Rising Risks: Impact on Coastal Real Estate Values
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- Опубликовано: 13 июн 2024
- Diana Olick profiles how rising sea levels and coastal erosion are devastating real estate values in some of the nation's highest-profile luxury housing communities.
Those "homes" have destroyed the coastline
Can you back up that ridiculous claim? No!
@@pauls3075 Depending on the area. People have destroyed the nature sand dunes and burms that would normally block the storm surge.
@@pauls3075 It should be mangroves, not condos.......duh
@@will7its Why 'should' it be? Who decided that? You? Arrogant!
@@pauls3075 the 26 and counting likes back up my claim. Also, maybe just look at it. EZ PZ.
Its crazy how when rich people lose stuff everyone has to pay for it but you and me lose we pay for it ourselves
You got that right bro.......
@MrGriff305 No sea level has risen 400 feet since the last glacial maximum 25k years ago. Look it up.....
They will lose too but not like the average person
@MrGriff305 Then what caused the sea level rise in the 1200's?
Huh
If you want a beach home, fine. Just don’t break the insurance system for those of us who just have one house.
The entire state of Florida will soon be uninsurable.
Vote red for no handout while rely on government's home insurance. 😑
Pray for Florida and the active season ahead .
Right, more likely double in value. Elites selling you down the river.
And they will swear it's not climate change as the sea carries their houses away.
Its a mess
Let's all light a candle and shed a tear for the multimillionaires out there suffering.
@MrGriff305 🥴 derp
"shed a tear for the multimillionaires" Why hate on people you wish to become? Many millionaires have worked their whole lives to reach where they are. Not all of them inherited their wealth. Gloating on someone's misfortune says more about you than about them.
Dear Lord....
Please protect the UBER RICH.
In jesus name...
Amen
😂
@@user-ll9qk2el4d Yeah ok, its all on the up and up right??? lol
@@user-ll9qk2el4d Like who? The Kardashians.🤮
This is not going to happen to Florida. Ron DeSantis has mitigated all weather-related problems by removing all references to Climate Change in the state's documents/legislations. 🤣🤣🤣
@@Wi2Low Just like some people don't trust their doctors on COVID vaccines (nothing wrong with that), however when they are down with COVID, they would seek out their doctors for COVID treatments (this I don't get)?
@@Wi2Low It seems that science,observation and predictions are coming true. On your side you have politicians taking advantage of the general low level of science education.
The buyers are betting the local or state government will pay unlimited amounts to bail out homeowners.
They will. This country ALWAYS has money to help the rich. smh
@@MrMountainchrisOnly old money. They hate new money
@@MrMountainchrisFlood insurance in FL is run through FEMA bc no insurance company will insure against flooding in FL! It’s beyond just the rich.
I always thought it was pretty stupid to have a property next to the ocean that is only 2 feet higher than the ocean😢
FWIW my great-aunt (Canadian snowbird) had a "waterfront" property she bought in Florida in the early 80s. It was about 15 feet above the ocean and half a mile from the sea. I saw it as a child in the early 90s and thought it was so cool that she had the beach right out back but she said she ocean had "moved up." She sold in the mid 2000s after putting her house on stilts. She made a lot of money but really mourned losing that place. It got to the point she was too scared of losing her investment.
But it wasn't 2 feet from the ocean when she bought it and I think most original owners never dreamed they would lose so much land.
Those poor rich people 😏
When people build on waterfronts, they are taking a risk, climate change or no climate change. Water does often escape it's boundaries, has for 500,000,000 years. People must assume their own risk instead of asking us all to pitch in every time there's a hurricane or rainstorm. We pay to rebuild the same homes over and over again.
The global sand crisis is going to make all of this even worse. Some companies will be dredging up sea floor sand to use in construction materials, which means less sand naturally flowing onto beaches. Less sand in our rivers means less sand for wetlands at the coast.
Right?! Everyone is talking about climate change but not the loss of global sand. Humans are so disappointing.
