Should You Sell Your Florida Beach-Front Property Now?

 FLORIDA 

By: E. Eugene Webb PhD 

We have all seen the video from Florida’s Southwest coast to the East Coast where Volusia County suffered massive coastal erosion in the latest major storm.

 

The talk of climate change and its effects has, until recently, been a cross between science fiction movies and periodic streaks of reality such as, we have seen in central in southwestern Florida in 2022.

 

Frequently cast aside as environmental extremists the realities of predictions and warnings going all the way back to Al Gore are now becoming frightening realities for a growing number of people along the exposed coasts of the United states from Maine to Texas.

 

As damage in these low-lying coastal area's increases with each passing storm and homeowners’ insurance rates skyrocketed local, state, and county governments are trying to cope with the now very real issue of climate change.

 

Check out this article recently published by the Tampa Bay Times for some additional information.

Guest Column OPINION By: Robert F. Sanchez Former member of the Miami Herald Editorial Board. To ease property insurance woes, Florida governments should buy damaged beachfront property

From the Times article: “This raises a question: Should all damaged or destroyed beachfront structures even be replaced? Is there an alternative that would benefit the public as well as Florida’s troubled property insurance marketplace? Perhaps.”

There is already some state funding in Florida to allow for local jurisdictions to purchase low lying properties from those who would prefer not to rebuild. Negotiations can be tedious, especially around establishing an acceptable price.

For some additional insight check out these articles:

New York Times: By Christopher Flavelle: Why Ian May Push Florida Real Estate Out of Reach for All but the Super Rich

From PEW Research: Property Buyouts Can Be an Effective Solution for Flood-Prone Communities.

As we have been warned for several decades, we have ignored climate change and the predicted sea-level rise at our own peril. Not only does this imminent threat to our coastline affect those who directly live on or near it, but it impacts all of us as, property insurance costs rise and the property values of beachfront and low-lying property's decrease threatening local government revenues.

Now as before, there are no quick fixes to this problem. The Florida State legislature, often more bound up in Republicanism than governing, will find this issue continually difficult to deal with given the economic impact to their political base.

For more of my posts on our Changing Environment Click here: Climate Change

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