Rising Sea Levels Reshape Miami’s Housing Market

[Old Rocks]

There is already talk among the re-insureres about limiting insurance to those below 50' above sea level.

 

[abu afak]

Sea-Level Rise Might Soon Raise Insurance Costs. Here's What Local Leaders Want To Do About It
By KATE STEIN • MAY 23, 2018

If you thought sea-level rise was the greatest immediate threat to South Florida’s future, you may need to think again.

There’s growing concern that the perception of the sea-level rise threat by insurers, banks and investors might submerge South Florida before rising seas do.

"Once risk-based assessment takes hold, it sends a message to the world that this place is too risky," said Wayne Pathman, chair of the City of Miami's Sea-Level Rise Committee, at a meeting in José Martí Park in Little Havana on Monday night.

At an insurance industry conference in Miami last week, experts said the federal government may soon begin factoring sea-level rise risk into insurance in the National Flood Insurance Program -- perhaps in just two or three years. Pathman fears if that happens, insurance prices could double, costing homeowners and driving away foreign investment in South Florida's real estate.
[.....]
​

`

 

[abu afak]

Climate Change Is Forcing the Insurance Industry to Recalculate
Insurers are at the vanguard of a movement to put a value today on the unpredictable future of a Warming planet
By Bradley Hope and Nicole Friedman
Produced by Jess Kuronen and Tyler Paige
Wall St Journal Oct. 2, 2018
Climate Change Is Forcing the Insurance Industry to Recalculate

When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurraytwo years ago, it hit insurance company Aviva PLC out of nowhere.

The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts roared across an area larger than Delaware, forcing 100,000 people to evacuate and leaving insurers with $3 billion in damages to cover.

“That is not a type of loss we have experienced in that part of the world, ever,” says Maurice Tulloch, the Toronto-based chief executive of Aviva’s international insurance division. “The previous models wouldn’t have envisioned it.”

Aviva studied the incident and concluded the wildfire was an example of how the earth’s gradually warming temperature is changing the behavior of natural catastrophes. Aviva increased premiums in Canada as a result.
[......]
The price of homes on the U.S.’s eastern seaboard battered by fiercer storms and higher seas is lagging behind those inland.
The price of farmland is rising in North America’s once-frigid reaches, partly because of bets it will become more temperate. Investors are turning fresh water into an asset, a wager in part that climate change will make it scarcer.

Insurers are at the forefront of calculating the impact. “We don’t discuss the question anymore of, ‘Is there climate change,’” says Torsten Jeworrek, chief executive for reinsurance at Munich Re, the world’s largest seller of reinsurance—insurance for insurers. “For us, it’s a question now for our own underwriting.”
[......]​

 

[westwall]

Climate Change Is Forcing the Insurance Industry to Recalculate
Insurers are at the vanguard of a movement to put a value today on the unpredictable future of a Warming planet
By Bradley Hope and Nicole Friedman
Produced by Jess Kuronen and Tyler Paige
Wall St Journal Oct. 2, 2018
Climate Change Is Forcing the Insurance Industry to Recalculate

When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurraytwo years ago, it hit insurance company Aviva PLC out of nowhere.

The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts roared across an area larger than Delaware, forcing 100,000 people to evacuate and leaving insurers with $3 billion in damages to cover.

“That is not a type of loss we have experienced in that part of the world, ever,” says Maurice Tulloch, the Toronto-based chief executive of Aviva’s international insurance division. “The previous models wouldn’t have envisioned it.”

Aviva studied the incident and concluded the wildfire was an example of how the earth’s gradually warming temperature is changing the behavior of natural catastrophes. Aviva increased premiums in Canada as a result.
[......]
The price of homes on the U.S.’s eastern seaboard battered by fiercer storms and higher seas is lagging behind those inland.
The price of farmland is rising in North America’s once-frigid reaches, partly because of bets it will become more temperate. Investors are turning fresh water into an asset, a wager in part that climate change will make it scarcer.

Insurers are at the forefront of calculating the impact. “We don’t discuss the question anymore of, ‘Is there climate change,’” says Torsten Jeworrek, chief executive for reinsurance at Munich Re, the world’s largest seller of reinsurance—insurance for insurers. “For us, it’s a question now for our own underwriting.”
[......]​

"Forcing"? Not really. How better to capitalize on a bunch of hysterical silly people, pushing a fraud, then to figure out how to make even more money for something that won't happen. It's the best insurance scam ever. They get to charge morons, tons of money for something they know won't happen.

