SoFla property values could plunge if sea level rises

Miami /
Nov.November 11, 2013 10:20 AM

South Florida’s real estate market would suffer greatly if sea levels in the region rise as high as experts project.

A mere one-foot rise in sea level could cause the region’s property values to plunge by $4 billion, the Miami Herald reported. If the increase reaches three feet, the decline in value could total $31 billion. The estimates were calculated by the Southeast Florida Regional Climate Change Compact, an alliance of four county governments in the region.

Scientists disagree on how quickly the impact of climate change on real estate values would be felt, however. Some say values would drop slowly over a long timeframe, while others predict an immediate plunge if a substantial hurricane hits the region. That could also create havoc for the insurance industry. [Miami Herald] — Eric Kalis


Related Articles

arrow_forward_ios
Tony Cho (Photos via Metro 1, iStock)
Tony Cho launches company focused on climate change and social activism
Tony Cho launches company focused on climate change and social activism
Aerial of Edgewater property with Spider's Andres Goldenberg and Alejandro Eskenazi (Apex Capital Realty)
Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
(Photo illustration by The Real Deal)
South Florida real estate on climate change: ‘Que Sera, Sera’
South Florida real estate on climate change: ‘Que Sera, Sera’
Mayor Francis Suarez (Getty, iStock)
Program to aid affordable housing landlords adapt to climate change launches in Miami
Program to aid affordable housing landlords adapt to climate change launches in Miami
(Getty, iStock)
Climate concern driving down sales and prices along coastal Florida: report
Climate concern driving down sales and prices along coastal Florida: report
Tropical storm Eta brought floods to South Florida
Tropical Storm Eta floods South Florida: Photos
Tropical Storm Eta floods South Florida: Photos
Key Biscayne
Key Biscayne voters approve $100M bond tied to climate change
Key Biscayne voters approve $100M bond tied to climate change
Tal Frydman with Hamlet Plantation and The Continental Apartments (Credit: Hamlet via Jenco Properties)
Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...