Two thirds of property buyers in Miami don’t even ask their brokers about “the potential impact of global climate change and sea level rise on the local market,” a new survey finds.
Meanwhile, we appear headed toward the worst-case scenario of sea level rise, and President Donald Trump is doing all he can to pop the trillion-dollar coastal property bubble, abandoning the Paris climate deal and trying to gut both domestic climate action and coastal adaptation programs.
The 2017 Miami-Dade Real Estate Study, conducted by the Miami Herald released with polling firm Bendixen & Amandi International, came out this week. In the past month, they interviewed 100 “of the area’s top brokers, agents and analysts,” while guaranteeing anonymity.
Buried deep in the study is the jaw-dropping fact that the majority of respondents (64 percent) said their clients have not mentioned climate change and sea level rise as an issue when purchasing properties — which means that the true level of clients not asking about climate change is much higher. An agent would say his clients asked about climate change if even one client did, but for nearly two-thirds of agents, no one even asked.
This is a stunning degree of obliviousness by home buyers in city where, as Bloomberg has explained, “Tidal flooding now predictably drenches inland streets, even when the sun is out, thanks to the region’s porous limestone bedrock.”
Indeed, Sean Becketti, the chief economist for mortgage giant Freddie Mac, warned a year ago that the coastal property bubble will burst sooner than expected: “Some residents will cash out early and suffer minimal losses. Others will not be so lucky.”
That could be why 59 percent of the agents said that they themselves are “concerned about the potential impact of global climate change and sea level rise on the local market.”
TAMPA BAY, Fla. — Mark Luther’s dream home has a window that looks out to a world of water. He can slip out the back door and watch dolphins swim by his private dock. Shore birds squawk from nearby nests in giant mangroves.
He said it’s hard to imagine ever leaving this slice of paradise on St. Petersburg’s Bayou Grande, even though the water he adores is starting to get a little creepy.
Over the 24 years since he moved into the house, the bayou has inched up a protective sea wall and crept toward his front door. As sea level rises, a result of global warming, it contributes to flooding in his Venetian Isles neighborhood and Shore Acres, a neighboring community of homes worth as much as $2.5 million, about 70 times per year.
“Why stay?” asked Luther, an oceanographer who knows perfectly well a hurricane could one day shove 15 feet of water into his living room. “It’s just so nice.” Continue reading “In Florida: As Seas Rise, Many Still Don’t Believe their Lying Eyes”



