Month: June 2020

The Siberian Town that Broke 100 Degrees & You

On Saturday, June 20, the Siberian town of Verkhoyansk located above the Arctic Circle hit a scorching, all-time record high of 100.4 degrees. What’s that have to do with those of us who live thousands of miles away in the U.S.? As residents of the same planet, a lot.

First, the record is a sure sign that the simple science behind climate change, read global warming, is on the mark. It goes like this: We burn fossil fuels (think oil, gasoline, coal), greenhouse gases — most notably carbon dioxide — accumulate in the atmosphere, the greenhouse gases trap radiation from the sun in the atmosphere, and the atmosphere, ocean and land heat up.

Second, the heating of northern climes isn’t just a matter of extreme summer weather. Under the spell of the sun that never sets this time of year up there, the land surface heats up and permafrost begins to melt. As it melts, methane, a more potent but not as long-lasting greenhouse gas is released into the atmosphere, leading to even more warming. The feedback cycle generates more and more melt and more and more methane release.

We’re not done with second point yet. The heating of the northern climes also leads to the normally damp land drying out, which results in forest fires. The fires pose at least two threats: They release more carbon dioxide into the atmosphere — accelerating global warming — and the soot can settle on snow and ice fields. There, the dark soot absorbs solar radiation which result in faster melting. The water pours into the ocean contributing to sea level rise. Scientists witnessed this dynamic when wildfires in Canada coated Greenland’s ice sheet in soot and melting occurred at a faster rate.

Third, the global warming-driven record high temperatures in Siberia, Alaska, Greenland and other high latitude locations can alter weather patterns. Specifically, they can cause a buildup of high pressure areas that stall the jet stream, which normally keeps weather systems moving from west to east. When they stall, they, too, can heat up. This is contributing to the seemingly never-ending series of monthly high temperature records being set around the globe.

So, what’s all this have to do with you (us)? Record heat above the Arctic Circle is clearly a warning sign that the climate is changing more rapidly than many scientists anticipated. We have pumped more carbon into the atmosphere than has been recorded in millions of years. As a result, there is the very real risk that high temperatures now considered unusual will soon become the norm while extreme high temperatures become, well, more extreme. This cycle could accelerate to the point where, quite frankly, parts of the planet could become inhospitable to human life.

The reality of rapid global warming already poses a threat to millions of people who live in coastal areas. Many of us reside in cities and towns that are already experiencing sea level rise flooding or will likely experience it in the coming years. If the planet warms faster than expected, it’s likely that the rapid melt Greenland experienced due to extremely high temperatures last summer will become the norm. The warming could also cause the Arctic ice sheet, the other major contributor to higher seas, to become further destabilized as floating ice sheets that hold back inland glaciers break off the continent. If enough sea ice vanishes, inland glaciers could become uncorked and rush from land into the sea. The combination of melt in Greenland and a river of Arctic glaciers spilling into the ocean could lead to seas rising much faster than predicted when many locations are already struggling with the foot or so of sea level rise that’s been recorded in the last hundred or so years.

The bottom line for you (us) is global warming is fact. The heating we’re now witnessing and its consequences was anticipated decades ago by the majority of climate scientists. The only real X-factors are how much fossil fuels we’ll burn in the years to come and exactly how fast they’ll warm the atmosphere, ocean and land.

So where does this leave you (us)? Science says the only way to stop the dangerous global warming feedback loop is for humans to burn less fossil fuels. It’s that simple. To achieve this objective, we need to elect leaders who are dedicated to the cause and give our business to companies that help us to trade fossil fuels for environmentally-friendly energy sources.

If we fail to cut back on releasing carbon into the atmosphere, the tiny town in Siberia will prove to be the canary in the coal mine none of the miners listened to.

US Real Estate Mortgage Market Already Defending Itself Against Sea Level Rise

While many coastal communities struggle to control sea level rise flooding, US real estate mortgage providers are already taking steps to protect their businesses against the risk of inundation.

According to a New York Times article titled “Rising Seas Threaten an American Institution: The 30-year Mortgage”, banks in coastal areas are requiring buyers to make higher down payments as a hedge against the risk that sea level rise flooding and the loss of property value will encourage buyers to default on loans. In some cases, banks are requiring buyers to pay up to 40% up-front compared with the traditional 20% down payment.

The banks are also increasingly selling the mortgages to government-backed buyers to get the risk off their books. Interestingly enough, the article notes that small, local banks that know where flooding is now occurring or likely to occur soon are selling off loans the fastest. Unfortunately, if any of the sold loans fail, taxpayers will have to cover the loss.

Experts quoted in the article worry that sea level rise is making it difficult for buyers to get mortgages in coastal areas at risk of sea level rise flooding and storm surges from storms that grow more powerful as the planet heats up, which could cause values to drop. A representative for the Mortgage Bankers Association said flood insurance is protecting property in at-risk areas which should help prevent a mortgage meltdown. (Apparently, he isn’t aware that FEMA’s flood insurance maps are horribly outdated and don’t consider sea level rise flooding.) The fact that properties have to be insured against flood loss, however, hasn’t completely alleviated the experts’ concern. One researcher told the New York Times that flood insurance won’t help in cases where flooding causes a property to lose all value and can’t be sold.

