The Wall Street Journal highlights the difficulties of selling luxury homes in areas prone to natural disasters, sharing stories from agents facing challenges in regions like Sanibel Island and Pacific Palisades. In particular, the impact of hurricanes and wildfires has made potential buyers wary, especially younger generations who prioritize climate risk awareness, as shown by a Redfin report. The findings reveal that younger buyers are more apprehensive about purchasing properties in these areas compared to their older counterparts, significantly affecting sales strategies in high-end real estate markets.
"Properties in disaster-prone areas are harder to sell due to increased awareness of climate risks, particularly among younger buyers who prioritize sustainability in housing decisions."
"56% of millennial and 50% of Gen Z buyers consider climate change when making housing decisions, contrasting sharply with only 31% of baby boomers who factor in climate risks."
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