@@Theonlysallyboy it’ll make landlords like me into billionaires. When the cost of sand quadruples most poorer regions of Florida, the Gulf and East coast won’t be able to afford the costs. The federal government will probably create a home buyout program similar to FEMA. We will see millions of people relocate inland to rent my properties. This doesn’t even include the countries that are experiencing their sand being stolen that will experience massive coastal erosion and land subsidence; Bangladesh, Myanmar, Vietnam, China, Thailand, Cambodia and literally all the coral atoll countries in the pacific and Indian Ocean that require the movement of sand in the currents to stay afloat. Hundreds of millions of people will be displaced. Meaning more and more tenants for me in Canada and Ohio hehehe
There isn't enough government money to bail out those coastal property owners who have ignored the science of human induces global warming and the resultant sea level rise and increase in the number and severity of storms since at least 2006, when "An Inconvenient Truth" was released. I don't want any of my tax dollars going to bail out such property owners. They ignored the ever increasing evidence and warning about the consequences of human induced global warming for years and made a losing bet. It should be they who deal with the consequences, not the tax players collectively.
The only part of it that’s “human induced” is the stupidity of the buyers. Global warming is BS.
Wow! Alaska has Native villages having to uproot and move. Yet you folks are reporting on well off Americans house values going down.
We used to giggle while watching HGTV couples buying ocean, or even riverfront homes, knowing what was ahead. And that was over 10 years ago. Now we just shake our heads...
Yes climate change has been happening since the beginning of time. The bible discusses floods, famine and disease. It was ever thus! In the mean time though the views are amazing and the beautiful fresh air so healthy.
@@JetJ321Right, because the bible is all based on scientific facts.
@@terrigross1339 okay rather than the bible lets go by scientific record. Ice age/ warming period & Floods are all in our past and will be in earths future. I'm just tired of those screaming about climate change being the same people
Making money tearing up our natural flood plains and forest to build concrete and roads then telling people it's all our fault!
They should be the ones paying flood ins for all.
@@JetJ321 While I respect your right to a belief, know those event in the bible were not a change in the climate. Science would view them as extreme weather rather than climate change. Otherwise, we would have had 40 days and nights of rain globally every year or so.
@@OldJackWolf Ty for a very respectful reply!
I am thinking though of Florida being under water 2 1/2 Millon years ago and ice ages etc. I know humans are damaging the planet but just pointing out the changes in the earth's past.
Also tired of our leaders screaming climate change and flood warnings as they continue to tear down all the trees and replace with concrete buildings. T y
It's not as if you didn't know this was coming.
1:10 Did she say those houses sold for mid $700-$800k… if weren’t for erosion $10-$12 million?? That’s like 95% drop in value! And they say real estate only go up…
A water-front house in Malibu just sold for $210m, another house in Palm Beach just sold for $150m. I’m not sure the word got out about sea level rise, but it’s ironic that it’s the ultra rich are telling us to buy electric cars due to climate change while they take their SUV’s to their jets to go to one of their other houses when a storm shows up.
Finally home prices start coming down.
😂
Mortgage is UNDERWATER...
_FIGURATIVELY & LITTERALLY!_
I can't even afford a disaster home. Maybe they will let me rent there once the floor starts tilting far enough down into the roiling sea.
Yeah, is coming down so low that the home will be under the water level!
Multimillionaires and billionaires losing the value of their homes ... Breaks my heart 😅
Elon Musk does not even own a home now! He has not gotten paid for 6+ years and counting!😮 Guy is one of the homeless!😂
@@Agent77X Maybe no salary but Muskrat just got a 40 or 50 million or was a billion dollar buyout?
When the beach decides it wants to move in.
NOT THE COASTAL REAL ESTATE VALUES!
As a real estate investor, your supposed 10M house true value is only valued at the price you can fetch, otherwise it’s an assumption value.
Rich people problems
rich peoples problem becomes your probem julien, when they want the state to compensate them for loosing their $20 millon dollar home they paid $800k for last year. That commie handout is coming from your taxes
Let it go, all you do is cry on this channel all day long.
Insurance policies DO NOT reflect the actual risk of living right on the coast. If coasters had to pay $50k a month for a homeowner policy this problem would resolve itself. (They might consider building in a less risky place.) We who live in less risky places currently subsidize them with higher premiums.
For three decades everyone has been telling me how much better it is to buy waterfront homes than a sailing yacht -yachts just cost upkeep and need high interest loans but waterfront RE just keeps going up! "They aren’t making more of it”.
I keep telling them there is no shortage of beachfront, the best ones don’t have people living on them, and they are making more -beaches are moving all the time. If you want to live at the beach, your house better float!
