since then, Cape Hatteras has been rebuilt and even real estate prices went back up again. According to Peele, two years after being hit by Isabel, prices in Cape Hatteras were higher than ever before. New research has found that it is the same with most areas that were damaged or destroyed by major storms – real estate bounces back after a few years has passed and prices will be higher than before.
Realty Q&A is a weekly column in which Lew Sichelman, a 40 year veteran of Real Estate, and columnist who has been covering nationally the housing market. He answers real questions, from real readers about real estate. WASHINGTON (MarketWatch.com)—Question: I’ve just come back from Afghanistan. I’m one of the wounded vets you don’t hear […]