With recent news of North Shore homes falling into the sea, many homeowners are concerned. Even more so with the State of Hawaii enacting a new law under Hawaii Revised Statures 508D-15. This law requires that real estate transactions within the State of Hawaii disclose any risk of sea level rise to the property.
Sea level rise isn’t the only concern. Climate change is impacting the severity of weather, which has drastic effects on sea swells and storm surge. These two factors combined make owning ocean front or near sea level homes more of a gamble than an investment.
It’s unclear as of yet how this new disclosure law may impact home prices at or near sea level. One thing is clear, sea level rise is no longer a fear to defer for the future. It’s here, and it isn’t going away.
If you are a sea level homeowner, or considering buying on the beach, consider chatting with the experts at Hawaii Sands Realty about your options and what you should be aware of.
Here are some resources that may help:
https://climate.hawaii.gov/hi-adaptation/state-sea-level-rise-resources/
Check out the state of Hawaii sea level rise viewer here: http://www.pacioos.hawaii.edu/shoreline/slr-hawaii/
Here’s a recent news story about this new disclosure law:https://www.hawaiinewsnow.com/2022/05/03/under-new-rule-hawaii-real-estate-transactions-must-disclose-sea-level-rise-threat/?fbclid=IwAR18VLUOSE8hNzLWBJJDE0Bq7nB5WXGQGN6bzSOBIB2okjF0jeM4kH2Ucrw