So Mystic is trashed (as are MANY other towns). With rare exception, ALL the homes are still standing, but every last one of them needs to be gutted to some extent. 4 feet at a minimum. Floor to ceiling to really do the renovation right.
- There are many weekenders here who may not care that much.
- There are many old timers here who own their home and did not have flood insurance.
- There are many here who are VERY upside down on a vacation home they purchased and can't afford to fix on their dime.
Is this a formula for a town to die?
Does Mystic get completely gutted, and then rebuilt all nice and new? Maybe a good deal of homes on pilings?
Or does Mystic become a ghost town of rotting shells (gutted homes) and die?
I guess the insurance money (for those of us that had flood insurance) and the FEMA money will ultimately make that call for us, but as of now, what do you initially plan on doing?
Rebuild bigger and better? Risk investing even more in a little town that may die? Go all in and do your part to MAKE the town succeed?
MAJOR storms 2 years in a row. Is mother nature telling us it's time to look elsewhere?
Can't do much right now but gut and reinsulate, but my wife and I are spending pretty much all day every day talking about this, and we feel like we can't have an intelligent conversation about because there are just SO MANY unknowns.
(I know there are many towns in the same shape, and even worse shape. I'm not looking to dismiss them in any way, and am only focusing on Mystic because the town I am very familiar with.)