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      Sea level rise, homeownership, and residential real estate markets in South Florida

      Fu, Xinyu; Nijman, Jan
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      Sea Level Rise Homeownership and Residential Real Estate Markets in South Florida.pdf
      Accepted version, 447.5Kb
      DOI
       10.1080/00330124.2020.1818586
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      Fu, X., & Nijman, J. (2020). Sea level rise, homeownership, and residential real estate markets in South Florida. The Professional Geographer, 1–10. https://doi.org/10.1080/00330124.2020.1818586
      Permanent Research Commons link: https://hdl.handle.net/10289/13915
      Abstract
      This article builds on a small but rapidly growing body of research that seeks to determine the impact of sea level rise on the pricing of residential properties. Through a spatial hedonic regression analysis of real estate markets in two Florida counties (Miami–Dade and Pinellas), we assess the influence of different exposure levels on market discounts. Our article stands out in terms of its focus on two comparative case studies and its differentiation between properties that are primary homes versus nonprimary homes. We find that generally discounts are positively associated with exposure levels and overall Miami–Dade experiences higher discounts than Pinellas due to the former’s lower average elevations. We also observe different market behaviors of primary versus nonprimary home buyers and these are partially dependent on affluence. In Miami–Dade, price discounts are less for highly priced properties purchased by nonprimary owners. We attribute this to different buying motives and risk tolerance of affluent nonprimary homeowners. We argue that nonprimary ownership, particularly in high-end waterfront residential real estate, is tempering gradual market adaptation to sea level rise exposure risk, which could have detrimental longer-term consequences in terms of market volatility.
      Date
      2020
      Type
      Journal Article
      Publisher
      Informa UK Limited
      Taylor and Francis
      Rights
      © 2020 The Author(s). Published with license by Taylor and Francis Group, LLC

      This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way
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      • Arts and Social Sciences Papers [1405]
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