Will South Florida’s Real Estate Market Prices Plunge As The Seas Rise? | Bedford Hills Real Estate
Plenty of local realtors will describe South Florida’s housing market as recharged. The latest reading from the popular Case-Shiller Index showed sales of single-family homes up 13.5 percent from a year ago in August.
There is continued demand for waterfront properties, fueled in large part by international cash buyers from countries like Canada and Brazil. In Miami-Dade County, for instance, the category of luxury properties selling at price points above $600,000 and below $1 million, saw growth in sales of almost 68 percent.
However, the question remains. If you add the threat of rising sea levels to the real estate investment equation in South Florida, are rooms with an ocean view actually a terrible place to put your money?
Opinions Are Mixed
Experts disagree in their predictions. Some say we should be most concerned about South Florida’s future by the end of the century. Others say the gradual emergency of rising sea levels will be a problem as soon as a decade from now. With those timelines in mind, does that make a 30-year mortgage on a home in South Florida a foolish financial decision?
Wayne Pathman is a local land use attorney who has lived in Miami Beach his entire life. He’s been pretty outspoken about the need to start planning for rising sea levels. Pathman sees things in his neighborhood now that he doesn’t remember seeing when he was younger.
“I don’t recall as a young child or as a young adult ever having to worry about flooded areas that would flood even though it didn’t rain,” says Pathman.
That led to his work with the Miami Beach Chamber of Commerce, where he led a committee that pushed the issue of rising sea levels.
http://wlrn.org/post/will-south-florida-s-real-estate-market-prices-plunge-seas-rise
There is continued demand for waterfront properties, fueled in large part by international cash buyers from countries like Canada and Brazil. In Miami-Dade County, for instance, the category of luxury properties selling at price points above $600,000 and below $1 million, saw growth in sales of almost 68 percent.
However, the question remains. If you add the threat of rising sea levels to the real estate investment equation in South Florida, are rooms with an ocean view actually a terrible place to put your money?
Opinions Are Mixed
Experts disagree in their predictions. Some say we should be most concerned about South Florida’s future by the end of the century. Others say the gradual emergency of rising sea levels will be a problem as soon as a decade from now. With those timelines in mind, does that make a 30-year mortgage on a home in South Florida a foolish financial decision?
Wayne Pathman is a local land use attorney who has lived in Miami Beach his entire life. He’s been pretty outspoken about the need to start planning for rising sea levels. Pathman sees things in his neighborhood now that he doesn’t remember seeing when he was younger.
“I don’t recall as a young child or as a young adult ever having to worry about flooded areas that would flood even though it didn’t rain,” says Pathman.
That led to his work with the Miami Beach Chamber of Commerce, where he led a committee that pushed the issue of rising sea levels.
http://wlrn.org/post/will-south-florida-s-real-estate-market-prices-plunge-seas-rise
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