The wind may have howled and the rain may have poured, but a week after Hurricane Sandy, the Massachusetts real estate industry seems to have weathered the storm with but a few bumps and bruises.
There was widespread concern about severe property damages before the storm – real estate data firm CoreLogic estimated that as many as 22,000 homes were at risk in the state, worth about $7.8 billion, all told.
But as people returned to work and picked up the pieces last Tuesday, many Realtors and others were reporting loose shingles and scattered debris, but little damage that could be termed “severe.”
“I’m keeping my fingers crossed, but so far it looks like we weathered the storm pretty well,” said Helena Amorim, president of the Insurance Agency of Cape Cod in East Sandwich. “Currently we have very small claims – some branches, mostly lost food from power outages. But it is the first day; a lot of it comes trickling in on the second day. The flood policies, those are the ones we tend to hear about on the second or third day. Those are the ones that trickle in after the fact, because people try to clean it up themselves.”
Linda Kody, broker/owner of Kody & Co. in North Andover, said she and her agents were out and about inspecting all the listings before the storm and were making the rounds again Wednesday to check for damage. Kody, who specializes in real-estate owned and distressed properties, said lenders had been on the ball in making resources available, but so far she had little trouble.
“So far, of all the houses we’ve gone to, we’ve had a couple of loose shingles and some debris in a yard, one broken window. But that’s about it,” she said.
She cautioned, however, that waterfront flooding was still an issue along the North Shore, and roads to beachfront listings were still closed. “But all in all we seem to have done very well in the Merrimack Valley,” she said.
Ripple Effects
Some effects of the storm were still impacting Bay State residents, however.
“Many of the mortgage companies that are funding these [loans] are in New Jersey or New York. So we’re getting more delayed closings than we’ve had since that snowy winter two years ago,” said Anthony Lamacchia, co-broker/owner of McGeough Lamacchia Realty in Waltham. “There were probably 12 that were supposed to close in these three days that aren’t going to. It’s frustrating.”
Closures of the state’s registries of deeds on Monday and Tuesday were also impacting closings. But so far there has yet to be a wholesale call for re-appraisals of Massachusetts properties under contract, though some lenders are requiring it.
“There was an edict that went out that banks are going to require the appraiser to go back out and re-inspect; in fact, we have one of those going on right now,” said Leif Rosseland, an agent with Coldwell Banker in Worcester.
But by far the biggest storm impact reported to Banker & Tradesman was from Bill Dermody, a Coldwell agent in Needham.
“We did have a tree fall on a house,” he said. “But it closed two weeks ago.”
Fortunately, he said, the new owner hadn’t moved in, and the tree was already being removed as of Tuesday afternoon.
Email: csullivan@thewarrengroup.com