How can you beat that logic.

 

[Fort Fun Indiana]

Climate Change Is Forcing the Insurance Industry to Recalculate
Insurers are at the vanguard of a movement to put a value today on the unpredictable future of a Warming planet
By Bradley Hope and Nicole Friedman
Produced by Jess Kuronen and Tyler Paige
Wall St Journal Oct. 2, 2018
Climate Change Is Forcing the Insurance Industry to Recalculate

When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurraytwo years ago, it hit insurance company Aviva PLC out of nowhere.

The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts roared across an area larger than Delaware, forcing 100,000 people to evacuate and leaving insurers with $3 billion in damages to cover.

“That is not a type of loss we have experienced in that part of the world, ever,” says Maurice Tulloch, the Toronto-based chief executive of Aviva’s international insurance division. “The previous models wouldn’t have envisioned it.”

Aviva studied the incident and concluded the wildfire was an example of how the earth’s gradually warming temperature is changing the behavior of natural catastrophes. Aviva increased premiums in Canada as a result.
[......]
The price of homes on the U.S.’s eastern seaboard battered by fiercer storms and higher seas is lagging behind those inland.
The price of farmland is rising in North America’s once-frigid reaches, partly because of bets it will become more temperate. Investors are turning fresh water into an asset, a wager in part that climate change will make it scarcer.

Insurers are at the forefront of calculating the impact. “We don’t discuss the question anymore of, ‘Is there climate change,’” says Torsten Jeworrek, chief executive for reinsurance at Munich Re, the world’s largest seller of reinsurance—insurance for insurers. “For us, it’s a question now for our own underwriting.”
[......]​

"Forcing"? Not really. How better to capitalize on a bunch of hysterical silly people, pushing a fraud, then to figure out how to make even more money for something that won't happen. It's the best insurance scam ever. They get to charge morons, tons of money for something they know won't happen.

How can you beat that logic.

An adorable tinfoil hat theory,but it kind falls flat on it's face due to sea level rise being a fact, not a scam.

 

[Indeependent]

My son-in-law lives in Miami.
He is in Commercial Real Estate Acquisitions.
Miami is more expensive than ever and most houses are already Hurricane Sandy ready.

 

[Dan Stubbs]

This has been going on in many places in the nation for decades.
Now one of the biggest victims of AGW showing evidence of what is to come.
For all you warming deniers: you Clowns who say "it's colder than normal in Chicago today, so it can't be warming".
Would you write a 30 year mortgage on a Miami waterfront house?

Rising Sea Levels Reshape Miami’s Housing Market
Properties on the coast now trade at Discounts as flood waters and ‘king tides’ damp enthusiasm for oceanfront living
By Laura Kusisto and Arian Campo-Flores
Wall Street Journal - April 20, 2018
Rising Sea Levels Reshape Miami’s Housing Market

MIAMI—Concerns over rising sea levels and floods are beginning to reshape one of the country’s largest housing markets, with properties closer to sea level now trading at discounts to those at higher elevations.

Research published Friday in the journal of Environmental Research Letters shows that single-family homes in Miami-Dade County are rising in value more slowly near sea level than at higher elevations, as buyers weigh the possibilities of more-frequent minor flooding in the short term and the challenge of reselling...
[....]​

balance by subscription, but you get the picture.
`

I lived there and grew up in Broward in 50s and high water happened all the time. It was not out of order that certain are would flood if it was high tide and a wind blowing off the Ocean. They did after those years start to build in low areas that should have never been built in. Those area are going to get wet and flood ever so often. The are just has to many Yankee residences. Two foot above sea level is not having much margin for error.

 

[Dan Stubbs]

Absolutely if I can sell it in 30.. If it can't stand 1.8" of supposed "global warming" SLRise, you're gonna be DEAD MEAT...

LOLuddite!

https://gizmodo.com/why-are-sea-levels-in-miami-rising-so-much-faster-than-1797733450

Sea levels in South Florida have gone up about a Foot since the 1930s, but around 2011, the slow upward creep of the ocean seemed to kick into high gear, with tidal gauges recording much faster rates of sea level rise and residents noting a stark uptick in so-called “nuisance” floods.
A new study confirms that this was not Floridians’ imaginations: From 2011 to at least 2015, the rate of sea level rise across the Southeastern US shot up by a factor of Six, from 3-4 millimeters a year to 20, and a combination of oceanic and atmospheric processes seem to be responsible
[.....]
“The Miami area started getting almost an inch of sea level [rise] a year,” Hal Wanless, a coastal geologist at the University of Miami, told Gizmodo. “People noticed that.”