Activity in the financial sector, including mortgage providers and insurers, is usually forward looking . Their growing concern over the impact sea level rise flooding will have on the mortgage, insurance and, ultimately, coastal real estate markets should act as a wake-up call that spurs buyers, owners and real estate agents to start paying close attention to this growing risk.

Virginia Beach Restricts Real Estate Development in Bold Sea Level Rise Plan

The city council in Virginia Beach, Virginia, voted this week in favor of a bold new plan to combat sea level rise and intense storm flooding. The city, which is in an area that already experiences climate change-driven flooding, requires developers to take more stringent steps to plan for flooding from sea level rise and strong storms.

Under the new plan, the city is calling on developers to design projects that handle 20 percent more rainfall than the National Oceanic and Atmospheric Administration predicts for the region. As the earth’s atmosphere continues to warm, climate experts predict more storms with downpours capable of flooding. The city is also requiring developers to replace the methods they’re now using to predict where stormwater runoff will go with more accurate Environmental Protection Agency software.

The city’s plan also includes provisions that require new construction projects to accommodate flooding due to sea level rise predicted between now and 2085. Hospitals and other critical infrastructure will have to be built to handle 3 feet of sea level rise. Non-critical structures will have to cope with 1.5 feet of higher seas.

Acting City Manager Tom Leahy told The Virginia-Pilot that replacing old regulations with the new plan now will save the city money tomorrow. “The more we develop under the old standards, the more we’re going to have to fix down the road,” he said.

Virginia Beach’s investment in these regulations and other steps to combat flooding from sea level rise, storm surges and rainstorms is expected to save millions of dollars each year. The city says some federal funding will be needed to cover the cost of the new projects.

Virginia Beach’s pro-active approach to climate change related flooding is commendable. Many major coastal cities are allowing expensive development with little thought to the impending threat and the cost to future generations.

This brings up an important point for real estate buyers: Just because a coastal community allows development doesn’t meant it is immune to flooding. Always perform due diligence to find out if a property of interest experiences flooding or is likely to experience flooding during the period you intend to own it. Also consider the fact that flooding can result in higher carrying costs for maintenance, taxes and insurance and it may cause the property value to decline.

Can We Rely on Mangroves to Provide a Line of Defense against Sea Level Rise Flooding?

One of the greatest challenges involved in combatting sea level rise flooding is finding solutions that will stand the test of time. Some coastal communities have been seeking natural solutions, such as sand dunes, wetlands and native vegetation, to hold back ever-higher tides and storm surges. Planners recognize the ability of natural ecosystems to self-regulate and adjust to sea water as it exerts pressure to march inland.

In the U.S., some southern Atlantic and Gulf Coast communities have been including mangroves in their action plans. They’re counting on the thick, leafy forests that thrive in shallow coastal waters to not only absorb and store some of the carbon released into the atmosphere by the burning of fossil fuels that’s driving global warming but to act as a buffer against storm surges and higher tides. They also hope to benefit from the mangroves ability to capture sediments and build land when the seas are trying to erode it away.

The idea sounded great until a recent study led by Macquarie University in Australia found that unless humans reduce the release of greenhouse gases, the seas will soon rise at a faster pace than the mangroves can accommodate. With sea level rise accelerating, due to ocean expansion and the ever-quickening pace of ice melt in Greenland and Antarctica, the mangroves could start to disappear within the next thirty years.

Unfortunately, real estate alone won’t pay the price when mangroves are gone. Mangroves provide a valuable nursery for birds, fish and other organisms. Their loss will endanger whole ecosystems.

More Powerful Storm Surges and Sea Level Rise Flooding Force Charleston, SC, to Ponder Its Future

Charleston, South Carolina, a densely developed peninsula surrounded by creeks and rivers that pour into the ocean, has reached the point where sea level rise flooding and the threat of ever more powerful storm surges threatens its very existence. The title of a recent article in The Post and Courier sums up the situation quite succinctly: “Charleston faces an existential choice: Wall off the rising ocean or retreat to higher ground.”

As the city celebrates its 350th year, the Army Corps of Engineers released a proposed plan to see it through 50 more. The Corps is calling for the construction of an 8-mile protective wall around the core peninsula along with pumps to help keep the city dry. Additional infrastructure improvements, such as raising flood-prone roads and clearing spaces to store water after heavy rains, may also be needed. The project would cost an estimated $1.75 billion with locals responsible for $600 million of the tab.

As with many other cities considering massive projects to protect valuable coastal real estate from inundation, funding for the proposed project is a major sticking point that has only been made worse by the budget-busting coronavirus pandemic.

Some residents see Charleston’s historic value and ability to draw 7 million tourists a year as reason alone to mount an aggressive effort to save it. They’re concerned that if they don’t get started soon, flooding will diminish the city’s value.

On the other hand, The Post and Courier article by Chloe Johnson hints that some residents exhausted from past floods are considering moving out. And at least one academic worries that the wall will give people a false sense of security that might result in increased investment in the peninsula. Andy Keeler, a climate expert at Eastern Carolina University, told the paper that this can result in a more painful economic collapse when sea level rise and storm surges eventually defeat the man-made defenses.

