Ice + Abandonment = Bad
Seriously. I was joking about the roofers... yet it wasn't a joke. Think about the damage that has been done to a lot of local property in the recent weeks because of the weather. Then consider what has been happening to all the vacant property in the region, much of which is already in serious need of repair. We have some serious concentrations of vacant and/or effectively abandoned real estate in certain neighborhoods and communities in the the region. It's one thing for damage in a home where someone makes repairs in a timely manner. What is going to happen to all the properties that have experiecned this once in a generation damage yet will have no repairs made? What is moderate damage could easily be magnified into some serious depreciation, if not irreparable damage pretty quickly.
I don't have a solution for any of that... but the uniqueness of our situation in terms of the age of our homes (oldest in the nation by many metrics), the concentration of vacancy in certain areas and the magnitude of the storm all lead to a very bad outcome. and because the circumstances are so unique it is one of those things that people are not really thinking about. It's one of those unquantifyable things, but you have to wonder what the sheer value of depreciation resulting from the storm(s) has been on local property and how it compares to other events. The bottom line is that the mass of unmarketable homes currently sitting in the region may become truly unmarketable as a result of all of this.
and just reading the article on vacancy reminds me of something related to the earlier article there. If you are interested I think we have created the world's most boring podcast. Click and Clack don't need to watch their six.