Home Prices Begin To Diverge In Key Biscayne - Lower-Lying Property Prices Dropping Or Flat

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Key Biscayne, a barrier island just south of Miami Beach, is among Florida's most valuable real estate. However, fears over rising sea levels mean homes at lower elevations are selling for less than expected, and their value is increasing more slowly than those on higher ground, according to data from a Harvard University study published in April.

The findings show that home buyers and investors are taking sea-level rise and other climate-related risks into account when making offers, said study author Jesse Keenan, a professor with Harvard's Graduate School of Design. "Nuisance flooding has increased a lot annually and people in these vulnerable areas are becoming much more aware of the risks," Keenan said, referring to problems such as high-tide flooding that can close roads or overwhelm drainage systems.

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The researchers assessed data for about 108,000 single-family homes using information from the Miami-Dade County Property Appraiser's Office. Those included property type, lot and building size, property and building values, year built, market and property tax assessment values and the last three transactions. They also factored in elevation data sourced from the U.S. Geological Survey.

The findings chime with a preliminary report issued last month by the county property appraiser's office. It showed property values fell in Key Biscayne, and in other low-elevation, waterfront luxury real estate areas in Miami. In Key Biscayne, one of the wealthiest municipalities in the county, the estimated taxable value of properties dropped 1.8 percent compared with last year. In contrast, the taxable value of properties across the county climbed 3.9 percent, with values in the highest elevation areas of Miami-Dade county rising still more. Hialeah, a lower income, working-class neighborhood about 20 kilometers (12 miles) from South Beach, saw taxable property values rise 7.2 percent. Elevation there is two meters.

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http://news.trust.org//item/20180712101849-ykxko/

[Girard442]

1. Hey all you climate-change deniers!

Here's a chance to snap up some prime real estate for a song! Boy, won't those seller's faces be red when they found out they got conned by the liberal conspiracy.