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Storm Risk Fails to Deter Buyers of Oceanfront Homes

While the cleanup continues, buyers line up for oceanfront homes
Storm Risk Fails to Deter Buyers of Oceanfront Homes
Photograph by Noah Rabinowitz

In a house on New Jersey’s Long Beach Island, the wallpaper ends about four feet from the floor, where the wall has been hacked down to the studs to prevent mold. “This,” says Nathan Colmer, “is what you do after a flood.” Colmer, a real estate agent, stands in a robin’s egg blue Cape Cod-style home a block from the water. Despite the damage from Superstorm Sandy, this property is hot. Within a week of listing the house, the owner received seven serious offers—a sign, he says, of the “ferocity” of interest buyers have in scooping up beach property despite the threat of natural disaster.

Jan. 31 (Bloomberg) -- Bloomberg Businessweek's Karen Weise reports that property prices in oceanfront areas are defying concerns over potential storm damages. She speaks on Bloomberg Television's "In The Loop."