It’s not just your imagination. Temperatures in Los Angeles are at all time average highs. This of course isn’t a local phenomenon but a global one. In fact, last year was the hottest year in recorded history.
As temperatures rise across the globe and climate change becomes a foregone conclusion, Antarctic ice sheets are melting. Some permanently, causing ocean levels to rise. If new research proves even half true, now may not be the time to invest in that $50 million Malibu beachfront property.
The scientific journal “Nature” recently published a report that proposed sea levels may rise as much as six feet by the year 2100. That’s almost double the previous estimate for rising ocean levels.
It’s hard to truly conceptualize the damage that would do. According to new analysis by Zillow, a six feet rise in ocean levels would destroy nearly 2 million homes in the United States alone.
That would mean almost two percent of the national housing stock would be gone. The cumulative worth of these lost homes? $882 billion. That’s billion, with a capital B, as in nearly a trillion dollars in lost real estate.
Zillow used data from the National Oceanic and Atmospheric Administration to identify and estimate what homes would be affected by these devastating rising ocean levels. What’s even more scary is the alarming fact that these estimates are based on current rates of melting ice sheets and climate change. Unless a massive globalwide effort is taken to solve the problem, there is little reason to believe that the potential loss of homes won’t be even more catastrophic.
Even under current conservative estimates, Florida would be the hardest hit state. It’s stunning to imagine, but in a little over 80 years, over half of all home values in Florida will be literally underwater. That’s one in eight Florida homes gone.
Hawaii would also be extremely hard hit with almost 10 percent of homes underwater. And 81 percent of all homes in the capital of Honolulu would be worthless. In all, thirty-six cities on the coast would be entirely underwater. Another 300 cities would lose at least half their homes. Keep in mind we’re only talking about the economic loss of real estate values, we’re not even touching on the loss of jobs, tourism, tax revenues, etc.
“As we move through this century, homeowners will have to consider another factor when it comes to their homes – whether rising sea levels have any impact on them,” said Zillow Chief Economist Dr. Svenja Gudell. “It’s easy to think about how the ocean levels can affect the coasts in an abstract sense, but this analysis shows the real impact it will have on nearly two million homeowners – and most likely more by the time we reach 2100 – who could lose their homes.”
The news is a little better for other coastal states like Pennsylvania, Oregon and at home her in California. They have the lowest share of homes at risk of being underwater at just 0.1 percent. However in terms of value lost, California would be among the top 10 in total losses at $49 billion.
If you’re interested in buying or selling a Luxury Home in Los Angeles, please contact us now at 323-829-8811 or email Susan Andrews at susan@luxurylahomes.com.
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