Interesting article on the effect of the hurricane along the coastal areas. Banks have refused to issue mortgages for these areas and its hard to get insurance. Plus a lot of people can't afford upgrades to their properties or need cash due to loss of income.
On the plus side, it means you can buy a house in this area for cheap, and investors are purchasing properties. It will be interesting to see how this goes.
I think these areas function best as a summer resort/summer rentals areas. Places where people can rent homes for the summer, and perhaps they can put casinos in places like the Rockaways and Coney Island. For primary residences/year around living, since banks are refusing to give out mortgages and since its hard to get insurance, these areas are definitely not good for that. Here is an article in the New York Times on the matter.
http://www.nytimes.com/2012/12/28/ny...pagewanted=all
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
