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Report: Sandy could cause $88 billion worth of residential damage

October 29, 2012|By Alejandro Lazo
  • Richard Thomas walks through the floodwaters in front of his home after assisting neighbors as Hurricane Sandy bears down on the East Coast in Fenwick Island, Del.
Richard Thomas walks through the floodwaters in front of his home after… (Alex Brandon / Associated…)

As Hurricane Sandy heads toward the East Coast, one independent estimate has put the potential exposure to residential property damage at about $88 billion, with 284,000 homes at risk.

The real estate research firm CoreLogic released a report over the weekend that warns that the risk of storm-surge flooding has the potential to cause massive damage in seven states and eight metro areas from Boston down to Virginia Beach.

PHOTOS: Hurricane Sandy approaches

In the broader New York metro area – which includes all five boroughs of New York, northern New Jersey and Long Island – the firm estimates that about 119,312 properties are at risk worth an estimated $48 billion alone.

The Long Island area is expected to see the worst damage. The ZIP Code 11758, which encompasses Massapequa, is expected to see 4,517 properties affected with damages of up to $4.6 billion.

The state-by-state the breakdown looks like this:

— In New York 81,078 homes are estimated at risk worth $35.1 billion.

— In New Jersey, 75,314 homes are estimated at risk worth $22.6 billion.

— In Virginia, 66,544 homes are estimated at risk worth $11.3 billion.

— In Maryland, 30,131 homes are estimated at risk worth $9 billion.

— In Massachusetts 21,770 properties are estimated at risk worth an estimated $7.8 billion.

— In Delaware, 8,894 homes are estimated at risk worth $2 billion.

— In Pennsylvania 246 homes are estimated at risk worth $24 million.

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