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To me, investing in FL is a long term looser, not because pf politics but because of Climate Change. It has been there for a bit over 50 years, 50 years from n
by jmclnx 3y ago
To me, investing in FL is a long term looser, not because pf politics but because of Climate Change. It has been there for a bit over 50 years, 50 years from now, the potential exists that it will be a place only mermaids can visit.
- csours 3y agoSomeone pointed out that lack of growth is treated as decline in our culture/economy. So the threat of climate change in Florida is that real estate prices will stop growing - that breaks a fundamental assumption - line goes up - and that drives a race to the exit. So far this has only happened in some localities, so we'll see. If my house is underwater fiscally, it may as well be underwater with the fishes.
- echelon 3y agoI'll gladly buy your Miami property for a discount. My thesis is it's not going anywhere in the next 100 years and that the prices will only continue to rise.
- mvid 3y agoIf you believe that, then you don't even need the discount.
- csours 3y agoI agree that the real bet is on the time frame.
- seanmcdirmid 3y agoFlorida real estate prices is incredibly volatile. They are in an upswing now (along with everyone else), but crash just as quickly. Land speculation is a risky business, but there is money to be made in Florida vs. more stable markets. > My thesis is it's not going anywhere in the next 100 years and that the prices will only continue to rise. I don't think you've looked at a graph for the last 50 years. In the end, they will probably rise if just because of inflation. The question is will it outpace inflation or crash. Frankly, the job market in FL isn't great for techies (although I interned for IBM at Boca Raton in 1995), so I haven't really looked into it.
- joquarky 3y agoSoon the insurance will cost more than the property.
- hersko 3y agoAmsterdam has been below sea level since the 17th century. Not sure why more modern cities would not be able to adapt as well.
- rjsw 3y agoFlorida is porous.
- jdlshore 3y agoAs I understand it, Florida’s ground is porous and it’s not possible to keep water from going under any barriers you create.
- hersko 3y agoInteresting, did not know that!
- etrautmann 3y agoYep, there's no way to keep the water out: https://sealevelrise.org/states/florida/ https://sealevelrise.org/states/florida/
- seanmcdirmid 3y agoSo build floating cities? I think Tokyo or Osaka had that idea, they might actually make it a reality.
- harryVic 3y agoBuilding floating cities would be expensive. One of Florida's biggest attraction is cheap housing.
- nathansherburn 3y agoI wonder if it's cheap because of said future flooding?
- JohnTHaller 3y agoIt can be both. Businesses seeing a governor and party in power going after companies because of something they said is a strong short-term disincentive. Rising sea levels and increasing temperatures are a strong long-term disincentive.