Homebuyers drawn to Asheville are being hit by Hurricane Helene

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(Bloomberg) — Nestled in the bucolic Blue Ridge Mountains of North Carolina, far from the coast, Asheville was meant to be a refuge from extreme weather fueled by climate change. Waves of tourists, retirees and wealthy homebuyers have been drawn to the city’s art scene, the mild weather and altitude making it feel like paradise.

That illusion was shattered last week. The destruction caused by Hurricane Helene was catastrophic – widespread flooding, destroyed roads, bridges, power lines and drinking water systems. At least 40 people died.

“You can’t escape climate change, you know, it’s everywhere,” said Jesse Keenanprofessor of sustainable real estate at Tulane University in New Orleans, who has long included Asheville on a list of top US cities for people seeking resilience to global warming. “There are places that are simply better than others, but even places with comparatively lower risk have risks.”

The horror in Helene’s wake shocked the town of 94,000, and the devastation inside illustrates a broader danger associated with hurricanes. The storm killed at least 139 people in six states, according to the Associated Press, and most of the victims were hundreds of miles from the Florida Panhandle, where the storm made landfall.

It’s a wake-up call for an area that has been a magnet for wealthy homebuyers for the past decade. Ivester Jackson, who represents Christie’s International Real Estate in Western North Carolina, LISTS 10 homes for $4.4 million or more in Asheville, including a $20 million mansion with a spa and massage, pedicure and manicure stations. About 85 miles (137 kilometers) southwest, in the resort of Highlands, NC, is a mountaintop mansion. listed for $49.99 million.

“It’s pretty attractive,” said Reed Jackson, managing partner at Ivester Jackson, “It’s been reasonably priced for a long time, if you compare it to other areas and it’s had a benign climate so far – that’s kind of an anomaly. .”

At the heart of Asheville’s renaissance is the River Arts District along the French Broad River, full of artists’ studios, shops and restaurants. After Helene pushed through the area, dropping three days of heavy rain, the river rose and rose.

As the waters swelled, Asheville resident Gray Jernigan watched and grew concerned. He and his wife and 2-year-old son joined dozens of people on a bridge as shipping containers, dumpsters and giant propane tanks floated past. Then the buildings in the arts district began to collapse and slide into the river.

Jernigan spent his career studying rivers for an environmental advocacy group in Asheville, but was shocked by what he saw.

“It was incredibly hard to comprehend the amount of water and the amount of destruction,” Jernigan, 39, said. “This storm – we are witnessing climate change.”

Back home, Jernigan had no drinking water, and flooding seemed to be rising everywhere in town. He and his wife built a bonfire in the backyard, trying to distract their son. It didn’t work.

“We tried to stay calm for his sake,” Jernigan said.

By September 29, after the city ran out of drinking water, they decided it was time to leave. Jernigan piled his family into the car and drove east to Raleigh, the state capital, to stay with his mother.

“It’s going to be a long road and people are still suffering and will be for some time to come,” he said.

The devastation was great. Most roads in and out of the city were cut off by the flash floods, including Interstate 40. Power outages and cell phone service were down almost everywhere.

“The pictures don’t fully capture the catastrophic damage we’ve experienced here. It’s unprecedented,” Asheville Mayor Esther Manheimer told CNBC on Sept. 30. , we are entering a desperate situation.”

Asheville is home to the US government’s climate data center, the National Centers for Environmental Information. Computers were still offline as of midday on September 30, leaving the agency unable to respond for some employees and staff. Those who have checked in safely are “generally without power, water or connectivity,” the agency said in a statement.

As the water recedes, rebuilding will bring its own challenges, said Keenan, a climate change migration expert at Tulane.

Many people probably won’t be able to afford the cost of rebuilding to strict, flood-proof standards, even if they have flood insurance. One likely result: More wealthy buyers will move in, following a pattern of gentrification seen after past disasters.

“We have a long history,” Keenan said, “of rich people coming in and buying people who just can’t afford to live there or are otherwise isolated.”

To contact the authors of this story:
Michael Smith in Miami at [email protected]Ari Natter in Washington at [email protected]