Creeping flood waters driven by sea rise have yet to reach the doors of most homes in Miami-Dade, but research shows the looming threat from climate change is already affecting their value. And not in a good way.
New data from Harvard University and the University of Colorado suggests that homes in lower elevations are selling for less and gaining value slower than similar ones at higher elevations. Researchers see that as sign that some buyers are factoring climate risks into their offers and investments — a trend that could have major implications for a state with more coastal real estate at risk than any other.
Miami's real estate professionals, however, are skeptical of the climate ripple effect, pointing out the continued soaring prices of expensive waterfront in places like Miami Beach and Key Biscayne. They say their buyers are more concerned with nearby schools and taxes than whether their property will be underwater in 50 or 100 years.
Read more at our news partner, the Miami Herald.