[png] Image/Graph won't post but Link:
https://www.greenpolicy360.net/mw/images/Sea_level_rise_Miami_area_tide_data_1996-2015.png
`

​

Just look at it this way. The more Condo, parking lots, malls, Roads. The less water can drain into the soil. We use to get 22 in of rain in a week without any flooding because it would drain into the ground. I left before it got completely unlivable.

 

[Dan Stubbs]

Absolutely if I can sell it in 30.. If it can't stand 1.8" of supposed "global warming" SLRise, you're gonna be DEAD MEAT...

LOLuddite!

https://gizmodo.com/why-are-sea-levels-in-miami-rising-so-much-faster-than-1797733450

Sea levels in South Florida have gone up about a Foot since the 1930s, but around 2011, the slow upward creep of the ocean seemed to kick into high gear, with tidal gauges recording much faster rates of sea level rise and residents noting a stark uptick in so-called “nuisance” floods.
A new study confirms that this was not Floridians’ imaginations: From 2011 to at least 2015, the rate of sea level rise across the Southeastern US shot up by a factor of Six, from 3-4 millimeters a year to 20, and a combination of oceanic and atmospheric processes seem to be responsible
[.....]
“The Miami area started getting almost an inch of sea level [rise] a year,” Hal Wanless, a coastal geologist at the University of Miami, told Gizmodo. “People noticed that.”



[png] Image/Graph won't post but Link:
https://www.greenpolicy360.net/mw/images/Sea_level_rise_Miami_area_tide_data_1996-2015.png
`

​

Just look at it this way. The more Condo, parking lots, malls, Roads. The less water can drain into the soil. We use to get 22 in of rain in a week without any flooding because it would drain into the ground. I left before it got completely

Sorry, there’s no such thing as ‘sea-level rise’ – ask any rightwing nitwit.

The water’s just getting wetter.

If only the Seminole indians stopped driving cars 10,000 years ago we would be fine





View attachment 189202

You should have shown the map from 59999 years ago it was underwater.
unlivable.

 

[Dan Stubbs]

Absolutely if I can sell it in 30.. If it can't stand 1.8" of supposed "global warming" SLRise, you're gonna be DEAD MEAT...

LOLuddite!

https://gizmodo.com/why-are-sea-levels-in-miami-rising-so-much-faster-than-1797733450

Sea levels in South Florida have gone up about a Foot since the 1930s, but around 2011, the slow upward creep of the ocean seemed to kick into high gear, with tidal gauges recording much faster rates of sea level rise and residents noting a stark uptick in so-called “nuisance” floods.
A new study confirms that this was not Floridians’ imaginations: From 2011 to at least 2015, the rate of sea level rise across the Southeastern US shot up by a factor of Six, from 3-4 millimeters a year to 20, and a combination of oceanic and atmospheric processes seem to be responsible
[.....]
“The Miami area started getting almost an inch of sea level [rise] a year,” Hal Wanless, a coastal geologist at the University of Miami, told Gizmodo. “People noticed that.”



[png] Image/Graph won't post but Link:
https://www.greenpolicy360.net/mw/images/Sea_level_rise_Miami_area_tide_data_1996-2015.png
`

​

Just look at it this way. The more Condo, parking lots, malls, Roads. The less water can drain into the soil. We use to get 22 in of rain in a week without any flooding because it would drain into the ground. I left before it got completely

Sorry, there’s no such thing as ‘sea-level rise’ – ask any rightwing nitwit.

The water’s just getting wetter.

If only the Seminole indians stopped driving cars 10,000 years ago we would be fine





View attachment 189202

You should have shown the map from 59999 years ago it was underwater.

This has been going on in many places in the nation for decades.
Now one of the biggest victims of AGW showing evidence of what is to come.
For all you warming deniers: you Clowns who say "it's colder than normal in Chicago today, so it can't be warming".
Would you write a 30 year mortgage on a Miami waterfront house?

