The Real Deal Miami

Miami faces huge threat from storm surges: Report

May 31, 2013 04:00PM

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Stormy Miami

The Miami area faces one of the greatest threats from storm surges among metro areas nationwide, with 240,000 properties worth $100 billion at risk, according to a CoreLogic report seen by Crain’s.

Miami could potentially have the highest increase in the number of homes at risk in comparison to the other metro areas studied, the report said. Given a one-foot rise in sea level, total properties at risk would almost double from nearly 132,000 to just short of 340,000, and estimated value would rise from an estimated $48 billion to more than $94 billion overall, the report added.

The New York region has the highest number of properties at risk, with 450,000 properties worth $205 billion. The metro areas behind New York and Miami are Virginia Beach, Tampa and New Orleans.

As for the state rankings, Florida has the most risks in terms of the number of properties threatened by storm surges. The state has nearly 1.5 million properties at risk and $386 billion in total possible exposure to damage. Louisiana, Texas, New Jersey, Virginia and New York State round out the top five, the report showed.

“Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline,” Howard Botts, director of database development for CoreLogic Spatial Solutions, said in a statement, referring to the October superstorm that struck the Northeast. [Crain’s]Mark Maurer

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