I don't see how not enumerating details that reduce property values (like repair and maintenance cost and cost of insurance) changes anything I said.
Investing includes risk management. You can discount the abrupt disruptions into the price. Everything you say reduces the value of the property. Eventually large areas will be abandoned but until that happens people can live there.
The distinction is that this is widespread new risk without accurate actuarial data. Someone looking at buying a house today doesn’t just have to wonder whether the value will be zero in 50 years but whether it might be 30% the next time a big storm causes enough damage that people don’t just rebuild, which could happen much sooner than that. Once there’s an event which makes it hard to get insurance, mortgages, or utilities the values can drop very quickly and you won’t have much advanced notice.
That's probably how the end comes. So much damage that it's not worth rebuilding even cheaper and temporary.
But as I said, until that happens people will live, property values will decrease and stuff that is rebuild will be build cheaper.
What will most likely happen first is "climate centrification" within Miami. Poor people in high elevations will be move out when land value increases. Low elevation areas become new low income neighborhoods.
That’s a big change from your earlier “What happens 50 years from now should matter relatively little for people living there now”. People need to plan now for those big disruptions because they’re either going to live long enough to be directly affected, because any buyer will be taking that into account, or both. Miami won’t go to zero overnight but everyone should assume that the next 50 years will be quite different from the past 50.
