Investors are starting to take note. “Clients asking about [sea level rise] used to be once a month, then once a week, now it’s virtually every meeting,” explains Marc Singer, founding partner of Singer Xenos Schecter Shosler, a wealth management firm that focuses on South Florida.
Singer believes that rising sea levels are going to amplify the already intense swings of the local real estate market, and he’s advising his clients, who are typically worth $3 million to $5 million, to limit their exposure to waterfront real estate.
Single-family homes in Miami Beach — the most expensive neighborhood in the city and one that’s also highly vulnerable to flooding.
“There’s one big difference between a real estate correction and a real estate correction fueled by sea level rise,” Singer says. “The former always recovers, but sea level is not going back down.”