Diana Olick profiles how rising sea levels and coastal erosion are devastating real estate values in some of the nation's highest-profile luxury housing communities.
Пікірлер: 213
@jeffharris77772 ай бұрын
Those "homes" have destroyed the coastline
@pauls30752 ай бұрын
Can you back up that ridiculous claim? No!
@ericwilliams16592 ай бұрын
@@pauls3075 Depending on the area. People have destroyed the nature sand dunes and burms that would normally block the storm surge.
@will7its2 ай бұрын
@@pauls3075 It should be mangroves, not condos.......duh
@pauls30752 ай бұрын
@@will7its Why 'should' it be? Who decided that? You? Arrogant!
@jeffharris77772 ай бұрын
@@pauls3075 the 26 and counting likes back up my claim. Also, maybe just look at it. EZ PZ.
@LivingWithGout2 ай бұрын
The entire state of Florida will soon be uninsurable.
@peter320vn2 ай бұрын
Vote red for no handout while rely on government's home insurance. 😑
@Jb-mi2rm2 ай бұрын
Pray for Florida and the active season ahead .
@MC-pi2ri2 ай бұрын
Right, more likely double in value. Elites selling you down the river.
@macmcleod11882 ай бұрын
And they will swear it's not climate change as the sea carries their houses away.
@New-bw4kz2 ай бұрын
Its a mess
@ThePapawhisky2 ай бұрын
If you want a beach home, fine. Just don’t break the insurance system for those of us who just have one house.
@face4me22 ай бұрын
Its crazy how when rich people lose stuff everyone has to pay for it but you and me lose we pay for it ourselves
@will7its2 ай бұрын
You got that right bro.......
@will7its2 ай бұрын
@MrGriff305 No sea level has risen 400 feet since the last glacial maximum 25k years ago. Look it up.....
@Jb-mi2rm2 ай бұрын
They will lose too but not like the average person
@twystedhumour2 ай бұрын
@MrGriff305 Then what caused the sea level rise in the 1200's?
@A.C.002 ай бұрын
The usual suspects only complain when it affects them. We gotta strap ourselves by our bootstraps.
@Chew52192 ай бұрын
Let's all light a candle and shed a tear for the multimillionaires out there suffering.
@alexlopez58002 ай бұрын
@MrGriff305 🥴 derp
@user-ll9qk2el4d2 ай бұрын
"shed a tear for the multimillionaires" Why hate on people you wish to become? Many millionaires have worked their whole lives to reach where they are. Not all of them inherited their wealth. Gloating on someone's misfortune says more about you than about them.
@HughJass-jv2lt2 ай бұрын
Dear Lord.... Please protect the UBER RICH. In jesus name... Amen 😂
@will7its2 ай бұрын
@@user-ll9qk2el4d Yeah ok, its all on the up and up right??? lol
@terrigross13392 ай бұрын
@@user-ll9qk2el4d Like who? The Kardashians.🤮
@MatthewMartinDean2 ай бұрын
The buyers are betting the local or state government will pay unlimited amounts to bail out homeowners.
@MrMountainchris2 ай бұрын
They will. This country ALWAYS has money to help the rich. smh
@alexlopez58002 ай бұрын
@@MrMountainchrisOnly old money. They hate new money
@tringuyen75192 ай бұрын
@@MrMountainchrisFlood insurance in FL is run through FEMA bc no insurance company will insure against flooding in FL! It’s beyond just the rich.
@vincenttiene2 ай бұрын
This is not going to happen to Florida. Ron DeSantis has mitigated all weather-related problems by removing all references to Climate Change in the state's documents/legislations. 🤣🤣🤣
@vincenttiene2 ай бұрын
@@Wi2Low Just like some people don't trust their doctors on COVID vaccines (nothing wrong with that), however when they are down with COVID, they would seek out their doctors for COVID treatments (this I don't get)?
