A recent estimate conducted by the Southeast Florida
Regional Climate Change Compact has stated that as much as a single foot rise in sea level would put
$2.7 billion of Florida Keys property at
risk. This estimate does not seem to have had an impact on the real estate
market, the local agents or even the lenders.
As close as they can guess, experts agree that these changes
are viewed as a sort of future event. As such, people are not concerned with
the immediate impact this type of sea level change could have on
the real estate market. Most people are more focused on what
is happening immediately, such as the changes in flood or wind insurance.
Southern Florida has seen a change in sea levels over the past century, topping out at 9 inches according to the National
Weather Service. The rates of acceleration have increased over time. This
gradual increase has had an effect on coastal and low-lying places, such as Key
West. One example of such a change is
visible in roads that used to be safely
elevated but now continue to flood
during extremely high tides. Climate experts agree that the sea-level
acceleration will continue. The four-county compact, which covers Monroe,
Miami-Dade and Broward/Palm Beach, is projected to gain an additional 3 to 7
inches of rise by 2030. Other experts believe that this rise will be much
faster, perhaps up to 6 feet up in the span of a century.
Of course, the Keys are more vulnerable with up to 68 percent of the Keys at risk. A
two-foot rise in sea level would put approximately $8.4 billion in properties
at risk. While changes have not been
seen immediately, people are more aware of the flooding risks thanks to the
new National Flood Insurance program’s changes.
As a home owner or potential home owner, it is important to keep in mind that the possible impact should be addressed but
that it’s not having a large impact right now. Lenders are not yet considering
sea level predictions, and all homes in a flood zone are eligible for
insurance. The change in sea level is a certainty for the future but until the
changes become more predictable or imminent, buyers and sellers need not be
concerned.
If you are thinking of buying or selling a home in the Key
West area, please contact me,
Jimmy Lane,
for all of your
real estate
needs.
