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Over three years have passed since Hurricane Sandy caused havoc in New York City. Now, homes that were damaged from the hurricane will now be up for auction. However, many of the potential buyers viewing the homes were apparently unaware of the accompanying costs it will take to repair and renovate some of the homes.
The prices for some of the houses are as low as $14,650, which some see as a way to draw bidders in, but may not be worth it in the long run. The state will put up 55 homes in May for auction. Nearly all of the homes have nearly 50% damage and some of them are stripped down to their wooden beams. The houses that are sold in the auction will have to be elevated for flood standards and within three years owners will be required to have a certificate of occupancy.
Real-estate agent, Neila Nuzzi, feared that many people may not understand that the houses need to be elevated for an additional cost, which could put them in danger of losing it if they can’t pay.