@mikepotter5718Ай бұрын
@@Wi2Low It seems that science,observation and predictions are coming true. On your side you have politicians taking advantage of the general low level of science education.
@greggreg22632 ай бұрын
I always thought it was pretty stupid to have a property next to the ocean that is only 2 feet higher than the ocean😢
@runningfromabear8354Ай бұрын
FWIW my great-aunt (Canadian snowbird) had a "waterfront" property she bought in Florida in the early 80s. It was about 15 feet above the ocean and half a mile from the sea. I saw it as a child in the early 90s and thought it was so cool that she had the beach right out back but she said she ocean had "moved up." She sold in the mid 2000s after putting her house on stilts. She made a lot of money but really mourned losing that place. It got to the point she was too scared of losing her investment. But it wasn't 2 feet from the ocean when she bought it and I think most original owners never dreamed they would lose so much land.
@TheBandit76132 ай бұрын
When people build on waterfronts, they are taking a risk, climate change or no climate change. Water does often escape it's boundaries, has for 500,000,000 years. People must assume their own risk instead of asking us all to pitch in every time there's a hurricane or rainstorm. We pay to rebuild the same homes over and over again.
@Shane-zl9ry2 ай бұрын
Those poor rich people 😏
@jameslascelle94532 ай бұрын
The global sand crisis is going to make all of this even worse. Some companies will be dredging up sea floor sand to use in construction materials, which means less sand naturally flowing onto beaches. Less sand in our rivers means less sand for wetlands at the coast.
@Theonlysallyboy2 ай бұрын
Right?! Everyone is talking about climate change but not the loss of global sand. Humans are so disappointing.
@jameslascelle94532 ай бұрын
@@Theonlysallyboy it’ll make landlords like me into billionaires. When the cost of sand quadruples most poorer regions of Florida, the Gulf and East coast won’t be able to afford the costs. The federal government will probably create a home buyout program similar to FEMA. We will see millions of people relocate inland to rent my properties. This doesn’t even include the countries that are experiencing their sand being stolen that will experience massive coastal erosion and land subsidence; Bangladesh, Myanmar, Vietnam, China, Thailand, Cambodia and literally all the coral atoll countries in the pacific and Indian Ocean that require the movement of sand in the currents to stay afloat. Hundreds of millions of people will be displaced. Meaning more and more tenants for me in Canada and Ohio hehehe
@Temporal_Assassin2 ай бұрын
Wow! Alaska has Native villages having to uproot and move. Yet you folks are reporting on well off Americans house values going down.
@1azboy12 ай бұрын
There isn't enough government money to bail out those coastal property owners who have ignored the science of human induces global warming and the resultant sea level rise and increase in the number and severity of storms since at least 2006, when "An Inconvenient Truth" was released. I don't want any of my tax dollars going to bail out such property owners. They ignored the ever increasing evidence and warning about the consequences of human induced global warming for years and made a losing bet. It should be they who deal with the consequences, not the tax players collectively.
@FR-tb7xhАй бұрын
The only part of it that’s “human induced” is the stupidity of the buyers. Global warming is BS.
@julienrockingham-ip4co2 ай бұрын
Rich people problems
@Peter_Tissot2 ай бұрын
rich peoples problem becomes your probem julien, when they want the state to compensate them for loosing their $20 millon dollar home they paid $800k for last year. That commie handout is coming from your taxes
@Al-Storm2 ай бұрын
Let it go, all you do is cry on this channel all day long.
@GoldTau582 күн бұрын
Until you get your home insurance bill 😉
@pleasesayhi40092 ай бұрын
NOT THE COASTAL REAL ESTATE VALUES!
@OldJackWolf2 ай бұрын
We used to giggle while watching HGTV couples buying ocean, or even riverfront homes, knowing what was ahead. And that was over 10 years ago. Now we just shake our heads...