Flood maps were recently updated.
At some point the fact that some low lying area in a coastal city now floods every five years instead of every thirty years is going to hit property prices in an expanded set of regions. Still will be a minority of properties in these coastal cities, but still.
For some for whom climate change hasn’t been real, the very real personal financial blow will be the realitybringer
The loss of value in property like this and properties around the country that will lose insurance and therefore value due to fire and tornados is the next huge hit on the economy. If not in every locality, the economic failure will be felt everywhere to banks, investments, and insurance that depend on the value will be lost.
Gee it's almost like the ocean levels are rising again just like they do about every 120k years during inter-glacial cycles and have been doing during this latest one for the last 15k plus years.
If you help me make a 10 km balloon then we can ship the water to the upper portions of the balloon which will freeze because it's so cold up there and it'll turn into ice and then the water will recede and be stored in the form of snow on top of the 10 km balloon if you help me make this
Maui already lost 20% of its beaches with other 80% threatened by erosion. In the 60’s the Sheraton Waikiki had a beach now 6 feet underwater. Equator water heating and expanding exaggerating sea level rise. More hurricanes in future with warmer water. Many river deltas where food grown will be underwater.
Not my problem as I could never afford waterfront.
I lived on maui. House maintenance similar to a ship. Appliances, paint, etc., rapidly deteriorate near oceans. A house is a liability(money out of pocket) until u sell. Hopefully make a profit, asset. Homes will always have property taxes, insurance, and maintenance even after retirement
Floods, fires, earthquakes, etc., means insurance prices go up for all. The government( taxpayers) will end up paying but with 34 trillion in debt USA already debtor nation
Nobody will cry for them.
It’s no news that constructions on shore lines are a huge risk. These people failed in risk management. Period.
When do we start to eat the rich?
😂
Higher global temperatures mean more evaporation and water vapor. Water becomes a greenhouse gas holding more heat. Less water from snow melts make it to rivers and oceans as land so dry and absorbent. More air conditioning with higher temperatures. Translates more energy use power grid
Those poor fake rich people! Two million dollar Nantucket beachfront home is the bottom of the barrel. Sold out at $600K!😮
Do my taxes pay for the homeowners loss when the insurance companies do not pony up?
Didn't see it coming? Really?
That’s why I don’t wanna live right on the coast. I want to live up on the hill still able to see the water will not close where the ocean swallow the house.
When the rest of the US housing goes up, these manage to lose money.
Our lifespans are too short to really experience our violent universe. We think the earth is nice and stable but that is just a blink of an eye in earths history.
We knew about this 20 years ago. People in at risk homes then that knew about this sold a decade ago to idiots. Now we are upset because buyers didn't do their due diligence? LOL
Not once did they mention how minuscule and gradual sea level change is. None of this natural erosion and storm damage is impacted by ‘rising sea levels’. Building homes in vulnerable areas and expecting someone to manage that risk for you is wishful thinking. The elevation and protection of shoreline property has always factored into the price, and always will. Have we had stupid people build homes where they shouldn’t be… yes, have they convinced unwitting buyers they are safe… yes…. Is the market correcting… yes. Do people forget and overlook the history of coastal regions and flooding.. yes.
Except these home owners are begging for subsidies to shore up their properties=Tax dollars wasted.
Climate change and rising sea levels will make properties in low lying areas and coastal areas impossible to insure. Banks will be reluctant to give a mortgage for 15 or 30 years because the property may be under water. Selling properties to average buyers will become impossible in the future as banks and mortgage companies stop making loans for these properties. Coastal areas are a high risk for insurance and extreme weather like hurricanes. People will have to self insure and take the risk of loss. Condo associations are losing their insurance and if they find a new higher cost policy they will be passing on the higher costs to association members. Flooded cars from hurricanes fill the salvage lots. Insurance companies will raise rates and pass on the costs and risks to policy holders next year. Coastal properties will be confined to wealthy individuals that can buy properties with cash and self insure for losses from hurricanes or rising sea levels.
Florida: Lalalalala global warming is a myth!
Insurance companies: The thing you don't belive in is too expensive to insure against.
Florida: Heeeey not fair!!!
Global warming is so yesterday 🤣
@@New-bw4kz The warming has just started you like it or not.