The Army Corps of Engineers estimates that without the wall and other improvements, Charleston will lose half of its historic structures to flooding by 2075. Real estate buyers and owners in Charleston and other coastal cities and towns confronting similar challenges need to consider the costs and benefits of proposals to rein in the water — and the potential that projects will never be built — when deciding how to react to the growing threat of sea level rise flooding and more powerful storm surges.

Coastal Real Estate Buyers, Owners & Agents Need to Start Paying Attention to Storm Surge Prevention Projects

A major impact of global warming is stronger storms with more powerful storm surges. Climate change-driven sea level rise will also further magnify the ability of storm surges to inundate valuable real estate.

Cities along the U.S. coast are shifting from considering the threats stronger storm surges pose to local real estate to actually proposing solutions. Real estate buyers and owners need to pay close attention to what’s appearing on the drawing boards. The surge control projects could impact their property values, businesses, tax rates and quality of life.

Real estate agents need to stay current so they’re armed with facts when buyers, sellers and owners ask for the latest information about projects in their farm areas.

In Florida’s Miami-Dade County, ground zero for sea level rise flooding, for example, the U.S. Army Corps of Engineers recently unveiled a draft plan that would spend $4.6 billion on a series of 1-to-13 foot tall sea walls and pumps to protect 2.8 million people and tens of thousands of buildings worth $311 billion from storm surges. According to a Miami Herald article, the project also calls for moveable barriers to be installed at the mouths of three waterways and the elevation of thousands of buildings.

The Corps of Engineers is holding online public hearings regarding storm surge the plan this week. The impact on some property owners could be enormous. For example, a thirteen foot wall and pump stations would certainly change the view from front-line properties. The loss of a beautiful view would impact the quality of life for the owners as well as property values.

In addition, current estimates are that local taxpayers would have to bear up to 35% of the project cost while the federal government would pick up the remainder. Depending on how the project financing is structured, property owners could face substantial tax hikes. (After Covid-19 rocked the economy and government budgets, funding is bound to be a big X-factor even for projects that receive a stamp of approval.)

According to an article on the YaleEnvironment360 website, ambitious storm surge control projects are also being considered in Charleston, SC, Galveston, TX, coastal communities in New Jersey, and in and around New York City. Real estate buyers and owners in coastal areas need to keep up on the latest developments to weigh the benefits and costs of the the proposed projects. Put another way, they need to ask if the projects will protect their property, property value and quality of life without emptying their wallets.

It’s important to note that the storm surge project in Miami-Dade isn’t intended to protect communities from the increased tidal flooding that will occur as sea levels continue to rise in the decades to come. That will take a whole other effort, if it’s possible at all. This is due to the fact that South Florida is built on porous limestone, which allows seawater to easily flow beneath structures such as seawalls. Things are, indeed, getting complicated for coast-dwellers.

The Loss of Louisiana Marshes to Sea Level Rise Puts New Orleans Real Estate at Risk

Over the course of the last several decades, people have come to recognize the value of coastal marshlands as both incubators of aquatic birds and marine life and as buffers to floods and storm surges that can quickly inundate valuable real estate. A recent study published on the American Academy for the Advancement of Science’s Science Advances website reached the troubling conclusion that sea level rise is occurring at such a fast pace that the marshes that protect New Orleans and surrounding communities could vanish beneath the waves in the next fifty years.

Scientists studied over 8,000 years of marsh history to determine that the marshes have reached a “tipping point” where they are being consumed by the ocean faster than they can adjust to higher sea levels. The study’s lead scientist, Torbjorn Tornqvist, a professor of geology at Tulane University, told the Washington Post that even with efforts to reduce the production of earth-warming greenhouse gases, the marshland’s fate could be sealed. “We know the rate of sea level rise, even with the best action you can imagine, it’s still going to ramp up further,” he said. “Given the slowness of the ocean responses, it’s going to last for a very long time.”

The ocean has been gnawing away at the protective marshlands for decades. Experts blame the loss on the penning in of the Mississippi River channel, which used to spread land-building sediment broadly across the river delta, and on channels cut through the marshes for petroleum company pipelines. Louisiana is trying to reverse some of the damage by diverting some of the river’s sediment-rich flow out of the manmade channel and onto adjacent lands.

Professor Tornqvist sees this as a way to buy time that ultimately won’t save the city from inundation. “I think a couple of decades is incredibly valuable,” he said, “because it could be the difference between a somewhat managed retreat verses complete chaos.”

The researchers believe their study could prove valuable to all coastal communities that rely on marshlands as a buffer against sea level rise flooding and storm surges. “Our findings highlight the need for consideration of longer time windows in determining the vulnerability of coastal marshes worldwide,” they wrote in their study abstract.

The takeaway for buyers and owners of real estate in coastal areas protected by marshlands is to recognize that they’re not wastelands but a critical part of the ecosystem that protect their property from flooding. With that in mind, it’s important for them to learn about the health of the local marshes as well as their predicted life-expectancy under pressure from sea level rise.