[lxcfan]

Sorry, perhaps the emphasis in the way I wrote that comment made it unclear what I was saying.

My point was that real estate market prices are much more heavily influenced by current conditions, and current demand, rather than hypothetical future conditions. The price elasticity of demand has little to do with whether the buyer believes that the property will flood in future decades due to climate change. Someone who wants a beachfront mansion is probably going to buy it for close to the same price whether or not s/he believe it will still be there in 50 years, just as s/he might buy an expensive car that will similarly degrade and need expensive maintenance exceeding the original purchase price over time.