Rising Sea Levels Reshape Miami’s Housing Market
Properties on the coast now trade at Discounts as flood waters and ‘king tides’ damp enthusiasm for oceanfront living
By Laura Kusisto and Arian Campo-Flores
Wall Street Journal - April 20, 2018
Rising Sea Levels Reshape Miami’s Housing Market

MIAMI—Concerns over rising sea levels and floods are beginning to reshape one of the country’s largest housing markets, with properties closer to sea level now trading at discounts to those at higher elevations.

Research published Friday in the journal of Environmental Research Letters shows that single-family homes in Miami-Dade County are rising in value more slowly near sea level than at higher elevations, as buyers weigh the possibilities of more-frequent minor flooding in the short term and the challenge of reselling...
[....]​

balance by subscription, but you get the picture.
`

You do know the highest point in South Fla is in Palm Beach County. It is the trash dump.
unlivable.

 

[abu afak]

You do know the highest point in South Fla is in Palm Beach County. It is the trash dump.
unlivable.

No, I didn't know.
Name/location?
I think there are bigger ones in Broward (Mt Trashmore), and another I drive by heading South near Port St Lucie on the East side of i95.
`

 

[westwall]

Climate Change Is Forcing the Insurance Industry to Recalculate
Insurers are at the vanguard of a movement to put a value today on the unpredictable future of a Warming planet
By Bradley Hope and Nicole Friedman
Produced by Jess Kuronen and Tyler Paige
Wall St Journal Oct. 2, 2018
Climate Change Is Forcing the Insurance Industry to Recalculate

When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurraytwo years ago, it hit insurance company Aviva PLC out of nowhere.

The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts roared across an area larger than Delaware, forcing 100,000 people to evacuate and leaving insurers with $3 billion in damages to cover.

“That is not a type of loss we have experienced in that part of the world, ever,” says Maurice Tulloch, the Toronto-based chief executive of Aviva’s international insurance division. “The previous models wouldn’t have envisioned it.”

Aviva studied the incident and concluded the wildfire was an example of how the earth’s gradually warming temperature is changing the behavior of natural catastrophes. Aviva increased premiums in Canada as a result.
[......]
The price of homes on the U.S.’s eastern seaboard battered by fiercer storms and higher seas is lagging behind those inland.
The price of farmland is rising in North America’s once-frigid reaches, partly because of bets it will become more temperate. Investors are turning fresh water into an asset, a wager in part that climate change will make it scarcer.

Insurers are at the forefront of calculating the impact. “We don’t discuss the question anymore of, ‘Is there climate change,’” says Torsten Jeworrek, chief executive for reinsurance at Munich Re, the world’s largest seller of reinsurance—insurance for insurers. “For us, it’s a question now for our own underwriting.”
[......]​

"Forcing"? Not really. How better to capitalize on a bunch of hysterical silly people, pushing a fraud, then to figure out how to make even more money for something that won't happen. It's the best insurance scam ever. They get to charge morons, tons of money for something they know won't happen.

How can you beat that logic.

An adorable tinfoil hat theory,but it kind falls flat on it's face due to sea level rise being a fact, not a scam.

Really? The maldives seem to disagree with you. Seems that if the ocean levels were rising as was the claim, the claim that the maldives were among the most endangered of all the nations, then investing BILLIONS of more dollars would be pretty stupid.

Maldives eyes more mega projects in 2018, proposes MVR7 bln
According to the State Budget 2018 submitted to the parliament by finance minister Ahmed Munawar on Wednesday, the MVR 7 billion budget for these projects comprise of MVR 3.7 billion from the public sector investment programme (PSIP), MVR 2.8 billion from loans, and MVR 4.3 billion from free aid and trust funds.

The government proposes 522 projects under PSIP in 2018, which includes 430 ongoing projects and 93 new ventures. The budget allocates MVR 5.4 billion for the ongoing projects and MVR 1.7 billion for the new ones.

The proposed budget states that PSIP’s main objective is to complete ongoing projects and to invest in economically sound projects.

Some mega projects under PSIP:

Runway development of Velana International Airport (MVR 1 billion)

New terminal development of Velana International Airport (MVR 539 million)

Maldives eyes more mega projects in 2018, proposes MVR7 bln

 

[Fort Fun Indiana]

Really? The maldives seem to disagree with you.

This argument was stupid and wrong the last time you posted it, and it's stupid and wrong now. Science doesn't care about your superstitions and neuroses, nor does it care where the Maldives build its airport. Weak sauce, my denier friend. Weak sauce.

