IRVINE, Calif. – More than 6,500 properties in the Providence-Fall River-New Bedford metro area are at risk of storm surge damage from Hurricane Sandy, according to a report from real estate data firm CoreLogic.
The report, which was developed based on the projected path of Hurricane Sandy, shows 6,887 properties at risk for damage of a Category 1 hurricane. According to CoreLogic, those properties are valued at more than $1.8 billion.
“This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly,” Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions, said in prepared remarks, adding that: “Sandy could pose an enormous threat to major metropolitan areas in the Northeast, from Virginia Beach and Washington, D.C., to New York City and Boston.”
Throughout the entirety of the affected area, CoreLogic’s report showed nearly 284,000 total residential properties valued at almost $88 billion are at risk for potential storm-surge damage, if the storm hits the coast as a Category 1 hurricane.
The Boston-Cambridge-Quincy metro area has 10,491 at-risk properties worth $2.96 billion. As a whole, Massachusetts has 21,770 at-risk properties valued at $7.76 billion.
The CoreLogic report only measured potential damage from storm surge and did not include the potential damage from the wind and rain associated with hurricanes.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.