Stunning beach-side Nantucket home sells for just $600,000, down from its ... trends now
A beachfront home on the wealthy island of Nantucket has been sold for just $600,000 - a huge discount from its original listing price of $2.3 million.
The average home price on the exclusive Massachusetts island off Cape Cod is $4.43 million - but there is a large catch with the newly sold home on Sheep Pond Road, with coastal erosion a real concern.
There is a very real possibility the entire property will be consumed by the ocean within a matter of years.
It led to the home's former owner deciding to slash the price tag for a quick sale having only purchased it in 2021 for $1.65 million.
Last summer, the house was being rented for $15,000-a-week but over the winter, storm after storm slowly ate away at the property's backyard with 100 feet of dunes that had sat between the house and the Atlantic Ocean, washed away by the waves and reduced to only 30 feet.
A beachfront home on Nantucket sold for $600,000, a steep drop from its $2.3 million listing
" class="c6" scrolling="no"
Brendan Maddigan, managing director at the real estate investment firm JLL, has purchased the new home and is well aware of the risks, but believes there is still potential to be had.
'It's a gamble, but I got comfortable with the risk,' Maddigan said told the Nantucket Current.
There are limited options with what can be done to improve its chances as the home is already right up against the eastern border of the property and there is no room to shift it further back from the ever-encroaching shoreline.
'It's a losing battle and I have no certainty around the time that it will eventually - or maybe not - that erosion will take out that house. I looked at it as, if I could have that spot for a few years, hopefully a little longer, and do everything I can to make it last, I'll be happy. Climate change is very real. I'm hopeful, but I'm realistic.'
Maddigan, 42, is already familiar with the area having grown in Woods Hole, Massachusetts on Cape Cod.
