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USA territory shrinks terribly fast

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Travel Articles >> Locations >> North America >> USA Travel Articles >> Curiosities

The real estate on the USA coasts suffers not only from the credit risk. The global warming and shore erosion add problems to the investors that love the ocean view from their own house window.

All these reasons contribute to the lowering of the real estate prices along the whole coast of the country. According to the data of the Miller Samuel company, based in New York, even the main coastal resorts of the country - Hamptons and Palm Beach - have suffered from the reduction of the deals turnover this year.

In the recently popular Florida the situation is so bad, that even the real estate near the Disneyland suffers from the lack of demand. According to the National Association of Realtors, the Cape Coral to the south from Tampa has experienced a 17% price fall for houses and 24% lowering for apartments.

People need now more time to make a decision. The buyers are worried about the fluctuations of the stocks at Wall Street and the possibilities of the future market collapse.

The investors are also afraid of the coastal erosion. The sellers have to assure their buyers more and more often that there are no hurricanes, coastal erosion and other natural disasters in the area.

In Spain the coastal real estate is also endangered with the flooding.

Coastal housing becomes more and more popular among families. There is a tendency, when the buyers want to own real estate on the shore during a long period of time that exceeds 50 years.

The worries of the house owners are actually not in vain. The eastern coast of USA - the most eroded one - gets by 2-3 feet shorter every year. Just to compare, the average indicator for the whole country is only 1 foot!

The administration of Florida spends already millions of dollars for the coastal fortifications. More than 485 miles of the coast that make up 60% of the coastal line of the peninsula are out of sand that easily gets eroded with water.

In the situation when the care about the coast is so actual, the constructors and architects that do not mention the coastal erosion should be responsible for this to the real estate owners that get into a complicated situation in such cases, at least this is the opinion of the companies that perform the monitoring of the dependency of the investments from the climatic changes.

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Article Submitted On: June 20, 2008