This article builds on a small but rapidly growing body of research that seeks to determine the impact of sea level rise on the pricing of residential properties. Through a spatial hedonic regression analysis of real estate markets in two Florida counties (Miami–Dade and Pinellas), we assess the influence of different exposure levels on market discounts. Our article stands out in terms of its focus on two comparative case studies and its differentiation between properties that are primary homes versus nonprimary homes. We find that generally discounts are positively associated with exposure levels and overall Miami–Dade experiences higher discounts than Pinellas due to the former’s lower average elevations. We also observe different market behaviors of primary versus nonprimary home buyers and these are partially dependent on affluence. In Miami–Dade, price discounts are less for highly priced properties purchased by nonprimary owners. We attribute this to different buying motives and risk tolerance of affluent nonprimary homeowners. We argue that nonprimary ownership, particularly in high-end waterfront residential real estate, is tempering gradual market adaptation to sea level rise exposure risk, which could have detrimental longer-term consequences in terms of market volatility.

中文翻译：

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南佛罗里达州的海平面上升、房屋所有权和住宅房地产市场

本文建立在一个规模虽小但发展迅速的研究基础之上，旨在确定海平面上升对住宅物业定价的影响。通过对佛罗里达州两个县（迈阿密-戴德和皮内拉斯）的房地产市场进行空间特征回归分析，我们评估了不同敞口水平对市场折扣的影响。我们的文章在关注两个比较案例研究以及主要房屋与非主要房屋之间的区别方面脱颖而出。我们发现，一般折扣与暴露水平呈正相关，并且由于前者的平均海拔较低，因此迈阿密-戴德的整体折扣高于 Pinellas。我们还观察到主要与非主要购房者的不同市场行为，这些行为部分取决于富裕程度。在迈阿密-戴德，非主要业主购买的高价房产的价格折扣较少。我们将此归因于富裕的非主要房主的不同购买动机和风险承受能力。我们认为，非主要所有权，尤其是高端海滨住宅房地产，正在缓和市场对海平面上升风险的逐步适应，这可能会对市场波动产生不利的长期后果。