@JetJ3212 ай бұрын
Yes climate change has been happening since the beginning of time. The bible discusses floods, famine and disease. It was ever thus! In the mean time though the views are amazing and the beautiful fresh air so healthy.
@terrigross13392 ай бұрын
@@JetJ321Right, because the bible is all based on scientific facts.
@JetJ3212 ай бұрын
@@terrigross1339 okay rather than the bible lets go by scientific record. Ice age/ warming period & Floods are all in our past and will be in earths future. I'm just tired of those screaming about climate change being the same people Making money tearing up our natural flood plains and forest to build concrete and roads then telling people it's all our fault! They should be the ones paying flood ins for all.
@OldJackWolf2 ай бұрын
@@JetJ321 While I respect your right to a belief, know those event in the bible were not a change in the climate. Science would view them as extreme weather rather than climate change. Otherwise, we would have had 40 days and nights of rain globally every year or so.
@JetJ3212 ай бұрын
@@OldJackWolf Ty for a very respectful reply! I am thinking though of Florida being under water 2 1/2 Millon years ago and ice ages etc. I know humans are damaging the planet but just pointing out the changes in the earth's past. Also tired of our leaders screaming climate change and flood warnings as they continue to tear down all the trees and replace with concrete buildings. T y
@patrick247two2 ай бұрын
It's not as if you didn't know this was coming.
@CarlosDavidFoto2 ай бұрын
Multimillionaires and billionaires losing the value of their homes ... Breaks my heart 😅
@Agent77X2 ай бұрын
Elon Musk does not even own a home now! He has not gotten paid for 6+ years and counting!😮 Guy is one of the homeless!😂
@xtbum3339Ай бұрын
@@Agent77X Maybe no salary but Muskrat just got a 40 or 50 million or was a billion dollar buyout?
@GoldTau582 күн бұрын
You will be paying the insurance costs 😉
@wc4109Ай бұрын
1:10 Did she say those houses sold for mid $700-$800k… if weren’t for erosion $10-$12 million?? That’s like 95% drop in value! And they say real estate only go up…
@dougk29322 ай бұрын
Finally home prices start coming down.
@HughJass-jv2lt2 ай бұрын
😂 Mortgage is UNDERWATER... _FIGURATIVELY & LITTERALLY!_
@SofaKingShit2 ай бұрын
I can't even afford a disaster home. Maybe they will let me rent there once the floor starts tilting far enough down into the roiling sea.
@Peter_Tissot2 ай бұрын
Yeah, is coming down so low that the home will be under the water level!
@bobcortez9471Ай бұрын
A water-front house in Malibu just sold for $210m, another house in Palm Beach just sold for $150m. I’m not sure the word got out about sea level rise, but it’s ironic that it’s the ultra rich are telling us to buy electric cars due to climate change while they take their SUV’s to their jets to go to one of their other houses when a storm shows up.
@JoeJoe-tg3ed2 ай бұрын
As a real estate investor, your supposed 10M house true value is only valued at the price you can fetch, otherwise it’s an assumption value.
@CRMcGee22 ай бұрын
When the beach decides it wants to move in.
@cratecruncher4974Ай бұрын
Insurance policies DO NOT reflect the actual risk of living right on the coast. If coasters had to pay $50k a month for a homeowner policy this problem would resolve itself. (They might consider building in a less risky place.) We who live in less risky places currently subsidize them with higher premiums.
@skyak44932 ай бұрын
For three decades everyone has been telling me how much better it is to buy waterfront homes than a sailing yacht -yachts just cost upkeep and need high interest loans but waterfront RE just keeps going up! "They aren’t making more of it”. I keep telling them there is no shortage of beachfront, the best ones don’t have people living on them, and they are making more -beaches are moving all the time. If you want to live at the beach, your house better float!
@Theonlysallyboy2 ай бұрын
When do we start to eat the rich?
