The Sunshine State has long as a retirement goal for many Americans. The endless beaches, gorgeous weather and friendly tax laws combine to create a real-world paradise for U.S. retirees. These factors also put a high demand on Florida’s coastline real estate, inspiring new regulations for property developers.
Florida lawmakers recently passed new laws concerning the development and construction of these popular shoreline properties. Understanding these laws can help you find the best deal available.
Lawmakers look to combat rising sea levels
Florida will see new laws in 2021 regarding future projects along Florida’s coasts. Introduced in early 2020, the new legislation comes alongside a slew of bills tackling environmental damage in Florida. The governor approved laws regulating algae levels, invasive snakes, the iguana trade, and stormwater runoff in a bipartisan effort to combat climate change.
Research has found that sea levels have risen three inches globally since 1993. Florida hopes to curb these trends with concerted efforts from real estate developers. New shoreline developments that use public funding now require approval before construction. This approval depends on the results of a 50-year shoreline impact study. Not only will this legislation attempt to limit the effects of climate change, but lawmakers also hope to prevent a projected $300 billion loss in property values due to rising sea levels.
This new legislation could create a more lucrative projection for Florida’s real estate. If approved, these new projects will account for climate change with new construction technologies and techniques to preserve the land and prevent flooding. Without these efforts, experts speculate that homes in places like Miami Beach may experience flooding 26 times every year.
Take advantage of a lucrative opportunity
Changes in real estate laws can create new opportunities for creative property developers. If you have questions, you can contact a local attorney familiar with the new laws. A lawyer can review purchasing contracts, recommend knowledgeable inspectors and work with property insurers.