An article in Splinter urges Sell Your Florida Property Now. “We all know, in a theoretical way, that climate change is going to turn the state of Florida into a narrow peninsula of watery broken dreams. But I bet you are not scared enough!”
In a Bloomberg article, Lenders Scolded for Climate Ignorance in ‘Insane’ Florida Real Estate Deals, the authors point out the increased risk of purchasing real estate in Florida due to global warming.
That kind of market neglect means the Florida economy can be expected to “go to hell,” warned Spencer Glendon, a senior fellow at the Woods Hole Research Center and a former partner and director of investment research at Wellington Management. “No one should be lending for 30 years in most of Florida,” he said. “During that time frame, insurance will disappear and terminal values” — future resale income — “will shrink. I tell my parents that it’s fine to rent in Florida, but it’s insane to own or to lend.”
“I don’t know whether the right price is half-price or 60% or 20%, but if it’s at 100%, I know it’s the wrong price,” Glendon said.