Buy East Side or Drown
Sound dramatic enough? At the projected rate of glaciers melting in Greenland, Antarctica and elsewhere, the world’s sea level is supposed to rise two feet by 2050, just 36 years away (according to the EPA). You may have paid off your mortgage by then and taken on all the risk of drowning yourself, or you’ll refinance and buy real estate in new, emerging markets even farther east like a good investor.
I hope you know I’m mostly kidding, but I’ve seen one too many documentaries and reports recently about sea levels rising, and this new, chilling rendering of famous American landmarks that may go underwater in the next century inspired this post.
So, if gross rent multiples and cheap prices per square foot aren’t enough to convince you to buy on the east side, consider what Venice Beach will look like when you bequeath your property to your grandkids, or theirs.