@Jb-mi2rm2 ай бұрын
😂
@Tormekia2 ай бұрын
Florida: Lalalalala global warming is a myth! Insurance companies: The thing you don't belive in is too expensive to insure against. Florida: Heeeey not fair!!!
@New-bw4kz2 ай бұрын
Global warming is so yesterday 🤣
@deniseb44262 ай бұрын
@@New-bw4kz The warming has just started you like it or not.
@SigFigNewton2 ай бұрын
Flood maps were recently updated. At some point the fact that some low lying area in a coastal city now floods every five years instead of every thirty years is going to hit property prices in an expanded set of regions. Still will be a minority of properties in these coastal cities, but still. For some for whom climate change hasn’t been real, the very real personal financial blow will be the realitybringer
@pcatful2 ай бұрын
The loss of value in property like this and properties around the country that will lose insurance and therefore value due to fire and tornados is the next huge hit on the economy. If not in every locality, the economic failure will be felt everywhere to banks, investments, and insurance that depend on the value will be lost.
@PilotVBall2 ай бұрын
Stop calling it property taxes. It is a housing tax. The correct term is housing tax. Housing should not be taxed! But the regime doesn't want you making the connection.
@brentdavidson1Ай бұрын
It’s most of most towns revenues. What should be taxed?
@fidel2xl8 күн бұрын
Jeez...it's not the mythical climate change. Beaches become beaches naturally due to erosion. But it is the homes and the respective home infrastructures constructed directly on those beaches that have helped accelerate the beach erosion.
@davep.77372 ай бұрын
Nobody will cry for them.
@Starship007Ай бұрын
I lived on maui. House maintenance similar to a ship. Appliances, paint, etc., rapidly deteriorate near oceans. A house is a liability(money out of pocket) until u sell. Hopefully make a profit, asset. Homes will always have property taxes, insurance, and maintenance even after retirement
@Starship007Ай бұрын
Floods, fires, earthquakes, etc., means insurance prices go up for all. The government( taxpayers) will end up paying but with 34 trillion in debt USA already debtor nation
@Starship007Ай бұрын
Maui already lost 20% of its beaches with other 80% threatened by erosion. In the 60’s the Sheraton Waikiki had a beach now 6 feet underwater. Equator water heating and expanding exaggerating sea level rise. More hurricanes in future with warmer water. Many river deltas where food grown will be underwater.
@kevinpurscell7283Ай бұрын
If only they had 4 decades of warnings about sea level rise.
@mattmadden3716Ай бұрын
You mean like when Al Gore said we’d all be dead or drowning by now!?!😂
@jamesmatheson962424 күн бұрын
If you help me make a 10 km balloon then we can ship the water to the upper portions of the balloon which will freeze because it's so cold up there and it'll turn into ice and then the water will recede and be stored in the form of snow on top of the 10 km balloon if you help me make this
@SvPVidsАй бұрын
When the rest of the US housing goes up, these manage to lose money.
@Starship007Ай бұрын
Higher global temperatures mean more evaporation and water vapor. Water becomes a greenhouse gas holding more heat. Less water from snow melts make it to rivers and oceans as land so dry and absorbent. More air conditioning with higher temperatures. Translates more energy use power grid
@BlackHoleOfTime2 ай бұрын
There have been countries preindustrial age that were flooded and levyed and used windmills to pump the water away and in the modern age we just run from it. Why don't we do big building projects anymore instead of giving $$ to Ukraine and Israel?
@petergeoghan7241Ай бұрын
Do my taxes pay for the homeowners loss when the insurance companies do not pony up?
@albertoserrano672 ай бұрын
Thats the price you pay to own beach side property 😂 a 1st world rich person problem they heard the warnings before
@cbrashsorensen2 ай бұрын
Shhhh...don't mention the "C" word. I'm sorry but my ability to feel badly for the American Oligarchy who have property on the coast is---oh, I don't know--ZERO. Kind of how they feel about the rest of us trying to make a living.
