The Effects Of Climate Change On Miami Beach’ Real Estate Market

Jim Murley is the chief resilience officer of Miami-Dade County in southeast Florida. One of his many responsibilities is to ensure that rising sea levels do not flood the areas surrounding Fort Lauderdale which just happens to be known as the Venice of America.

President-elect Donald Trump is the owner of Mar-a-Lago, a 20-acre waterside estate in Palm Beach. However, Trump has a different view of climate change and he has chosen Scott Pruitt to head the US Environmental Protection Agency (EPA). With or without climate change, the daily high-water marker at Virginia Key has been rising by at least one inch a year on the average for the last 5 years. This is nearly 10 times the average global rate.

According to a report made by National Wildfire Federation, Greater Miami, if damages from the rising sea levels will not be mitigated, the luxury condos along Miami Beach stand to lose $3.5 trillion in assets by 2070. The news made the local real estate agents worried about the future. When 100 Miami-based realtors were surveyed, it was found out that at least 65 were concerned of the impact of climate change on the city’s real estate market.

On the other hand, Alan Kleer of Fortune International Realty is not yet panicking because he believes that climate change is a global concern. Kleer has been selling real estate in Miami Beach for the last 18 years and climate change has not made any serious impact on developers as well as people who plan to move to the area.

Kleer believes that Miami Beach is working diligently to stay ahead of the rising sea levels. The city has built a $400 million flood defense plan with drainage pipes. Sea walls have been elevated up the level of the streets by a few feet. Ever since the pump system has been installed, there was no major flooding.

Karon Beach is one of the best beaches in Phuket that is why many investors are looking at Karon beach property to determine whether it will bring them high returns. A beach property in Karon Beach is the epitome of luxurious living amidst a natural paradise.

 

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