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Luxury homes on these beaches are losing value fast, as effects of climate change hit hard
cnbc ^ | 06/14/2024 | Diana Olick

Posted on 06/14/2024 10:45:26 AM PDT by 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.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Your Opinion/Questions
KEYWORDS: beach; fast; homes; luxury
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To: steve86

6- 8 inches over the past 140 years. Venice was most finished by 1500, at that rate about two feet.


61 posted on 06/14/2024 2:39:59 PM PDT by Lonesome in Massachussets (לעזאזל עם חמאס)
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To: ChicagoConservative27

The sea must only rise on blue state coasts. My condo is as far from the tides now as it was when I bought 21 years ago on the South Carolina coast.


62 posted on 06/14/2024 2:59:18 PM PDT by mikey_hates_everything
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To: jughandle

“with a strong onshore wind, only to replenish itself.”

Not on Nantucket’s South or East shores. They’re on the Atlantic so there’s plenty of waves and current to move the sand far away.

The South Shore has lost over 1,000 feet over a few decades. The Nantucket shoals are miles to the south (~25?). Oh, but the enviros will support docks and piers installed in cities to prevent erosion around their universities....

The “islandahs” are too crab-in-a-pot-like for self-preservation. Many are the type that with their last breath will mutter “that’ll show the bastids”


63 posted on 06/14/2024 3:04:47 PM PDT by Justa (Our constitution was made only for a moral and religious people....)
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To: 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)”

Have they ever forecast a "below-normal" season?

64 posted on 06/14/2024 4:40:37 PM PDT by chaosagent (Remember, no matter how you slice it, forbidden fruit still tastes the sweetest!)
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To: Lizavetta
How can the ocean rise in one part of the world and not rise in other parts?

Agreed.....

It's called Pascal's Principle.....

Basic high school physics for anyone who attended class on that particular day......

65 posted on 06/14/2024 4:51:20 PM PDT by Hot Tabasco
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To: V_TWIN

I still remember Rick Sanchez saying that Andrew was on the other side of the Bahamas and wasn’t expected to intensify. Woke up the next morning to a monster


66 posted on 06/14/2024 7:48:19 PM PDT by Keyhopper (Indians had bad immigration laws)
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To: M. Thatcher

People are dumping 2nd homes and condos due to insurance and taxes. Try finding a 3/2 house in South Florida.


67 posted on 06/14/2024 7:52:44 PM PDT by Keyhopper (Indians had bad immigration laws)
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To: ChicagoConservative27

Sea levels increased 3mm year over year last year.


68 posted on 06/14/2024 7:59:52 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: Lonesome in Massachussets

“Subsistence is…”

I think you mean subsidence.


69 posted on 06/14/2024 8:41:02 PM PDT by JimRed (TERM LIMITS, NOW! Finish the damned WALL! TRUTH is the new HATE SPEECH! )
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To: Keyhopper
People are dumping 2nd homes and condos due to insurance and taxes. Try finding a 3/2 house in South Florida.

I live in Florida, where, yes, insurance is a problem. But this article isn't about "2nd homes and condos," or about "finding a 3/2 house in South Florida." This article is about beachfront luxury homes supposedly "losing value fast" due to "climate change." All of which is total BS.

70 posted on 06/16/2024 1:46:39 PM PDT by M. Thatcher
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To: M. Thatcher

Born and raised in south Florida and I can honestly say the surf has risen over the years.
It’s gone up at least 3/32 on an inch since the 70s.
I agree global warming is a scam.


71 posted on 06/16/2024 11:15:36 PM PDT by Keyhopper (Indians had bad immigration laws)
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