As Risk Gets Priced into Shoreline Property, Prices Fall

A story in the Daily Press looks at real estate assessments in Hampton, VA and finds declining value for waterfront property. What we have been hearing anecdotally is starting to take shape. We hear complaints about properties in known flooding areas languishing on the market, about pressure to drop home prices in flood zones to get them to move, about people taking all sorts of steps to lower flood insurance costs.

As assessments come out in other localities in Southeast Virginia, it will be interesting to see if there is a larger trend coming.