The risk of sea level rise is already chipping away at South Florida home values

The risk of sea level rise is already chipping away at South Florida home values

Creeping flood waters driven by sea rise have yet to reach the doors of most homes in South Florida, but research shows the looming threat from climate change is already affecting their value. And not in a good way. New data suggests that homes in lower elevations are selling for less and gaining value slower than similar ones at higher elevations. Read more at the South Florida Sun-Sentinel and the Miami Herald.

See also:
» The fighting has begun over who owns land drowned by climate change
» White paper on home values: "Disaster on the Horizon: The Price Effect of Sea Level Rise," from University of Colorado and Pennsylvania State University.
» Series from Florida Trend: Learning to live with water

Luxury real estate: Escape to Florida

A rule in the new tax law that caps state and local deductions could be a tipping point for high-income residents of states like New Yorker, New Jersey, and even California, who are looking at buying homes in Florida and officially calling teh Sunshine State "home." [Source: Florida Weekly]

Florida is in a "cycle of frustration" as prices gain 8%

Home prices keep rising in Florida as low supply and high demand collide. Florida Realtors housing data shows that the median price of a single-family existing home was $250,800 in March, up 8.2% year-over-year. Townhouse-condos reached a median of $183,000 statewide, up 7%. [Source: Mortgage Professional America]

Increasing number of Colombians look to Florida for homes and a new life

In 2017, Colombians held fourth place among international buyers in South Florida, representing 9 percent of buyers, at pace with Canadians. This list is dominated by Argentinians and Venezuelans, who represent 15 and 11 percent of buyers, respectively. [Source: Miami Herald]

6 in 10 homeowners don’t plan on moving out of their house. Ever.

While the economy continues to grow in the aftermath of the Great Recession, and various employment metrics look positive, the lack of available homes has pushed real estate higher. That has left families with more valuable properties, but limited options to trade up. [Source: Bankrate]

ALSO TRENDING:

› Another Florida newspaper parts with its real estate [The Real Deal]
Another daily newspaper in Florida has parted with pricey urban real estate, this time in Fort Myers. The News-Press reported that it got $4.75 million for property on a prime corner near downtown Fort Myers in an apparent sale-leaseback deal.

› Real estate brokerage plans West Palm-to-Fort Lauderdale open house via Brightline [Palm Beach Post]
A South Florida real estate brokerage thinks the Brightline train can open new markets to its agents. Karina Lopez, vice president of marketing at ONE Sotheby’s, says she aims to show agents that the 36-minute ride from West Palm Beach to Fort Lauderdale is “really fast, really simple.”

› Study: Tampa Bay homes in once ‘redlined’ neighborhoods worth half those in other areas [Tampa Bay Times]
Redlining’ — banks’ refusal to make mortgage loans in certain areas — still has a huge effect on housing values even though the practice was banned 50 years ago. According to Zillow, a Tampa Bay house in a once-redlined area is worth less than half the amount of houses in non-redlined areas — $219,991 versus $482,141.

› Ryan Cos. is a real estate developer like few others [Business Observer]
Ask Doug Dieck what makes Ryan Cos. U.S. different from most commercial real estate developers and his multi-pronged explanation boils down to a single word: Structure.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says
• Florida is growing. Can affordable housing keep up?
• Florida condo sales plummet despite falling prices and rise in 'motivated' sellers
• Want to get rich quick selling Florida real estate? Think again.
• New law would give new homebuyers better idea what their property taxes will be
• When will housing affordability improve? Spoiler alert: It will take some time