@troyjason34262 ай бұрын
What kind of 'idiot' would buy a multi-million-dollar home "ten" feet from the ocean?
@cabindude7656Ай бұрын
The government will bail them out.
@zeyna1881Ай бұрын
Finally they realized they will be flooded🙄
@chriskelly65592 ай бұрын
My bucket of sympathy for rich folk is totally empty.
@Starship007Ай бұрын
Our lifespans are too short to really experience our violent universe. We think the earth is nice and stable but that is just a blink of an eye in earths history.
@jealousmuch888Ай бұрын
Poor rich people...what ever will they do?!
@holdencaulfield3102Ай бұрын
It's not the insurance industry, and the government picking up the tab. The tab will be picked up by the middle class taxpayer/insurance policy holder. It's ethically wrong.
@donnaanderson5669Ай бұрын
That’s why I don’t wanna live right on the coast. I want to live up on the hill still able to see the water will not close where the ocean swallow the house.
@gameosapien132 ай бұрын
Gee it's almost like the ocean levels are rising again just like they do about every 120k years during inter-glacial cycles and have been doing during this latest one for the last 15k plus years.
@odiii19662 ай бұрын
It’s no news that constructions on shore lines are a huge risk. These people failed in risk management. Period.
@stevehansen65522 ай бұрын
Not my problem as I could never afford waterfront.
@davidmcbride80592 ай бұрын
We knew about this 20 years ago. People in at risk homes then that knew about this sold a decade ago to idiots. Now we are upset because buyers didn't do their due diligence? LOL
@robertlee3778Ай бұрын
this all has been calculated and taken into account.. there is no need for the drama
@Jake-pf4kv2 ай бұрын
No more bailouts
@NiceTriGuy2 ай бұрын
Not once did they mention how minuscule and gradual sea level change is. None of this natural erosion and storm damage is impacted by ‘rising sea levels’. Building homes in vulnerable areas and expecting someone to manage that risk for you is wishful thinking. The elevation and protection of shoreline property has always factored into the price, and always will. Have we had stupid people build homes where they shouldn’t be… yes, have they convinced unwitting buyers they are safe… yes…. Is the market correcting… yes. Do people forget and overlook the history of coastal regions and flooding.. yes.
@tr7b4102 ай бұрын
Except these home owners are begging for subsidies to shore up their properties=Tax dollars wasted.
@russtaylor21222 ай бұрын
Shall we have a whipround and fill the hat with pennies to help these poor millionaires...? Nah? OK.
@user-tt1tc8tf7i2 ай бұрын
Didn't see it coming? Really?
@New-bw4kz2 ай бұрын
Greed biting their butts
@ralphbernhard17572 ай бұрын
Build your house on sand, expect a sandy end.
@claudiocorleone7856Ай бұрын
Lol! My ass!
@jackiepaper1012 ай бұрын
Climate change deniers: "It's summer."
@Jb-mi2rm2 ай бұрын
😂
@jimminniehan25482 ай бұрын
Aaawww i feel so bad for rich people with million dollar homes losing value...ten millioan dollars homes yeah i don't care.
@Starship007Ай бұрын
The future is what cities do we protect with levies and others let go. Slow movement inland. Mother Nature will eventually win. How high will levies be built before it’s just too expensive. New Orleans is a mini view of the future. King tides are showing their bad sides. East coast being hit more vs deeper ocean west coast
@user-li2ym3pk9uАй бұрын
Yodock Simmons environmental solutions has the answer real functioning form
@Imjusttryingtotellu2 ай бұрын
There’s so much jealousy in these comments, DAMN!
