Anecdotal evidence from Florida housing professionals reveals that local homebuyers aren't worrying about rising sea levels. Yet, mounting scientific evidence shows that the risk is only increasing.
Volusia County, Fla. property appraiser Larry Bartlett explains that local buyers are "discounting" flood risk because they believe it will not happen again, or to them, adding, "Realistically, I don’t think people are going to be taking this seriously until water is up around their ankles." Yet, a recent study from the National Oceanic and Atmospheric Administration shows that current sea level rise is causing twice the national average frequency of high tide flooding than was the case in 1988, The Daytona Beach News-Journal reports. Another study, released by the nonprofit research group First Street Foundation, finds that waterfront properties at lower elevations may not be appreciating in value as quickly as their counterparts at higher elevations, despite anecdotal claims of high demand by local experts.
Waterfront property listings can’t keep up with the demand in Miami Beach, even though the city is spending hundreds of millions to stem the incoming tide by raising streets, installing pumps and building better sea walls. Miami Realtors Association data shows prices continue to soar as homebuyers seek out waterfront views. Similarly, county property appraisers across the state from the Panhandle to Daytona Beach said they haven’t seen any downward trend in waterfront prices or values. The greater concern on barrier islands is traffic congestion and the conversion of former homesteaded properties into vacation rentals, said Charles Hackney, property appraiser in Manatee County on Florida’s Gulf Coast.
