The tide is shifting. The debate over global warming has moved from theoretical to practical. As in, what is the cost of climate change to businesses and, eventually, to all of us?
Real estate agents find themselves at the heart of the issue. Anything that affects property values affects their livelihood. So it’s encouraging to see a call to action from one of their own.
Craig Foley, chair of the National Association of Realtors’ Sustainability Advisory Group, says that ignoring the impact of climate change on real estate has serious business implications. “Particularly in coastal areas, members have told me both they and their clients are worried about declining property values and buyer interest.” The piece, entitled “We Don’t Have 50 Years to Wait,” appears in the March/April 2019 issue of Realtor magazine.
In case you think that’s the hype of tree-huggers, Foley backs his observation with well-credentialed statistics. “Researchers at the University of Colorado at Boulder and Pennsylvania State University compared properties that are similar except for their proximity to the sea and found that the more exposed homes sold for 6.6 percent less than the others during the sample period from 2007 to 2016.”
Foley ends his commentary with this thought: “As I see it, we can’t afford to be on the wrong side of history on climate change.”
That captures a core issue of Permanent Vacation, a novel in which the protagonist, real estate agent CW (Candace) McCoy, discovers that encouraging construction in a flood zone is a sure way to sink a career.
You can read Foley’s commentary here. If you buy or sell real estate and have a comment on this or any other issue, you’re welcome leave it here as well.