Luxury homes on these beaches are losing value fast, as effects of climate change hit hard

cnbc ^ | 06/14/2024 | Diana Olick

[ChicagoConservative27]

As sea levels rise and storms intensify, coastal real estate is seeing flooding and erosion like never before. From Dana Point, California, to Long Island, New York, and Nantucket, Massachusetts, some of the nation’s priciest coastal real estate is in an increasingly precarious position due to climate change.

This year’s hurricane season is already underway, and the forecast is for “above-normal” activity, according to the National Oceanic and Atmospheric Administration (NOAA). It predicts up to 13 hurricanes, with four to seven categorized as “major” storms.

Various risk models have shown myriad projections for falling real estate values, but the effects of climate change are already hitting the market — and at a faster pace than most expected.

A Nantucket home listed last summer for just over $2 million sold early this year for just $600,000. A barely remarkable Nor’easter in the fall wiped away an astounding 70 feet of the beach it sits on, thanks to sea level rise and unusually intense rainfall.

[ChicagoConservative27]

What a crock of **&*

[BrexitBen]

Has O-Bam-Bam sold his oceanside estate yet?

[V_TWIN]

“This year’s hurricane season is already underway, and the forecast is for “above-normal” activity, according to the National Oceanic and Atmospheric Administration (NOAA)”

Welcome to your annual hurricane fear porn.....copy and pasted from every year in the past.

[lp boonie]

Sea rise? Where’s the data? That’s a big deal, should be all kind of data...and there is not. Always someday in the future.

[rktman]

😂😂😂😂😂😂😂😂

[jughandle]

70’ of beach can disappear at high tide with a strong onshore wind, only to replenish itself.

[ProtectOurFreedom]

Yep, absolute proof of climate change. Coastlines have not changed in millions of years. They never erode.

I had breakfast in Oceanside, Oregon a month ago and noticed this bargain house for sale. Any takers? I can't imagine why it isn't being snatched up by a hungry buyer yearning for coastal living.

"Don't hesitate! All offers will be considered. Call now! Operators are standing by."

[V_TWIN]

Or taterhead for that matter

[redgolum]

Uh...

That’s not why.

[Lizavetta]

If the oceans are rising why aren't we seeing this worldwide on ALL coastlines?

How can the ocean rise in one part of the world and not rise in other parts?

Doesn't make sense. Sounds like they're doing their typical cherrypicking of bad scenarios here and there and trying to catastrophize it.

[Governor Dinwiddie]

Exactly. These people are dumber than doorknobs. The elites just want to snap up coastal property at bargain prices.

[sten]

if that’s the case then homes on the FL coast should also be dropping.

they’re not.

prices in those areas are dropping because people are running away from blue state insanity.

[Reno89519]

Is Obama abandoning his beachfront property?

[DarrellZero]

Because beach erosion never happened before people started driving cars.

Smh.

[Fai Mao]

I am from an island that was supposed to have disappeared by 2010. Guam is still there

[bray]

Cherry picked examples.

[butlerweave]

ROFL

[BipolarBob]

Guam hasn’t tipped over yet? I’m a thinking these beach homes are being sold to evade rising TAXES not seas.

[vpintheak]

Or... The communist Dim economy causing inflation to skyrocket has caused people to reign in spending and borriwing. Combined with the propensity of beech houses to get demolished by natural disasters and skyrocketing insurance rates that reflect that is causes people to lay off those purchases.

[Ann Archy]

Climate Change, my ASS!