How Will ‘Snowpocalypse’ Re-Shape New England Real Estate?
If it was just one blizzard, it might not be so bad. However, the weather only seems to be getting more ferocious with each season. There is now more flooding, power outages and real estate damage before that from Sandy was truly fixed. Now we face a new hurricane season hurtling towards us that is forecast to be busier than most we have seen so far.
Many individuals and companies will soon decide that they can’t keep taking the hits and stomach the risk. If these were freak once in 100 year events, that’s one thing but that clearly isn’t the case anymore. The risks of physical and fiscal loss to businesses and private persons are huge. Even if able to rebuild after this coming hurricane season and ahead of another round of winter storms and able to weather the cash flow crunch they bring it means businesses losing the edge, people going broke and local governments and public services being squeezed to break point.
In NY, Gov. Cuomo’s answer is to buy out the coast and bulldoze homes. While not welcome, it might just be the smartest fiscal move in the long run when looking at the big picture. Of course though, there are always odds that variances will be granted in the future when someone willing to pay a lot more for the land and that is well connected comes along with new tax dollars.
Still, hate it or love it, the bottom line is that if this plan goes ahead, expect eminent domain cases all the way down the east coast to FL.
Some land owners will win big if they have equity. The same goes for real estate investors who can position themselves quickly too.
Others that bought at the peak of the market could suffer, and should now be more motivated than ever to sell for cash fast and take what they can get to rebuild elsewhere.
This will also draw the line in the sand for new beachfront homes. Expect the current ‘second line’ that will become the first to rocket in value, see tear-downs and custom homes being built
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