Hurricane-proof homes are real. Why isn't anyone buying them?

Soulavy’s development is protected by removable flood panels, a seawall, flood pumps and windows that can withstand 174-mph winds. (Photo: Alicia Vera/Bloomberg)

(Bloomberg) – In a private waterfront resort on the northern tip of Key Largo, nestled between tropical forest and the Caribbean, Eric Soulavy is marketing luxury for the age of climate change: Coastal homes that are all but hurricane proof.

The Florida-based developer is finishing a three-story condominium project with overlapping defenses, a hydrological Fort Knox where prices start at $5 million for a four-bedroom apartment.