Oceanfront real estate is some of the most beautiful and valuable in Southern California, but a rise in the sea’s level in the coming decades has the potential to flood much of that prime land. A U.S. Geological Survey projected last month that the cliffs in areas from San Diego through Los Angeles to Point Conception could recede by as much as 135 feet by 2100. That’s 82 years from now.
Consequently, real estate in tony areas like Palos Verdes and Malibu could feel the impact of rising waters. Those spots could also be made unsafe by landslides or erosion, according to the report.
As oceans rise, so do beachfront prices. Besides routine 8-figure deals going down along SoCal’s cliffs and beaches, there are record 9-figure closings in areas like Malibu. A billionaire couple made the biggest buy in L.A. County history in April when they paid $110,000,000 for Hard Rock Café founder Peter Morton’s home on Carbon Beach. NBC executive Ron Meyer is currently hocking his Paradise Cove home for $125,000,000. Do billionaires know something America’s top geologists don’t?