“Living on the edge”: Estimating the economic cost of sea level rise on coastal real estate in the Tampa Bay region, Florida

Fu, Xinyu; Song, Jie; Sun, Bowen; Peng, Zhong-Ren

doi:10.1016/j.ocecoaman.2016.09.009

Cited by 41 publications

(35 citation statements)

References 31 publications

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“…In fact, many coastal cities and regions have already conducted studies of local vulnerability to potential SLR impacts but the local economic analysis of SLR impacts is still scarce [12,42]. This study provides a novel spatial approach coupled with cost-benefit analysis to identify areas that are the most vulnerable in terms of economic exposure and, therefore, should be prioritized for adaptation.…”

Section: Resultsmentioning

confidence: 99%

Assessing the Economic Costs of Sea Level Rise and Benefits of Coastal Protection: A Spatiotemporal Approach

Song

2017

Sustainability

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Sea level rise (SLR) is believed to be the most dangerous impact of climate change in coastal regions. Adapting to its impacts has become imperative since SLR is now considered inevitable. Lack of local economic analysis of SLR impacts is one of the major obstacles impeding adaptation. To address this gap, this study employs a spatiotemporal approach to estimate the economic costs of future SLR as well as the benefits of coastal protection, a principal adaptation strategy, under four local SLR projection scenarios in the mainland Miami-Dade County, Florida. Our findings indicate that SLR impacts are nonlinear and coastal protection, while costly, can significantly reduce future potential losses. A novel spatial fishnet approach is also proposed to help local decision makers identify areas that should be prioritized for protection. Findings of this study aim to support local adaptation planning, and call for integrating adaptation for SLR and its uncertainties into local planning frameworks to achieve long-term sustainability and well-being of our precious coastal communities.

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Section: Resultsmentioning

confidence: 99%

Assessing the Economic Costs of Sea Level Rise and Benefits of Coastal Protection: A Spatiotemporal Approach

Song

2017

Sustainability

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“…24,25 A decade after Hurricane Katrina, New Orleans had tens of thousands of abandoned properties. 26 Falling real estate prices in at-risk areas 27,28 force some homeowners to sell at a financial loss, risk living through another storm, or abandon their homes. 25 Abandoned properties can become eyesores for which the local government has to pay to maintain, 26,29 and empty lots can destroy the sense of community.…”

Section: Why Manage Retreat?mentioning

confidence: 99%

Managed Retreat in the United States

Siders

2019

One Earth

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“…Model that examines more recent data, covering a period without significant storm-related flood impacts, indicate a significant risk premium ranging between 6.0% and 20.2% for homes sold in the flood zone, but this effect is diminishing over time, essentially disappearing about five or six years after Hurricane Floyd. More recently, Fu et al [48] in 2016 employed a spatial hedonic approach to estimate the economic cost due to inundation by future sea level rise to inform local decision making about loss prevention potential of local protection measures. According to their findings, inundation by three-foot sea level rise in 2050 could cost Hillsborough and Pinellas County over 300 and 900 million dollars, respectively, for the real estate market alone.…”

Section: The Use Of Hedonic Approach For the Assessment Or Urban Qualitymentioning

confidence: 99%

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

et al. 2017

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Abstract:The Hedonic Pricing Method is one of the principal assessment methods for evaluating services and resources not normally exchanged on the market. However, the method is often unable to account for the great variety of qualities in an urban context and faces scarce and heterogeneous market data. This paper presents a model for the valuation of benefits generated by environmental and urban improvement investments adopting a mixed hedonic-multi-attribute procedure for modeling a value function of urban real estate values. The peculiarity of the model is that the independent variables are aggregated indicators, which synthetize more detailed characteristics. Using the expertise of real estate agents, all relevant variables influencing real estate values were weighted and synthetized in a set of cardinal indicators. Next, market prices were used to calibrate a hedonic function that transforms the cardinal indicators into real estate values. The valuation model was integrated into a GIS for mapping the housing value, and its variation induced by urban investment. The proposed model pointed out plausible and robust results, in particular, the possibility to use any available information, such as location, position, technical and economic characteristics of buildings, and organize it in a flexible and transparent way, and to keep evident the role of each characteristic through the hierarchical structure of the model. The model was applied to the real estate market of Venice to test the effects of the MOSE project (Electromechanical Experimental Module) for the protection of Venice from high tides. The results of the application showed a relevant increase in real estate values in the center of Venice, especially related to property in ground floor units, of about 1.4 billion €.

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“Living on the edge”: Estimating the economic cost of sea level rise on coastal real estate in the Tampa Bay region, Florida

Cited by 41 publications

References 31 publications

Assessing the Economic Costs of Sea Level Rise and Benefits of Coastal Protection: A Spatiotemporal Approach

Assessing the Economic Costs of Sea Level Rise and Benefits of Coastal Protection: A Spatiotemporal Approach

Managed Retreat in the United States

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

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