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Without seeing that list, I would have guessed Baltimore to have more than Las Vegas and Houston. Or at least be up there with Seattle because obviously, outside of Baltimore City, the suburbs of the Mid Atlantic do get very spread out. But I do get the logic of what you're saying. Baltimore MSA is only 2.7 million while the others are at least over 5 million ( I think Boston MSA is 5 million).
"I think people continue to put [climate risk] in the back of their minds. I think there are people that will do anything to be on the ocean and the coast of Florida and nothing, nothing will deter them," said Durkin.
'Still, home sales in Palm Beach and Miami, are up 270% and 133%, respectively, since last year, according to Douglas Elliman.'
"Counterintuitively, people are moving to places with higher climate risk," said Daryl Fairweather, chief economist at Redfin. "And it seems like climate change, although it's something that people care about, is at the bottom of the list or it's not the top priority."
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I think what people don’t realize is people don’t care about 30 years from now. Unless Miami is going to be underwater, like in 2026 people are gonna move there
I think what people don’t realize is people don’t care about 30 years from now. Unless Miami is going to be underwater, like in 2026 people are gonna move there
General Joe Schmoe might not care, local governments and developers increasingly do. It will have an effect in price and overall availability within the decade, is my guess. But the pandemic and he rise of remote work may work in Miami's favor, but again.. It not been growing at a sensational rate as is.
There's a renewed -really, never seen before urgency at this moment- Id would imagine this has to slow development and scale back projects at the very least, if not have some scrapped in the very near future.
"I think people continue to put [climate risk] in the back of their minds. I think there are people that will do anything to be on the ocean and the coast of Florida and nothing, nothing will deter them," said Durkin.
'Still, home sales in Palm Beach and Miami, are up 270% and 133%, respectively, since last year, according to Douglas Elliman.'
"Counterintuitively, people are moving to places with higher climate risk," said Daryl Fairweather, chief economist at Redfin. "And it seems like climate change, although it's something that people care about, is at the bottom of the list or it's not the top priority."
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General Joe Schmoe might not care, local governments and developers increasingly do. It will have an effect in price and overall availability within the decade, is my guess. But the pandemic and he rise of remote work may work in Miami's favor, but again.. It not been growing at a sensational rate as is.
Sensational rate compared to where? Have any numbers for your claim? The entire metro area is completely built out. Any amount of growth is going toward the sky. That's really all that matters to the people who truly know the kind of things that brings to the area.
"Demand for rental apartments in the area is so strong that the only limitation to how fast the new apartment buildings in Miami are filled is elevator capacity for tenant move-ins, the report said."
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I think what people don’t realize is people don’t care about 30 years from now. Unless Miami is going to be underwater, like in 2026 people are gonna move there
Sure, but at some point, banks aren't going to write mortgages on those properties because they end up eating all the risk. It's only a matter of time before flood insurance ends up reflecting the actual risk. It's inevitable that laws will change so the vast majority of the country isn't subsidizing bad choices of the few. Musical chairs. You don't want to own property when the music stops and the bottom drops out.
Sensational rate compared to where? Have any numbers for your claim? The entire metro area is completely built out. Any amount of growth is going toward the sky. That's really all that matters to the people who truly know the kind of things that brings to the area.
"Demand for rental apartments in the area is so strong that the only limitation to how fast the new apartment buildings in Miami are filled is elevator capacity for tenant move-ins, the report said."
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the metro grew by 10.3 percent in line with Minneapolis.... and below Tampa, Denver, Charlotte, Portland, san Antonio, Jacksonville, Columbus Indianapolis, Sacramento and many others. The nation grew by 7.5%
Much of Miami is low slung and somewhat inland, I would imagine those areas would have to begin growing moving forward it makes more cost-effective sense. Especially with the gentrification of Miami.
Sure, but at some point, banks aren't going to write mortgages on those properties because they end up eating all the risk. It's only a matter of time before flood insurance ends up reflecting the actual risk. It's inevitable that laws will change so the vast majority of the country isn't subsidizing bad choices of the few. Musical chairs. You don't want to own property when the music stops and the bottom drops out.
Unless the mortgages are jumbo loans, they all get moved onto taxpayers via Fannie and Freddie and Ginnie, and they are not going to care about 30 years in the future, especially with the voting power of florida.
I'm no Miami booster, but to me it makes sense that people would continue moving into the towers there even as rising sea levels loom. The city actually becoming uninhabitable is still a few decades off, and apartments are low-commitment. Why not enjoy Miami while you still can? I could actually see the rising sea levels making it more attractive in that way.
Yea, the density numbers might be lower or higher than expected for any host of reasons like inclusion of non-residential areas which I suspect might be the case with that area since it's a lot of attached multi-floor buildings. That and/or maybe a higher level of vacancy? The structures can still be around for a while even if they aren't occupied.
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