Does Climate Change makes Florida a bad place for a long-term real estate investment?

Question

Why or why not?

Bill B. · Answer

Ask the billionaires who keep moving there. Heck ask the climate scare gang that keeps buying oceanfront property.

You do know that almost every national weather event is less frequent and less powerful than decades ago right? Weather related deaths are down about 95%. Damage is up in dollars because the population is increasing so fast, especially among those with money. Maybe it will just tip in to the ocean after everyone flees California and the northeast states.

Ps. You forgot to even say what part of Florida. The mere fact people are still fleeing the cold and seeking the heat tells you badly run governments are a much bigger threat to your finances and personal well being. But I assume you knew that. “Nobody” is making their investments based on the climate scare or everyone would be investing in MN, SD,ND,IA. And the most expensive property in the country wouldn’t be along the coast.

Where do you invest instead? If weather is your worry, try Phoenix/Vegas. No hurricanes, no tornadoes, no earthquakes, no snowstorms, no floods. Pretty much a climate-phobe’s dream location.

Good luck where ever you choose, but this isn’t in the top 100 concerns.

Nathan Gesner · Answer

In 2006 Al Gore released "An Inconvenient Truth" and toured the world claiming ocean levels would rise. In 2009 he bought a beachfront mansion for $9 million. Obama, Gates, Kerry, and many other climate change activists have also bought beach property (some within the last couple of years) despite traveling the world in private jets and limousines to warn that coastal cities will be wiped out soon. Either they are really stupid or they don't believe their own claims.

Do with that what you will.

Bjorn Ahlblad · Answer

Our earth and weather has had one constant since its very beginning........change.

Marcus Auerbach · Answer

I would be totally fine with Al Gore's home - just looked it up and it's in Montecito, CA and quite above the water. I don't think we will see dramatic sea level rises in our our lifetime and if you are a little further back/higher up you are probably fine.

But 10% of Florida's population lives on elevations less than 5 feet above sea level. 490,000 people live on elevations 3 feet or less above sea level.

For them it does not take that much. Just a few inches more, plus a storm surge, perhaps aided by a high tide will do.

Adrian Lemus · Answer

Billionaires are jealous of AL Gore on coming up with the best business idea ever!

Climate change is going to happen to matter what, every so often the Earth gets 2-3 Degrees hotter and it’s been happening since before we were here. Earth is constantly changing, North and South poles at about 7 different locations, Atmosphere/ Ozone Layer Repairs itself. In other words don’t read too much into it.

South Florida is Booming and we are constantly busy. Our codes require us to take homes to a certain height depending where it’s at. I’ve had built up pads 2’ all the way up to 9’ before being able to build a home. Plus our homes are withstanding Storms, the houses that aren’t were more then likely not taken care of or someone cut corners on the build.

Sebastian Giraldo · Answer

The amount of wealth moving to areas like Brickell "the manhattan of the south" is unreal. I feel lucky to have arrived here on 2001 and evidenced so much growth and wealth transfer before me. In the 5 years there have been numerous billion $$ commercial developments such as Brickell city center, Marlins stadium (Loan depot stadium), Magic city innovation, brightline speed rail and all the train stations, Inter MIami Stadium (plans approved), Miami signature Bridge and park.

My point is all these developers with immense multi million planning budgets must know something we don't.

Dwayne Byrd · Answer

I have lived in Florida all of my life, but have visited 49 of the states lol. I currently live on the east coast but grew up in the Panhandle. Like mentioned, there are only a couple of places that you could choose to live that doesn't have SOME type of weather pattern that could cause problems (floods, fires, tornadoes, crazy snow, hurricanes, etc.) People have lived in coastal areas for a couple hundred years. Hurricanes do happen etc. oceans will continue to rise. It is also about timeline. The amount that global warming is / would be affecting it isn't enough to be concerned about in out time frames, maybe our kids, grandkids or great grandkids. Coastal properties are always going to be among the most expensive.

Marcus Auerbach · Answer

I would not, just based on the fact that it is getting very difficult to get your property insured. Most private insurance companies are retreating from FL and government sponsored flood insurance is the fall back for most homeowners.

Miami is spending 4.6 billion dollars on seawalls and flood protection, based on designs of the Army Corps of Engineers.

From what I read FL has seen a lot of new developments on land that is much lower and closer to the water than a few decades ago, when homes were built on high ground. Once the first row of homes on the water suffers water damage, it will cause others nearby to sell out of fear they will be next, which will start a downward spiral for home values, even those that are on higher ground. Perception is reality at that point. Given how close we build now on the water, it won't take much.

The Midwest will benefit over the next decades if droughts and floods continue to be a concern for people; we already see this with relocation clients.  Our winters have gotten much milder, plenty of fresh water and the great lakes region generally is considered climate stable and lacks natural disasters like tornados, hurricanes, fires etc.

I love visiting FL, will be in Miami in a couple weeks, but I won't buy there.

Does Climate Change makes Florida a bad place for a long-term real estate investment?

Most Popular Reply