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LI South Shore housing market split

…”It’s an ominous thing to have a neighbor who has a home that’s just like yours but it’s eight feet higher,” said Jonathan Miller, chief executive of the Manhattan-based appraisal firm Miller Samuel. “It would make the house that hasn’t been modified less appealing, because there’s an inference of danger because you’re in a flood zone.”…

…Higher costs and risks hurt values in storm-damaged areas. In the July-to-September period, home prices on the South Shore in Nassau County fell by 1.3 percent year-over-year, according to a report from Miller Samuel and the brokerage Douglas Elliman. In contrast, overall Long Island home prices rose 4.1 percent…

…The market is likely to post gains as more homes are rebuilt, Miller said: “You’re going to see this trend of larger homes replacing smaller homes in affected areas.”…

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