Homeowners are wary of buying at-risk coastal properties
As homeowners start to shy away from prime coastal properties due to the ever-looming threat of rising seas economists are getting set for the economic time bomb getting ready to explode in an already unstable industry.
Dire predictions for Florida due to climate change
With an estimated five-foot rise in sea level by the end of this century would suggest that Florida would be looking at approximately $23 billion of current coastal properties could be underwater by 2050.
Miami Beach has already put a plan of action into play, especially after the last hurricane to rip through Florida. The rather costly defensive program sees the installation of new pumps powerful enough to drain the floodwaters and the raising of roads to name but a few of the very ambitious solutions. As Miami Beach is in one of the most vulnerable spots that are affected by extreme weather conditions and in the path of the rising sea levels they are pulling out all the stops as they try to leverage existing resources and develop a solution to this problem that could also be used by other municipalities facing the same challenges.
Even with various municipalities trying to come up with plans and solutions all indicators are pointing to property/land investors looking to invest in higher ground. Even some Floridians are scampering off to buy properties in places like North Carolina as it is higher ground.
People are no longer looking for the hottest neighborhood these days but the driest and highest about sea level!
The effects of climate change will be felt throughout the entire world, in fact, we are already experiencing them. Countries that usually have below zero winters are finding the temperatures to be a bit warmer as are the hotter climes in that their seasons seem to be swapping months of the year for instance in South Africa there are reports of Summer weather spilling right into the month of June in 2017.
As natural disaster seem to be on the increase and the wrath of mother nature gets more powerful and devastating more and more people are scrambling to find areas that are not so heavily affected by such storms and other forces of nature.
The trouble with everyone now wanting to move inland and to higher ground is, is the infrastructure in these areas equipped to handle the influx and or are those municipalities planning for such eventualities!