real estate costs

Flood Insurance Changes - Great Article on Impacts

Adaptation Choices in Norfolk (l to r) - raise, wait, rebuild  (photo NYT - Benjamin Lowy)

Adaptation Choices in Norfolk (l to r) - raise, wait, rebuild (photo NYT - Benjamin Lowy)

New York Times Magazine takes a look at the issue of flood insurance and its impacts, implications, and responses in Norfolk, VA. Great article by Brooke Jarvis - makes a complicated issue understandable and human.

This is just the start of the changes in coastal communities as risk - both present and future risk - gets priced into the economy. Resilience now means more than dealing with physical protection and environmental improvement. We have to deal with the economic consequences of the changes that we are seeing if we are to really become resilient.

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.