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Three Mansions in Peril
– Three high-end mansions in Dana Point, California are on the cliff-edge of disaster, quite literally. Valued between a casual $12 to $16 million, these dream homes could become the Pacific’s newest coral reefs.
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Land, Ho!
– All this excitement is thanks to a landslide, a cheeky post-storm guest that nobody invited. In a compelling act of geological drama, the landslide has eroded the cliffs these homes perched on.
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The Climate Change Connection
– Many in the peanut gallery are pointing fingers at climate change, blaming the increased frequency and ferocity of storms for landscape altering shenanigans.
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Real Estate and Risk
– This event has added more spice to the always hot conversation about owning real estate in areas at high risk of natural disasters. It’s like buying a chocolate sundae with a side of Russian Roulette.
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Insurance Implications
– As cliffs crumble, so do the composure of insurance companies. These events could potentially send home insurance premiums for coastal and cliffside properties sky-rocketing faster than a homesick angel.
Summary and Hot Take:
Picture this. You wake up in your sprawling, multimillion-dollar mansion overlooking the stunning, sunlit Pacific. You’re sipping your morning coffee when suddenly, your infinity pool decides to take on a new meaning of ‘unending’, heading for a rendezvous with the ocean below. Seems like the beginning of an apocalyptic thriller? Well, for a few unfortunate owners in Dana Point, this has become an outrageous reality.
These homeowners, however, aren’t the only ones dealing with a landslide of problems. The insurance companies are feeling the crunch too. Already dealing with the common Californian ailments of wildfires and earthquakes, they now have to add ‘homes playing peekaboo with the ocean’ to their ever-growing list of concerns. As they scramble to reassess the risk for these cliff-hanging properties, cost of insurance could skyrocket faster than a home’s value at 90210.
Now for the “hot take.” First off, let’s give credit where credit is due, “Mother Nature” sure knows how to put on a show. These headlines, while providing fodder for disaster movie plots, are also cautionary tales about understanding and respecting the forces of nature. Property is great, views are wonderful, but as these unfortunate homeowners are learning – cliffside living might be more thrilling than chill!
Bottom line, dear investors and prospective mansion owners – when the housing market gets too volatile, it’s time to slide into more stable investments. Else, you might find yourselves part of a new real estate trend – Homes with an “oceanfront view, with optional ocean bottom location.” Now there’s a sales pitch for you!
Original article: https://www.inman.com/2024/02/14/3-multimillion-dollar-mansions-are-at-risk-of-sliding-into-the-pacific/
