Waterfront Living may be getting cheaper

Mister-JrMister-Jr Posts: 26,439 AG

Climate Fears Reshape Miami’s Housing Market

Properties on the coast now trade at discounts as flood waters and ‘king tides’ damp enthusiasm for oceanfront living

MIAMI—Concerns over climate change are beginning to reshape one of the country’s largest housing markets, with properties closer to sea level now trading at discounts to those at higher elevations.

Research published Friday in the Journal of Environmental Research Letters shows that single-family homes in Miami-Dade County are rising in value more slowly near sea level than at higher elevations, as buyers weigh the possibilities of more-frequent minor flooding in the short term and the challenge of reselling properties that decades from now could be permanently submerged.

Jesse Keenan, a real-estate professor at the Harvard University Graduate School of Design and author of the paper, said he was initially surprised to see ordinary homeowners already seeming to factor future sea-level rise into their calculations.

Home values in parts of Miami are being influenced by properties' elevation above sea level.

Low-elevation properties are becoming Miami’s laggards, he said. “To see them really separate is pretty shocking, because you can infer that this is a pricing signal from climate change.”

Miami is a testing ground for the vulnerability of housing markets in other coastal cities, such as New York and Boston, because its elevation is as little as one foot above sea level and its porous limestone makes it especially vulnerable to rising sea levels.

Another new paper, from researchers at the University of Colorado at Boulder and Pennsylvania State University, shows that the trend in Miami is playing out across the country, with homes that are vulnerable to rising sea levels now selling at a 7% discount compared with similar but less-exposed properties. The paper, which is under peer review, shows that the size of the coastal discount has grown over time.

Continued

https://www.wsj.com/articles/climate-fears-reshape-miamis-housing-market-1524225600


Vote for the other candidate
«1

Replies

  • dave44dave44 Posts: 7,017 Admiral
    That’s exciting! I hope it’s true, I’m looking for new coastal properties!
  • AaronCannonAaronCannon Northwest ArkansasPosts: 216 Deckhand
    Yeah i hear Venice is super cheap, there is definitely, positively, no way in hell that man will ever survive in a changing climate...that only our burning of decomposed dinosaurs created.
    The rifle itself has no moral stature, since it has no will of its own. Naturally, it may be used by evil men for evil purposes, but there are more good men than evil, and while the latter cannot be persuaded to the path of righteousness by propaganda, they can certainly be corrected by good men with rifles.
    Jeff Cooper
  • dave44dave44 Posts: 7,017 Admiral
    I feel bad for those folks in Venice, last week they were miles from any water , and yesterday they were flooded. At least they act like it’s normal now. Talk about the resilience of the human race, that was quick!
  • Soda PopinskiSoda Popinski GrovelandPosts: 8,504 Admiral
    If it drops another 190% maybe  I can afford to move. 
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • mustang190mustang190 Posts: 9,555 Admiral
    Makes launching a boat easier. 
    2013 Pathfinder 22 TE , 150 Yamaha,
  • Fish HaidFish Haid Posts: 7,955 Admiral
    Yes, I remember the good old days (20 years ago).  There were never any floods.
    23895.gif
  • Soda PopinskiSoda Popinski GrovelandPosts: 8,504 Admiral
    Fish Haid said:
    Yes, I remember the good old days (20 years ago).  There were never any floods.
    Yup, no flooding in Boca after Andrew.   We definitely didn't take our knee boards out and skim board all over federal highway in 12" of water
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • Mister-JrMister-Jr Posts: 26,439 AG
    When Miami native Joel Fabelo and his wife were looking to buy a new home last year, one factor was critical: its elevation. The couple’s previous waterfront home, on Belle Meade Island in Miami, increasingly flooded in the final five years they lived there. A half-dozen times a year, when tides were especially high, water rose over the seawall, submerging the backyard and leaving mullets swimming on the lawn.

    “It was a shock to me,” said Mr. Fabelo, a 54-year-old retiree. “It would be the ocean in my backyard.”

