Luxury homes lining America's coastline are losing value amid rising sea levels and frequent hurricanes.
This year’s hurricane season has already kicked off with a vengeance, with the National Oceanic and Atmospheric Administration predicting up to 13 hurricanes, including up to seven major storms. The implications for coastal homeowners are dire, as risk models show real estate values plummeting faster than expected.Aerial view of three large homes in Dana Point that are in danger of falling into the ocean after a cliffside gave way.sold early this year for a mere $600,000.
Kay Tyler, executive director of Concerned Citizens of Montauk, told the outlet, “Where we’ve seen flooding in the past and the water subsiding right away, it’s not subsiding anymore. We have a friend that has a $10 million home, and he’s not even sure what to do with it because if he sells it it’s never going to be the $10 million he bought it for.”
“I would say 12-15 feet of sand is gone,” Farley told the outlet, pointing to geo tubes meant to be covered. The stairs to the beach are gone,” he said, noting that this drastically impacts property values.