Hurricane Sandy could endanger more than US$80 billion of US residential property: CoreLogic

Hurricane Sandy could endanger more than US$80 billion of US residential property: CoreLogic
Jonathan ChancellorOctober 29, 2012

Analysis by CoreLogic shows more than a quarter of a million homes on the east coast of the US are at risk of property damage due to Hurricane Sandy.

CoreLogic, a provider of information, analytics and business services, indicates that more than US$80 billion (A$77 billion) worth of residential property is at risk from hurricane-driven storm-surge flooding.

“Based on current forecasts, Sandy is likely to make landfall along the north-eastern Atlantic coast early Monday," says Dr. Howard Botts, vice-president and director of database development for CoreLogic Spatial Solutions.

"Though it is still early and the projected path is constantly changing, Sandy could pose an enormous threat to major metropolitan areas in the north-east, like New York City and Long Island, Atlantic City and Baltimore."

According to CoreLogic, more than 261,000 total residential properties valued at over $80 billion are at risk for potential storm-surge damage among the coastal mid-Atlantic states, if the storm hits the coast as a Category 1 hurricane. Within that region, more than 210,000 total properties valued at over $67 billion stand at risk in five major metro areas, from Virginia to New York.

The total number and total value of residential properties by coastal mid-Atlantic state are:

Click to enlarge

The number of residential properties in each metro area and their respective potential exposure to damage are as follows:

Click to enlarge

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks

Madeline, Moorabbin apartments approach completion
Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district
Citimax to continue to elevate Sunshine Coast living with Ascend Kings Beach
Walker Corp get sign off for SOL by Walker in Maroochydore
First look: Surfers Paradise riverfront set for more new apartments