Category Archives: Real Estate

What happens to home prices if flood maps start measuring climate change? Million of Americans are about to find out

Millions of Americans just woke up in a flood zone that had never before been listed on U.S. government maps.

The first-ever public evaluation of flood risk for every property in the 48 contiguous states has found that federal maps underestimate the number of homes and businesses in significant danger by 67%. The new flood-risk data, released Monday by the research and technology nonprofit First Street Foundation, is a virtually unprecedented disclosure of how much damage climate change can be expected to inflict at the level of individual homes.

Under the new model, an additional 6 million properties are in jeopardy of flooding compared to government estimates, bringing the total to at least 14.6 million.

The vast majority of counties saw an increase on a percentage-point basis. One in 10 American properties are at significant risk of flooding right now.

There are 142 million properties in First Street’s public database, and each one is scored on a 10-point scale based on the likelihood of flooding over a typical 30-year mortgage. The score, called Flood Factor, rates the likelihood of flooding in simple terms. (A Realtor.com spokeswoman said the new flood-risk scores, which had been slated to be introduced on the website Monday, would be added to listings after a technical issue is resolved.)

read more at:  https://www.bloomberg.com/graphics/2020-flood-risk-zone-us-map/

Covid19 – Is commercial real estate headed for a crash?

Within the next week, David Marino will list nearly 300,000 square feet of sublease office space in Sorrento Mesa that current tenants no longer need.

For Marino, a principal at the Hughes Marino commercial real estate brokerage firm that specializes in representing tenants, these subleases are an early wave of what he expects to be a tsunami of unwanted office space flooding the market in coming months in the wake of COVID-19 shutdowns.

Social distancing, plunging revenue and layoffs already have wreaked havoc on certain commercial real estate sectors, such as hotels, malls, movie theaters and non-essential retail.

Office space could be next.

“Most companies have now realized that they can work as effectively remotely, and some employees actually like it,” said Marino. “Office tenants contemplating their future requirements are going to be leasing less space than they have now.”

That could create ballooning supply starting this summer — a surplus that might make the Tech Wreck of 2000 and the Great Recession of 2008-09 “look like a rounding error,” said Marino.

read more at: https://www.sandiegouniontribune.com/business/story/2020-06-20/coronavirus-fallout-is-commercial-real-estate-headed-for-a-crash

Home Repair/Inspections – Protecting everyone from Covid19

Just imagine. You can’t get any hot water, so you go down to the basement and find your water heater has given up the ghost, and it’s flooding the floor.

Or your selling your home or refinancing and have to have required inspections.

So, what’s the best way to stay safe when you must let a repair, inspector or delivery person into your home? Doctors and researchers say it is not impossible to be safe. They also say that because it could be years before there is a vaccine for the virus and at least several months before there are safe, effective treatments to treat the virus before it becomes acute in a patient, people need to embrace new protocols for daily life. And daily life is going to involve some malfunction or breakdown of essential equipment in your home.

Call ahead or look online to find out what kind of safety procedures and protocols they have in place to protect workers and customers,” Dr. Lawrence said. “That should include masks, cleaning supplies, sanitizer that they bring with them.

read more at: https://www.ajc.com/lifestyles/health/how-take-carewith-home-repair/FRAwyVzqJyx9DQgVHR30hO/