Foreign investors disapprove of the rising sea level in Miami


Foreign investors disapprove of the rising sea level in Miami
Even if there are no storms on the horizon, the sea is rising and often flooding the streets. But this did not prevent foreign investors from investing large sums of money in Miami real estate. Observers in the local market say many people are involved in relatively short-term investments, and then they try to sell them before climate change causes losses.

Visiting South Florida, you don’t know that this new city is a sub-war zone ten years ago. After the crash, Miami’s skyline was dominated by half-empty buildings and idle cranes; the apartment associations were in trouble with collecting fees, and the advertising lawyers on the billboards swore that they could recapture your deposit.

The notoriously prosperous and depressed regions have been bail-outs from foreign investors, and foreign investors want to get the hard assets of the United States and the Miami dream of moving towards the sun. Eighty percent of the cash down payment becomes new – and often invisible: about 5% of South Florida foreign buyers snap up local homes without access; 18% can buy it with just one visit.

But with this dizzying rise has been the buzz on the sea level.

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Locals are increasingly finding inland streets that are flooded by floods during the climax – the Atlantic rises through the porous limestone built in South Florida. Due to the reverse operation of rainwater discharge, squid and even octopus have been found in the flood. Miami Beach is aiming at a $500 million infrastructure upgrade, installing 80 new pumps in a decade to redirect the flood back to the ocean. The city of Miami approved a bond issue that includes about $200 million to prevent flooding and ease sea level rise.

Even so, Zillow estimates that by the end of the century, nearly half a million Miami homes will be inundated. This is the top person in the country.

With the rise of Waters, Miami Beach has built higher streets and political willpower
With the rise of Waters, Miami Beach has built higher streets and political willpower
Donna Shalala, a former Clinton government official and president of the University of Miami, said many of the homeowners she met during her campaign for Congress considered the economic risks of rising sea levels to be the most important. She said people are worried about their homes and how the region will face the future.

“What we have done to the existing building, what kind of transformation we have made, and what kind of pressure we are putting on the national government is very important,” said Sarah. “Look, I have an apartment in Miami Beach, right on the water; I really can’t get hurricane and flood insurance. No doubt.”

According to the Journal of Ocean and Coastal Management, between 2006 and 2013, the floods caused by tides in Miami Beach surged by more than 400%. When the tides are particularly high – when it’s raining or not raining, people in South Florida know to drive and drive their shoes in the grocery bag. Local officials frantically raced to install these pumps.

Why do some people invest hundreds of thousands or even millions of dollars in this terrible trend?

For them, foreign investors think they can time the market.

New report predicts rising tides and flooding
Two way
New report predicts rising tides and flooding
Norfolk requires developers to take more measures to prevent flooding
Norfolk requires developers to take more measures to prevent flooding
In the Miami Herald, Nicholas Nehamas won the Pulitzer Prize for his foreign funds check in the sky.

“Foreign investors believe that they will sell before climate change affects their unit price,” he said. “This is part of the market that best drives the market out of reality.”

Today, Sunny Isles, the relationship between North Miami Beach and Russian investors, is often referred to as Little Moscow. The community now has a Porsche Design Building, which is a high ups and downs, similar to the Porsche Pistons on the shoreline. Residents can drive their cars to a spacious elevator and then enter their apartment, each with its own garage. The Grammy-winning superstar Alicia Keys was hired to attend the conference, and the property even had a dedicated concierge who was responsible for car wash and tire rotation.

Residents of the Porsche Design Building in Sunny Isles can drive their car lifts into their apartment.
Porsche designed John Parra / Getty Images
New high-rise buildings like Porsche have elevated garages and storm shutters. Before the hurricane, the building’s supervisors only need one phone call in Caracas, Rio de Janeiro or Tel Aviv. Leave all the sea level rising anxiety on the ground.

Agent Peter Zalewski is one of the most consulted apartment experts in Miami, especially foreign buyers. “Many people I deal with – I am not dealing with a family of four and a dog, but dealing with investors – they will come in and out,” he said. “Their vision is usually that they go in and out for three, five or seven years. If you are worried that this is a problem 10 or 20 years from now. If you want to take advantage of the current market, this is not a problem trend. This is the trader’s Mindset.”

Last summer, after about 6.5 million Floridans were evacuated in Florida, Category 5 Hurricane Irma fell sharply on landing and South Florida escaped. In the midst of nervousness, the locals are struggling to see if the bank will write 30-year mortgages and the solvency of government-backed flood insurance – which is too expensive for most South Floridaers. What happens to the property tax?

As the storm weakened, it still turned the high-rise corridor into a river and threw a sailboat from the apartment lobby to the sailboat.

High tide or low tide, the next hurricane season will officially begin on June 1.


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