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Why Hasn’t Climate Change Put a Dent in Luxury Real Estate?

Preparedness meets presence meets private plane.

A hillside estate in Bel Air, Calif.
Photographer: rappensuncle/iStockphoto

About a week after NASA released satellite imagery of California’s precipitously low water reserves, Douglas Elliman published its market report for Los Angeles’s second quarter.

Price trend indicators, Elliman found, were among the highest they’d been in at least 17 years. “All of California, especially southern California, is booming,” says Jonathan Miller, president and chief executive officer of appraiser Miller Samuel Inc., which compiled the report. “Beginning with the end of the lockdown, even with rising Covid infections, it’s continuing.”