This is an example of journalistic malpractice. Here’s the headline.
The risk of sea level rise is chipping away at Miami home values, new research shows – Miami Herald, 2018/04/24
First part of the article.
Creeping flood waters driven by sea rise have yet to reach the doors of most homes in Miami-Dade, but research shows the looming threat from climate change is already affecting their value. And not in a good way.
New data from Harvard University and the University of Colorado suggests that homes in lower elevations are selling for less and gaining value slower than similar ones at higher elevations. Researchers see that as sign that some buyers are factoring climate risks into their offers and investments — a trend that could have major implications for a state with more coastal real estate at risk than any other.
That’s the research. What do people on the ground say?
Miami’s real estate professionals, however, are skeptical of the climate ripple effect, pointing out the continued soaring prices of expensive waterfront in places like Miami Beach and Key Biscayne. They say their buyers are more concerned with nearby schools and taxes than whether their property will be underwater in 50 or 100 years.
“I’m not hearing it. My associates aren’t hearing it. My realtors aren’t hearing it. It’s not a huge, deep concern from the public,” said Coral Gables realtor Christopher Zoller. “Yeah people talk about it, but has it prevented them from making a purchase? No.”
Alicia Cervera, a luxury home broker who works in Miami Beach, said the idea that prices are changing because of sea level rise is “fake news.” She pointed to new data showing that the median price of a single family home in Miami has gone up every month for six years straight.
“I have not talked to one buyer — not one — who said ‘I’m not buying in Miami because of sea level rise,’ ” she said. “It’s a simple ebb and flow of the real estate market, not the ocean.”
How does this even get published anywhere?