Bloomberg<\/a><\/em> provides more: “It\u2019s too soon to know how Irma affected the market, says Aaron Terrazas, a senior economist at Zillow. But there\u2019s anecdotal evidence that it\u2019s taking a toll on property values: A company that assesses flood risks is booming, and workshops for municipal leaders to deal with the impact are drawing sold-out crowds.<\/p>\n“One of those people is Albert Slap, who would rather not be profiting from other people\u2019s misfortune. But his business, determining the flood risk facing specific homes around South Florida, has never been better. And he thanks Irma…What\u2019s good for Slap isn\u2019t necessarily good for the region\u2019s property values. His customers include insurance companies worried that federal flood maps underestimate risk, as well as potential homebuyers trying to find out if they\u2019re about to buy a house that will be regularly inundated by South Florida\u2019s increasingly troublesome tidal flooding.<\/p>\n
“The region\u2019s frothy home values, Slap said, have persisted because of what he calls ‘a dirty little secret’ among real estate agents, who are aware of the flood risks but face no requirement to disclose them to buyers.<\/p>\n
“Slap said the increase in his business shows that buyers are starting to become more aware of the problem — and as that happens, housing values will fall. And he said it\u2019s only a matter of time before real estate agents are required by law to reveal those flood risks, noting that the US House of Representatives passed a bill to that effect in 2017. The Senate has yet to take it up. The alternative is a housing market kept afloat by ‘systemic fraudulent nondisclosure,’ Slap said. ‘Which is pretty much what we have now.'”<\/p>\n
So, how much longer until the real estate market in southern Florida mostly collapses? Will such an event have to wait for another hurricane (one that hits directly and at full strength this time)? Will it have to wait for the start of another recession?<\/p>\n
Or will the situation simply slowly unfold over time?<\/p>\n
As it stands the endless construction work being undertaken to “prepare” some wealthy regions for sea level rise (new drainage, higher roads, etc.) seems to be having an impact — who wants to spend years living near construction work? Will that be part of the reason for an eventual collapse in real estate value (the unsettled nature of the infrastructure there)?<\/p>\n
Who can say exactly? But don’t be too surprised if there’s an exodus out of the state within just the next 1\u20132 decades. Well, an exodus of those who can afford to leave, that is…<\/p>\n","protected":false},"excerpt":{"rendered":"
How much longer does southern Florida have until real-estate values in the region collapse on the back of flagging demand? At some point the reality that the region is not long for this world will have to sink in, and when it does, demand for homes in the region will crater to a degree that 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At some point the reality that the region is not long for this world will have to sink in, and when it does, demand for homes in the region will crater to a degree that…","_links":{"self":[{"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/posts\/48027"}],"collection":[{"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/comments?post=48027"}],"version-history":[{"count":0,"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/posts\/48027\/revisions"}],"wp:attachment":[{"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/media?parent=48027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/categories?post=48027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planetsave.com\/wp-json\/wp\/v2\/tags?post=48027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](https://planetsave.com/"https:////cleantechnica.com//files//2018//01//Miami.jpeg/")
<\/a>Possibly not all that long from now — if an interesting article that Bloomberg<\/em> recently published is to be believed. That article noted that events such as Hurricane Irma are slated to make it abundantly clear to all of those who aren’t senile that South Florida is in an incredibly vulnerable position with regard to sea level rise and climate change.<\/p>\n