@KJSvitko2 ай бұрын
Climate change and rising sea levels will make properties in low lying areas and coastal areas impossible to insure. Banks will be reluctant to give a mortgage for 15 or 30 years because the property may be under water. Selling properties to average buyers will become impossible in the future as banks and mortgage companies stop making loans for these properties. Coastal areas are a high risk for insurance and extreme weather like hurricanes. People will have to self insure and take the risk of loss. Condo associations are losing their insurance and if they find a new higher cost policy they will be passing on the higher costs to association members. Flooded cars from hurricanes fill the salvage lots. Insurance companies will raise rates and pass on the costs and risks to policy holders next year. Coastal properties will be confined to wealthy individuals that can buy properties with cash and self insure for losses from hurricanes or rising sea levels.
@A.C.002 ай бұрын
Aaannnddd who's to blame. The usual suspects as always.🙄
@rose415Ай бұрын
How much are our tax dollars going to supplement these millionaires 2nd or 3rd beach home flood insurance
@edbouhl31002 ай бұрын
The American middle class (especially MAGA) is in various degrees of denial about the climate change effects that are kicking in now (and even more so about the coming effects and costs already in the pipeline). The beach house owners just happen to be in front of the line of fire. They aren’t the first and won’t be the last to expect someone else to pay for the consequences of their willful ignorance driven choices. It’s not surprising - very few globally are willing to take a reduction in their perceived standard of living. But things that can’t go on forever don’t.
@zaboe9112 ай бұрын
Boomers literally sliding away to irrelevance lol
@harrykeane90272 ай бұрын
Oh what a surprise.🙄
@will7its2 ай бұрын
Its insured and a write off, thats why they buy.......
@Peter_Tissot2 ай бұрын
idiocracy working as intended!
@adrianhayes3866Ай бұрын
to who ben? aquaman!
@bonniegettingthrumyday28662 ай бұрын
There today gone tomorrow
@judithwood64192 ай бұрын
you should be happy you were able to enjoy it. The people of the future woke be able to enjoy what you have.
@graphdatascientist2 ай бұрын
hahaha
@JeremeyHowlett2 ай бұрын
This is just ridiculous! Get some sand dredgers out on that ocean and replenish those beaches. I wish people would stop making this such a big deal.
@cub10092 ай бұрын
How does the ocean go up if it is level?
@stringlarson12472 ай бұрын
Seriously?!
@cub10092 ай бұрын
@@stringlarson1247 level means flat AF right?
@peter320vn2 ай бұрын
@@cub1009 Melting glacier and thermal expansion (water increase in volume when temperature increase)
@cub10092 ай бұрын
@@peter320vn that's amazing.
@deniseb44262 ай бұрын
Tides become higher and higher for instance.
@leeeduncan2 ай бұрын
When did the sea level rise? I live near the ocean. Same level it's been my entire life.
@Deathscroll41Ай бұрын
😂😂😂😂😂😂😂
@starcribАй бұрын
Boo- hooh. 💩
@petewilcox33542 ай бұрын
Is climate change real then? Asking for a friend
@New-bw4kz2 ай бұрын
Yes it changes every season
@deniseb44262 ай бұрын
@@New-bw4kz You are wrong. "The season is determined by the changes in weather during a specific time of the year. Contrastingly, the climate is the behavior of the atmosphere over a longer timeline."
@Marbella-DaveАй бұрын
Climate change 🤣🤣🤣🤣
@damienmorrison72262 ай бұрын
aaaaaaaah boo hoo
@MarCinfu-kf2dm2 ай бұрын
The corruption that runs through this administration is getting scarier. I feel sympathy for people with disabilities not getting the help they deserve. Imagine investing $1000 and receiving $4,200.
@MichaelBrown-ny3et2 ай бұрын
Sea level isn’t rising. False narrative.
@scottjobe2 ай бұрын
Oh my god. Erosion
@Agent77X2 ай бұрын
Those poor fake rich people! Two million dollar Nantucket beachfront home is the bottom of the barrel. Sold out at $600K!😮
@eyesurgeon69Ай бұрын
"Flooding and erosion like has never happened before".....ummmm you might want to review the geological record before you make ridiculous claims like that, because of course it has happened many times before.