Selling Flood-Prone Properties Getting Tougher
Owners of beachfront property are beginning to have trouble selling their places due to buyer worries about rising sea levels and staggering flood insurance premiums, according to The Virginian-Pilot. These trends are being echoed in coastal communities nationally.
The newspaper quoted real estate agents as saying flood insurance can add $300 per month to mortgage payments, pricing many would-be buyers out of flood-prone properties. The newspaper said prices on many flood-plain properties are declining, but even at lower prices it may take dozens of showings to find buyers.
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