Why is Florida's coastal real estate still booming despite rising levels?


In Florida, you will see a bewildering mix of optimism, opportunism and denial in the real estate market: luxury condominiums going up in flood-prone South Beach, and property values rising in the vulnerable Keys, post-Hurricane Irma. And though the House of Representatives passed a bill to require real estate agents to disclose flood risks, the Senate has not reviewed it, and a culture of “systemic, fraudulent nondisclosure” persists in high flood risk areas.



As part of her Climate Changed series for The Guardian, Megan Mayhew Bergman investigates the reluctance of Florida's condominium boom (and the wealthy investors behind it) to cool it a bit on new developments in the face of projected climate change-related devastation.

"Humans tend to respond to immediate threats and financial consequences – and coastal real estate, especially in Florida, may be on the cusp of delivering that harsh wake-up call," writes Mayhew Bergman. "The peninsula has outsized exposure: nearly 2 million people live in coastal cities. On the list of the 20 urban areas in America that will suffer the most from rising seas, Florida has five: St Petersburg, Tampa, Miami, Miami Beach and Panama City. In 2016, Zillow predicted that one out of eight homes in Florida would be underwater by 2100, a loss of $413bn in property."

Alexander Walter via Archinect - News http://bit.ly/2ttaqNM

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