 

[westwall]

Really? The maldives seem to disagree with you.

This argument was stupid and wrong the last time you posted it, and it's stupid and wrong now. Science doesn't care about your superstitions and neuroses, nor does it care where the Maldives build its airport. Weak sauce, my denier friend. Weak sauce.

No, it is an accurate appraisal of how ridiculous the claims are. Were the claims even remotely credible there is ZERO chance that people would invest money in the maldives. ZERO.

But, they are, so that means that your claim is not credible.

Thanks for playing.

 

[Fort Fun Indiana]

No, it is an accurate appraisal of how ridiculous the claims are.

Of course, that is utterly absurd. One investment does not trump mountains of evidence. What a completely bizarre, self soothing thing for you to say. But, it's expected of a denier, since you have zero evidence, and nobody is producing any science to support your nonsense.

I invite you to read into the climate crisis being taken on by the government of Maldives. Do you understand why they need a new airport? Because their old one gets submerged further by high tide every year due to rising sea levels. I mean....duh. Come on dude, you are embarrassing yourself.

 

[polarbear]

No, it is an accurate appraisal of how ridiculous the claims are.

Of course, that is utterly absurd. One investment does not trump mountains of evidence. What a completely bizarre, self soothing thing for you to say. But, it's expected of a denier, since you have zero evidence, and nobody is producing any science to support your nonsense.

I invite you to read into the climate crisis being taken on by the government of Maldives. Do you understand why they need a new airport? Because their old one gets submerged further by high tide every year due to rising sea levels. I mean....duh. Come on dude, you are embarrassing yourself.

"Their old one gets submerged"....."Do you understand why they need a new airport?"
Only a libtard could be this retarded !! They are not building a "new airport" because "the old one gets submerged". They are upgrading the runway at "the old submerged airport" so that A380`s can land there.
New runway construction begins at Maldives international airport
The 3,400-meter-long, 60-meter-wide runway will open the airport to the Airbus A380 jetliner, the world’s largest passenger airline,

 

[bodecea]

Move along...nothing to see here.

 

[Wyatt earp]

No, it is an accurate appraisal of how ridiculous the claims are.

Of course, that is utterly absurd. One investment does not trump mountains of evidence. What a completely bizarre, self soothing thing for you to say. But, it's expected of a denier, since you have zero evidence, and nobody is producing any science to support your nonsense.

I invite you to read into the climate crisis being taken on by the government of Maldives. Do you understand why they need a new airport? Because their old one gets submerged further by high tide every year due to rising sea levels. I mean....duh. Come on dude, you are embarrassing yourself.

Liar and they are not just building one .


.Maldives to develop another five airports to boost tourism – Maldives Insider


.

 

[Fort Fun Indiana]

They are not building a "new airport" because "the old one gets submerged". They are upgrading the runway at "the old submerged airport"

Of course, they are building a new runway with a special breakwater, instead of merely using the old one and refurbishing it, precisely because the old one gets submerged more every year by rising sea levels.

 

[polarbear]

They are not building a "new airport" because "the old one gets submerged". They are upgrading the runway at "the old submerged airport"

Of course, they are building a new runway with a special breakwater, instead of merely using the old one and refurbishing it, precisely because the old one gets submerged more every year by rising sea levels.

You are full of shit. It`s not getting submerged "by rising seal levels" and a "special break water" construction does just what the name implies. Breakwater structures don`t help if sea level rise is supposed to be the problem.
Only an idiot like you would figure it`s some sort of dike to keep water out, from an airport that is supposed to be accessible by ferry and speed boats.
Male Airport Ferry

FROM MALE CITY TO AIRPORT
Every 10 minutes from morning 06:00 AM to 02:30 AM

Every 30 minutes from morning 02:30 AM to 04:00 AM

Every 15 minutes from morning 04:00 AM to 06:00 AM

FROM AIRPORT TO MALE CITY
Every 10 minutes from morning 06:00 AM to 02:30 AM

Every 30 minutes from morning 02:30 AM to 04:00 AM

Every 15 minutes from morning 04:00 AM to 06:00 AM

On Fridays ferries operate every 10 minutes from morning 06:00 AM to 00:00 AM.


All they did was build a runway to accommodate the A 380 and that runway is at the same elevation and location as the old one. They are also upgrading 5 more airports