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It is beginning to get the attention many feel it deserves. Rising waters along the coasts of Florida are starting to impact real estate values. From Jacksonville to Miami Beach and the Florida Keys to Pensacola, rising waters are becoming more and more a factor for both buyers and sellers.
More than two million people live directly along the Florida coasts. Now, a listing of the 20 largest urban areas in America being affected the most by rising waters includes 5 cities in the Sunshine State. The cities include Miami, Miami Beach, Tampa, St. Petersburg, and Panama City. Jacksonville, impacted by both rising ocean waters and the northward flow of the St. John's River, has seen repeated impacts, even downtown. In Miami, where coastal construction continues at a record pace, the National Oceanic and Atmospheric Administration (NOAA) says street flooding will occur annually in the city every year by 2070.
Investors in Florida real estate seem to be a mix of optimists and opportunists. There are also certainly a share of alarmists. With billions of dollars potentially at stake, it seems everybody has something to lose or gain. It has become increasingly critical for buyers to be diligent when researching where to buy Florida real estate.
The media has started paying attention. Newspapers and television stations across the state have begun running in-depth features on rising waters and more individuals in and out of real estate are taking note. While Florida remains behind most other states when it comes to laws requiring flooding issues be disclosed to potential buyers as part of a property disclosure form, there are other ways for buyers to protect themselves.
There are of course, FEMA maps available, although some have concerns that many are outdated. In their place a variety of private websites have sprung up, both as free and paid resources. Some communities, like Miami-Dade have taken to making flood related resources more accessible on their community websites. Still, some buyers have decided that knocking on neighbors' doors to find out if an area near a property experiences frequent flooding is an effective option.
For now, it remains buyer beware when it comes to flooding and purchasing real estate, especially in coastal communities in Florida. It can benefit buyers to do their homework on the subject and get any professional assistance that may be valuable. In 2008, many Americans were faced with a mortgage crisis that placed many of their home loans upside down or under water. That terminology may take on new meaning for the next generation of homeowners in Florida.