    Vote for the other candidate
  • mustang190mustang190 Posts: 9,555 Admiral
    Mullets???
    2013 Pathfinder 22 TE , 150 Yamaha,
  • Soda PopinskiSoda Popinski GrovelandPosts: 8,504 Admiral
    Mullets???
    I think the plural of mullet is mullet
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • Mister-JrMister-Jr Posts: 26,439 AG
    It seems there are places now flooding that have not flooded in the past.  What do you make of that?
    Vote for the other candidate
  • mustang190mustang190 Posts: 9,555 Admiral
    edited April 20 #13
    Mister-Jr said:
    It seems there are places now flooding that have not flooded in the past.  What do you make of that?
    Noah said the same thing. 
     I have not noticed any “flooding “ here. 
    What people confuse are flood tides. 
    There have been a couple here in the several months. No big deal.  
    https://oceanservice.noaa.gov/news/high-tide-bulletin/spring-2018/
    2013 Pathfinder 22 TE , 150 Yamaha,
  • SloughSlough S.w. Ga./ St. JamesPosts: 4,334 Captain
    20 + years ago, it didn't make the news like it does now.
    I didn't say it was your fault, I said I was blaming you
  • Soda PopinskiSoda Popinski GrovelandPosts: 8,504 Admiral
    Slough said:
    20 + years ago, it didn't make the news like it does now.
    20+ years ago there weren't as many homes in the area either.   Nobody bothers to check flood plans anymore just build build build. 
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • SloughSlough S.w. Ga./ St. JamesPosts: 4,334 Captain
    Slough said:
    20 + years ago, it didn't make the news like it does now.
    20+ years ago there weren't as many homes in the area either.   Nobody bothers to check flood plans anymore just build build build. 
    Same in S. Ga. New comers just don't understand why a home isn't built on a beautiful spot, until 2 months after they finish building and the rain comes. Then they want the county to fix their problem.
    I didn't say it was your fault, I said I was blaming you
  • Soda PopinskiSoda Popinski GrovelandPosts: 8,504 Admiral
    Slough said:
    Slough said:
    20 + years ago, it didn't make the news like it does now.
    20+ years ago there weren't as many homes in the area either.   Nobody bothers to check flood plans anymore just build build build. 
    Same in S. Ga. New comers just don't understand why a home isn't built on a beautiful spot, until 2 months after they finish building and the rain comes. Then they want the county to fix their problem.
    I worked in The Villages back from 2004-2008 with Rinker pouring pressurized Grout into all the condos they built that were sinking into the ground.   Build 36 golf courses and 100k homes in a 20 square mile radius and then wonder why you have sinkholes???? 
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • MRichardsonMRichardson Posts: 5,975 Admiral
    I like it.
    People (as a group) are stupid.  
    It's fun to watch them live thru stupid ****.
  • FinfinderFinfinder Posts: 9,550 Admiral
    edited April 20 #19
    Mister-Jr said:
    It seems there are places now flooding that have not flooded in the past.  What do you make of that?
    what do you make of it ?
  • 1outlaw1outlaw Naples FLPosts: 676 Officer
    edited April 20 #20
    Mister-Jr said:
    It seems there are places now flooding that have not flooded in the past.  What do you make of that?
    Stop building on a flood plain for starters!
    Jason :USA
  • NewberryJeffNewberryJeff Posts: 7,065 Admiral
    edited April 20 #21
    Mister-Jr said:
    It seems there are places now flooding that have not flooded in the past.  What do you make of that?
    Belle Meade is a poor example.  Belle Meade has never not flooded as it's in an AE/VE zone (moderate to high/high flooding risk).
  • mplspugmplspug Lake Mary, FloridaPosts: 6,432 Admiral
    All those buildings and people!  It's sinking.  One day it is going to tip over if they are not careful. 

    Captain Todd Approves

  • ResinheadResinhead Posts: 9,016 Admiral
    You guys need to follow jr's agenda and follow the bouncing prompt.

    It's all because of global warming and nothing else.

    NOTHING ELSE!!!!

  • dave44dave44 Posts: 7,017 Admiral
    Resinhead said:
    You guys need to follow jr's agenda and follow the bouncing prompt.

    It's all because of global warming and nothing else.

    NOTHING ELSE!!!!

    But we have been making fun of the premise for hours already.
  • Turner River TerrorTurner River Terror Posts: 5,365 Admiral
    I'm already planning ahead for the next Ice Age.
    Got a couple hundred Acres lined up for a Ski Lodge in the Everglades.
    Looking for Investors that think ahead Long Term now.
    My Ad is on Craig's List as we speak...winning..
    Killin and Grillin :grin
  • ResinheadResinhead Posts: 9,016 Admiral
    dave44 said:
    Resinhead said:
    You guys need to follow jr's agenda and follow the bouncing prompt.

    It's all because of global warming and nothing else.

    NOTHING ELSE!!!!

    But we have been making fun of the premise for hours already.
    He must be fast asleep in his own twin bedroom to not respond by now.

    Sleep tight, jr.
  • Mister-JrMister-Jr Posts: 26,439 AG
    Resinhead said:
    dave44 said:
    Resinhead said:
    You guys need to follow jr's agenda and follow the bouncing prompt.

    It's all because of global warming and nothing else.

    NOTHING ELSE!!!!

    But we have been making fun of the premise for hours already.
    He must be fast asleep in his own twin bedroom to not respond by now.

    Sleep tight, jr.

    Resinhead said:
    dave44 said:
    Resinhead said:
    You guys need to follow jr's agenda and follow the bouncing prompt.

    It's all because of global warming and nothing else.

    NOTHING ELSE!!!!

    But we have been making fun of the premise for hours already.
    He must be fast asleep in his own twin bedroom to not respond by now.

    Sleep tight, jr.
    NASA or Sean Hannity, it's up to you.
    Vote for the other candidate
  • ResinheadResinhead Posts: 9,016 Admiral
    He's awake and not bothering his "fiance" sleeping in her own bedroom!

    Attaboy jr.
  • Mister-JrMister-Jr Posts: 26,439 AG
    Resinhead said:
    He's awake and not bothering his "fiance" sleeping in her own bedroom!

    Attaboy jr.
    One vote for Sean Hannity.  Who's next?
    Vote for the other candidate
  • ResinheadResinhead Posts: 9,016 Admiral
    So she's letting you in her bedroom now??Congrats! Baby steps!
  • ResinheadResinhead Posts: 9,016 Admiral
    edited April 21 #31
     Maybe one of these days after 15 years of "engagement" she'll let you marry her!
«1
Sign In or Register to comment.