1# RECORD 4ee3c7717db58b1ec87b34f06f913235e6cbae722# TITLE: Sea level rise risk interactions with coastal property values: a case study of O‘ahu, Hawai‘i3# YEAR: 2023.0 VENUE: Climatic Change DOI: 10.1007/s10584-023-03602-44# AUTHORS: N. Tarui; Seth Urbanski; Q. Lam; Makena Coffman; C. Newfield5# PAGES: 21 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: Climate change-induced sea level rise (SLR) will affect a range of coastal assets and prompt difficult decisions about coastal land use across the world. Several recent studies find that current and projected SLR is associated with relatively lower property values. We contribute to this growing body of research with a case study of O‘ahu, Hawai‘i, which is famed for its beaches as well as valuable coastal real estate. We leverage a dataset that unpacks multiple types of SLR exposure and coastal parcel attributes. We apply property transaction data for the island of O‘ahu through 2019 to investigate the effect of current and expected SLR exposure on residential property prices. We find that exposed properties have already experienced declines in transaction prices, at 9 to 14%, attributed to expectations of exposure to chronic inundation (as opposed to seasonal flooding). The price declines are mainly for multi-dwelling homes as opposed to single family homes. The market response of residential properties to SLR has important implications for coastal management strategies, in particular the viability and timing of programs for retreat.789===== PAGE 1 (score 7, numeric-paren 0, table-words 0, var-words 7) =====1011Vol.:(0123456789)12Climatic Change (2023) 176:13013https://doi.org/10.1007/s10584-023-03602-4141 315Sea level rise risk interactions with coastal property values: 16a case study of O‘ahu, Hawai‘i17Nori Tarui1,2 · Seth Urbanski3 · Quang Loc Lam4 · Makena Coffman1,5 · 18Conrad Newfield5,619Received: 17 August 2022 / Accepted: 17 August 2023 / Published online: 14 September 2023 20© The Author(s) 202321Abstract22Climate change-induced sea level rise (SLR) will affect a range of coastal assets and 23prompt difficult decisions about coastal land use across the world. Several recent studies 24find that current and projected SLR is associated with relatively lower property values. We 25contribute to this growing body of research with a case study of O‘ahu, Hawai‘i, which 26is famed for its beaches as well as valuable coastal real estate. We leverage a dataset that 27unpacks multiple types of SLR exposure and coastal parcel attributes. We apply property 28transaction data for the island of O‘ahu through 2019 to investigate the effect of current 29and expected SLR exposure on residential property prices. We find that exposed properties 30have already experienced declines in transaction prices, at 9 to 14%, attributed to expec-31tations of exposure to chronic inundation (as opposed to seasonal flooding). The price 32declines are mainly for multi-dwelling homes as opposed to single family homes. The mar-33ket response of residential properties to SLR has important implications for coastal man-34agement strategies, in particular the viability and timing of programs for retreat.35Keywords Sea level rise · Hedonic model · Coastal management · Climate change 36adaptation37 * Nori Tarui 38 39nori@hawaii.edu401 41University of Hawaiʻi Economic Research Organization (UHERO), University of Hawaiʻi 42at Mānoa, Honolulu, HI, USA432 44Department of Economics, University of Hawaiʻi at Mānoa, Honolulu, HI, USA453 46Oregon Department of Fish and Wildlife, Salem, MA, USA474 48Shidler College of Business, University of Hawaiʻi at Mānoa, Honolulu, HI, USA495 50Institute for Sustainability and Resilience, University of Hawaiʻi at Mānoa, Honolulu, HI, USA516 52Department of Urban and Regional Planning, University of Hawaiʻi at Mānoa, Honolulu, HI, USA53