Long Island Homes Face Multi-Billion Dollar Sandy Threat
NEW YORK (TheStreet) --About 284,000 residential properties worth $88 billion are at risk in the seven states that are on the path of Hurricane Sandy, according to estimates by real estate analytics firm CoreLogic.
Nearly 120,000 properties valued at $48 billion are at risk in the New York City- Northern New Jersey-Long Island area.
Core Logic estimates are limited to damage caused by the storm surge and does not include potential destruction from wind and rain, according to the report.
"Storm surge can cause extensive property damage as seawater is pushed inland, breaking through the structures and carrying with it dangerous debris," the report said. "In the case of Irene, surge levels varied between 6-8 feet in North Carolina to 4 to 6 feet in Virgina and Massachusetts and along with inland flooding caused nearly $7 billion in damages."Six of the 10 most costliest natural disasters since 1980 were caused by hurricanes and all of them had property losses resulting from coastal storm surge. Long Island homes could be among the worst hit in the New York-Northern New Jersey-Long Island belt. In Massapequa, located on the South Shore of Long Island, more than 4.500 properties worth $4.6 billion in total structure value is at risk, according to the report. Bay Shore, West Islip and Long Beach also top the list of areas where residential homes could face significant property damage. -- Witten by Shanthi Bharatwaj in New York.
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