Poor rich people...what ever will they do?!
There have been countries preindustrial age that were flooded and levyed and used windmills to pump the water away and in the modern age we just run from it. Why don't we do big building projects anymore instead of giving $$ to Ukraine and Israel?
Florida Governor DeSantis signs a bill removing climate change from state law. Keep up the good work, and soon we'll have open beaches with unobstructed views. CHEERS!
The future is what cities do we protect with levies and others let go. Slow movement inland. Mother Nature will eventually win. How high will levies be built before it’s just too expensive. New Orleans is a mini view of the future. King tides are showing their bad sides. East coast being hit more vs deeper ocean west coast
Thats the price you pay to own beach side property 😂 a 1st world rich person problem they heard the warnings before
No more bailouts
Greed biting their butts
Yodock Simmons environmental solutions has the answer real functioning form
Oh what a surprise.🙄
It's not the insurance industry, and the government picking up the tab. The tab will be picked up by the middle class taxpayer/insurance policy holder. It's ethically wrong.
you should be happy you were able to enjoy it. The people of the future woke be able to enjoy what you have.
Stop calling it property taxes. It is a housing tax. The correct term is housing tax. Housing should not be taxed! But the regime doesn't want you making the connection.
It’s most of most towns revenues. What should be taxed?
Finally they realized they will be flooded🙄
The government will bail them out.
Its insured and a write off, thats why they buy.......
If only they had 4 decades of warnings about sea level rise.
You mean like when Al Gore said we’d all be dead or drowning by now!?!😂
this all has been calculated and taken into account..
there is no need for the drama
My bucket of sympathy for rich folk is totally empty.
What kind of 'idiot' would buy a multi-million-dollar home "ten" feet from the ocean?
Lol! My ass!
Build your house on sand, expect a sandy end.
Shall we have a whipround and fill the hat with pennies to help these poor millionaires...? Nah? OK.
Climate change deniers: "It's summer."
😂
How does the ocean go up if it is level?
Seriously?!
@@stringlarson1247 level means flat AF right?
@@cub1009 Melting glacier and thermal expansion (water increase in volume when temperature increase)
@@peter320vn that's amazing.
Tides become higher and higher for instance.
There today gone tomorrow
to who ben? aquaman!
The American middle class (especially MAGA) is in various degrees of denial about the climate change effects that are kicking in now (and even more so about the coming effects and costs already in the pipeline). The beach house owners just happen to be in front of the line of fire. They aren’t the first and won’t be the last to expect someone else to pay for the consequences of their willful ignorance driven choices. It’s not surprising - very few globally are willing to take a reduction in their perceived standard of living. But things that can’t go on forever don’t.
hahaha
Shhhh...don't mention the "C" word. I'm sorry but my ability to feel badly for the American Oligarchy who have property on the coast is---oh, I don't know--ZERO. Kind of how they feel about the rest of us trying to make a living.
Aaawww i feel so bad for rich people with million dollar homes losing value...ten millioan dollars homes yeah i don't care.
How much are our tax dollars going to supplement these millionaires 2nd or 3rd beach home flood insurance
Boomers literally sliding away to irrelevance lol
Aaannnddd who's to blame. The usual suspects as always.🙄
aaaaaaaah boo hoo
idiocracy working as intended!
There’s so much jealousy in these comments, DAMN!
😂😂😂😂😂😂😂
Boo- hooh. 💩
When did the sea level rise? I live near the ocean. Same level it's been my entire life.
Climate change 🤣🤣🤣🤣
Is climate change real then? Asking for a friend
Yes it changes every season
@@New-bw4kz You are wrong. "The season is determined by the changes in weather during a specific time of the year. Contrastingly, the climate is the behavior of the atmosphere over a longer timeline."
This is just ridiculous! Get some sand dredgers out on that ocean and replenish those beaches. I wish people would stop making this such a big deal.
The corruption that runs through this administration is getting scarier. I feel sympathy for people with disabilities not getting the help they deserve. Imagine investing $1000 and receiving $4,200.
Sea level isn’t rising. False narrative.
Oh my god. Erosion
"Flooding and erosion like has never happened before".....ummmm you might want to review the geological record before you make ridiculous claims like that, because of course it has happened many times before.
Rich people problems