…It is why any stigma related to buying homes by the water that develops soon after a big disaster such as Sandy typically fades over time, according to Miller….
…Activity may not stay this depressed for long, according to Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal and consulting firm and author of the report….
…”The byproduct of the storm is there is this additional layer of costs outside of principal and interest that could hold back or temper growth in these areas,” says Miller.
Miller sees the impact of the rising cost of homeownership hitting the middle- and lower-income homeowners disproportionately….
…And with an acute shortage of affordable homes for sale, there could be more multi-family development along the waterfront to cater to demand, according to Miller….