Are waterfront buyers ignoring the likelihood of sea level rise in the real estate market? That is the question that Scott Van Voorhis asks in this week’s Banker & Tradesman.
As sea levels rise, the Hub and other coveted coastal communities will soon face an even more challenging marketing problem as once-desirable waterfront neighborhoods suddenly appear risky to companies and high-end condo buyers alike. Obviously, the pullback hasn’t happened yet, and it may take a few years to come to fruition.
And by the time the first major flood hits downtown Boston, it may be too late to steer the discussion. But if you are looking to spend a cool $5 million for a new penthouse overlooking Boston Harbor, it would make sense to thoroughly check out the neighborhood. And that should include the unpredictable ocean in the front yard.
The following is excerpted from an interactive graphic developed by UMass Boston, showing that a 2.5 foot sea level rise and a storm with a 5 foot surge would largely flood most of the waterfront and periphery of the North End as well as low lying areas in Back Bay, South End East Boston and the Seaport area.