Anyone who has lived in a coastal area subject to, or even prone to flooding should be familiar with the premise of the above quoted text.
I knew the house we sold in Metairie, just west of the New Orleans parish line, that line being the infamous 17th Street Canal that had its levee breach, and was a highlighted canal because of the areas of N.O.LA. that flooded because of that particular breach, I knew the house we were in for Katrina missed flooding by an inch at the primary slab level. I stayed, I was there for it, and that was fortunate. The Theater Room, the 1 car "garage" which we used as a laundry room, tools and storage, and parked our 2 H-D V-Rod motorcycles in, and the detached cabana which was setup as a gym, then a separate "apartment", those were all about 3½" lower than the primary slab and they did flood.
I was able to pull out of those lower areas most of the important stuff (audio/video gear first, of course) so it wasn't water damaged. I didn't pay much attention to property value afterwards where we were because I didn't think we would sell for decades.
So I did a LOT of A/V and wiring work for years afterwards due to all the flooding and damage, because when the sheetrock is being replaced, and your old electronics are ruined, that's the next best time to new construction to get all that done. I mention that because I worked all around the cities and saw the range of damage and how that affected value and desirability. Some areas are still more vacant than not, some you would never know, and some are better for it, with government money paying for improvements that would otherwise never have happened. When we did sell, we sold for a good bit more than we paid, and one reason was that our house didn't flood in a desirable area that did have quite a number of flood damaged houses.....
Another angle of this is the small "vacation" house we just finished. About 4 years ago we bought the lot, 2½ blocks off the beach along the Mississippi Gulf coast. The slab on the ground was all that remained of the previous house. Even houses on 10 ft high piers were obliterated, nothing remained. I knew a family that lived on that same street, good money, connected, well-known and popular, nice house. 1 block closer to the beach but the street is only 3 blocks long anyway. Knowing they had choices but they were on the same street before Katrina as the lot we bought, I know that street is going to be worth a LOT again in the future and I'm already seeing the redevelopment picking up speed. The house we built is 11 feet in the air, so I believe I won't see it get reclaimed by the Gulf.
Lots of opportunities to build huge value and/or live "above your pay grade" IF you're willing to take a chance.