More frequent and stronger storms. Higher temperatures. More intense wildfires. Weather occurrences exacerbated by a shifting climate threaten the nearly one half of the world’s population, which lives in areas highly susceptible to climate events. In a recent survey, more than two-thirds of Christie’s International Real Estate agents reported that climate change is impacting their real estate market, from in- or out-migration, to building methods and requirements. We conducted interviews with broker-owners in four luxury markets where underlying climate conditions or randomly occurring environmental events impact homes and homeownership: San Francisco, California; Naples, Florida; Geneva, Switzerland; and Dubai, UAE.
THE SAN FRANCISCO BAY, CALIFORNIA, USA
The San Francisco Bay is home to some of the most expensive communities in the United States. From homes overlooking the Pacific Ocean, to the city’s famous colorful Painted Ladies, to spacious estates in the surrounding hills, Bay Area real estate commands some of the world’s highest prices. The region has experienced its share of climate related events, including the 2017 Tubbs Wildfire, which impacted Napa and Sonoma counties, while sea levels are expected to rise more than nine inches by 2050. Even so, luxury buyers seeking homes in the Bay Area aren’t generally deterred by the potential future impact of these events, says Chris Trapani, CEO of Christie’s International Real Estate Sereno. To combat climate issues like extreme heat, storms and wildfires, Bay Area developers and homebuilders are beginning to integrate sustainable and resilient designs, with a notable trend in the luxury market toward homes that are prepared for climate shifts. “Fire resistant materials and home-wide energy management systems – digital systems that monitor and control a household’s energy consumption, generation and storage – are no longer seen as extras, but as necessary investments in future-proofing a home,” says Trapani.
New building and landscape codes are also being adopted to protect homes from the effects of wildfires.
For example, in the Marin County town of Mill Valley, and other municipalities classified as very high fire hazard severity zones, property owners are required to create a “defensible space” around their homes by thinning out vegetation and removing dead or dying plants. Now, the state is rolling out even tighter regulations in an effort to further protect residents, prohibiting all vegetation, wood fences and decks and other combustible matter within five feet of a home.
Trapani concludes, “As awareness grows and we experience more weather-related events, the Bay Area is likely to see greater integration of climate resilience and sustainability in home design and urban planning.”
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