First, the short answer. It varries. Sorry.
These new maps changed things like what is the Base Flood Elevation (BFE). By changing this there are now many more homes are in the Special Flood Hazard Area (SFHA). And they now show what’s called the Limits of Moderate Wave Action Line. How does that affect real eastate values? Well, it will in a several ways.
First, the FIRMs are still used to deterine if your lender will require you to have flood insurance as a condition of your mortgage. When these new maps are adopted many will get a letter from their lender letting them know this and provide proof of same. Or, if you are selling your house to a person getting a loan then they will be required to carry flood insurance. More money spent on insurance meens less money a buyer has to pay a mortgage. Thus, adversly affecting values.
For properties in places where a hurricane could cause substantial damage, or even if someone wants to do extensive renocvations these become a factor. These FIRMs are used by the building department to determine things like: If the 50% FEMA rule applies? And how much fill one can have. If a person wnates to renovate or rebuild and they trip the 50% rule then they may be required to ELEVATE THE HOUSE. At which time it become cheaper to level it and re-build, but still costs more $$$.
There are large area along the intracoastal in West Palm Beach and Lake Worth where the SFHA has been moved WAY inland. In North Palm Beach these maps will move about 1400 units into the SFHA.
