Real estate in the US ‘fears for investors’
New York real estate has been hit by the worst storm in a decade as the hurricane makes landfall in the city on Wednesday.
The city is under a state of emergency due to Hurricane Sandy, with thousands of buildings still under a roof and roads blocked, but fears are growing that the storm will leave many areas without power and that property values could drop by as much as 40%.
According to Bloomberg, the storm has brought down power lines, causing delays at major airports and airports have reported the worst damage to their networks.
“The storm is already making it difficult for flights,” a spokesman for the Federal Aviation Administration (FAA) said.
“It could take days for flights to land, and it’s possible that some will land in some areas.”
The FAA has said it is “working hard to restore service to affected areas”.
The storm has caused major power outages in New York and the area is still experiencing flooding and power outage warnings are in effect for some parts of the city.
“We’ve had reports of outages and a few power outfalls throughout the New York metropolitan area, but it’s difficult to say for certain how many people are impacted,” a spokeswoman for the Department of Emergency Management (DEM) told Reuters news agency.
The storm was forecast to continue to strengthen and bring heavy rainfall.
The National Hurricane Center (NHC) said Sandy was likely to be a Category 3 hurricane, which would make it a Category 1 hurricane, the most severe category.
The NHC added that Sandy was predicted to hit Florida on Wednesday, with some areas seeing more than 20 inches of rain.
“This is the largest hurricane to hit the central US in a century,” a meteorologist with WeatherBell Analytics told ABC News.
“In terms of the magnitude of the storm, it’s probably one of the most powerful storms we’ve ever seen, if not the strongest storm we’ve seen in the central United States.”
It is not yet clear whether the storm is weakening or strengthening, or if the storm could bring flooding to New York.
“As a hurricane, Sandy is an unpredictable, unpredictable beast, and the potential for this storm is enormous,” WeatherBell meteorologist Matthew Olsen told ABC.
“We’re still not sure exactly what it’s going to do, but we think Sandy is a serious hurricane.”
The Noh-Chermitte meteorological office said Sandy will make landfall on Wednesday morning in the state’s southernmost tip, but will likely weaken as it moves west.
A tornado warning was issued for the state, and winds of up to 85 mph were expected.
The hurricane made landfall in New Orleans on Sunday, with its centre expected to move westward and bring significant rainfall, according to the NHC.
“With an estimated storm surge of approximately 4 feet (1.5 metres), this storm could be extremely dangerous to life and property,” the Noh Hurricane Center said.
Sandy will make its way through the United States before making landfall in Texas on Wednesday evening.
A storm surge warning was also issued for parts of Texas on Sunday.
The Florida Keys were under a mandatory evacuation order and the Florida Keys National Hurricane Centre warned that there were areas of up, 15 to 50 feet (4.5 to 12 metres) of rain in the area.
“Storm surges of up 15 to 60 feet (6.5-25 metres) will be possible on the coasts of Florida, and there are significant impacts to coastal infrastructure and infrastructure operations,” the centre said.
It said the hurricane could bring heavy rain and flooding to areas in the Keys, and that the Florida National Guard was in place to help ensure people were safe.SATURDAY: Hurricane Sandy is expected to hit New York on Wednesday as the storm moves west