Florida Underwater??

Question

Hey everyone,

I live in Florida and would love to start investing here soon, but I'm concerned about the not-so-far in the future rising water level that will likely leave us underwater.  Anyone else know about this who invests in Florida?  See this article for more info, and I was able to confirm what they are saying in multiple sources: http://thinkprogress.org/climate/2013/06/23/219903...

Sounds like it could happen in South Florida within 50 years.  And long term investing is my plan.

Thoughts?

Michael Olesky · Answer

@Meghan Helbick  It's a legitimate concern for me and I am looking at holding for 10yrs.  Even if demand doesn't diminish, the insurance costs will absolutely go up hurting profits.  People are still willing to live in New Orleans for some reason so I'm guessing people will be scuba golfing in FL at some point!  But New Orleans is good to watch, they'll be affected by a sea level rise before we are.

Study your Fema maps, especially where you are since there is a lot of low lying land around lakes and consider a shorter holding period if things develop the way we all hope they don't.

Kurt Kwart · Answer

We will have gone through 1-2 full real estate cycles by then

I thought the words "climate change" are illegal in Florida?

Account Closed · Answer

There is almost no place safe to buy a house natural disasters  of floods ,twisters, hurricanes etc are throughout the country

Account Closed · Answer

California has been sliding into the sea ever since i was little and you can see what effect that has had   None

Lynn McGeein · Answer

Account Closed

Actually, appears the pacific coast is rising, so mostly earthquakes and drought to worry about out there.  I can't even get earthquake insurance on our house in WA as they want $15K per year with a $50K deductible.

Meghan Helbick · Answer

Thanks for the input Kurt Kwart  So you're saying probably safe to invest and sell before everyone realizes what's happening?  More medium-term?

And yes, apparently saying global warming is like saying you're a Nazi supporter.  Didn't know that until I read the article!  I am not a real Floridian, so I can talk about reality (not to offend any true Floridians!)  Not that I blame them, it is a like an extended vacation down here ;)

Meghan Helbick · Answer

Aaron  T. thanks for the tip!

Glenn McCrorey · Answer

@Meghan Helbick

By then the scientist will have changed their minds.  Check out this Time Magazine cover from 1977.  I'm sure they said this was "settled science" and if you didn't believe them you were an idiot...   The depreciation schedule on residential only lasts 27.5 years so you wouldn't want to hold a property longer than that anyway.

Kurt Traynor · Answer

@Michael Olesky..  You said it..  Study your FEMA maps if your coming to Florida.   My residence is 24' above sea level and I pay flood insurance..  Besides that they are constantly refining the maps so if your near a flood zone inland today, expect to be in it soon.

note too, if you're not a resident expect a higher premium then what maybe listing.  Make sure and get an accurate quote..

Lynn McGeein · Answer

The Naval War College has a great evening lecture series that they upload to YouTube for anyone to watch.  While many still dismiss the issue of sea level rise, the military is actually taking it seriously, and this lecture was for future military leaders currently attending their Masters program, so you'd think even skeptics would agree it should carry some weight.  From what Dr. Jackson says, it could take a few decades, or just the next big storm for Florida to become a problem.   He also discusses the sinkhole zones and economic issues.

https://www.youtube.com/watch?v=TAtCQ7REXAc

Florida Underwater??

Most Popular Reply