Storms Batter Luxury Home Prices

By Douglas McIntyre  •  June 15, 2024
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Luxury home prices are not immune from the storms that batter seaside areas. They are affected by rising insurance rates, more powerful hurricanes, and flooding. Some insurance companies have completely walked away from covering these sections of coastline. 

Home Prices –What Do Hurricanes Do?

A CNBC story covered some luxury home price problems in areas threatened by storms. These included Dana Point, California, Long Island, New York, and Nantucket. Long Island is home to some of the most expensive vacation homes in the Hamptons, and Nantucket is also a playground for the Eastern US rich. 

The Rich Will Suffer

Several models of what climate change will do to coastal areas show that, in 20 years, much of this land will be underwater, houses will be destroyed, and real estate prices in these areas will no longer matter because there will be nothing to sell. 

Among the best examples of large areas with expensive real estate that are at risk is Miami. One model shows that two-thirds of the city will be underwater within decades. Nevertheless, people still flock to the city, including many ultra-rich from the New York area. To accommodate them, Miami is adding luxury housing and high-rise office buildings. It may be soon that some of this is destroyed.

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