A story this week in the Virginian-Pilot discusses the quandary buyers are having in purchasing property in low-lying areas in Norfolk, VA. As you may know, properties near the coast are usually desirable and expensive and in high demand. But realtors in Norfolk are starting to see people think twice about buying property near water because Norfolk is in an area of sinking coastline, and flooding is becoming more common in low-lying areas. Scientists consider this to be a sign of what might be expected in the future in areas where sea level is projected to rise. In the story, it tells about buyers who find houses they love but then can’t afford because they are located within a flood-prone area and the cost of flood insurance (which is not covered under homeowners insurance) puts the property beyond their reach. Unlike other problems with the property, the flood designation does not have to be disclosed in the purchase negotiations. You can read the story here.
Changes in sea level cause people to rethink purchasing shoreline property
