Nantucket home sells for 74% discount due to coastal erosion

GOSSIP & RUMORS: Nantucket home sells for 74% discount due to coastal erosion

In a corner of the nation where oceanfront properties are the playgrounds of the elite, whispers of an unbelievable deal spread like wildfire across Nantucket this winter.

Imagine, a seaside sanctuary up for grabs at a mere $600,000 — a price tag seemingly missing a zero or two.

Perched on a grassy dune along the island’s coveted southern coast, this shingled ranch-style abode boasted a spanking new mahogany deck offering an idyllic vista of crashing waves.

But alas, paradise had a twist, the Boston Globe reported.

Those waves, once distant companions, had become voracious foes, encroaching perilously close due to erosion, leaving only a precarious few feet of the home’s backyard in their wake.

The house at 6 Sheep Pond Road, which recently sold for $600,000 despite losing 30 feet of dune. Boston Globe via Getty Images
Sankaty Head Lighthouse in Nantucket, Massachusetts — Nantucket long being known as a prime market for pricey homes. Christopher Seufert –

Originally listed in September for a princely sum nearing $2.3 million — a steal by Nantucket standards, where the median sale price dances around $3.2 million — the 2,625-square-foot gem on Sheep Pond Road found itself in a real predicament.

A staggering 70 feet of shoreline vanished into the ocean in a matter of weeks, hurling the property into imminent jeopardy.

By year’s end, as a result, its price plummeted to a jaw-dropping $600,000.

Enter Brendan Maddigan, a Nantucket aficionado hailing from the concrete jungle of New York.

With dreams of a summer haven for his young brood, Maddigan had long kept a keen eye on the island’s real estate scene, including the tantalizing listing on Sheep Pond Road.

An aerial view of Nantucket. Harrison –
Brendan Maddigan, the new owner. JLL

When news of the nose-diving price pinged his radar, he pounced with an all-cash offer, sealing the deal in February.

For Maddigan, a seasoned real estate maven familiar with the perils of the market, the allure of the property was undeniable despite its precarious perch on an eroding edge.

“The home is amazing. The location is amazing. And the price mitigates the risk to a good degree,” he told the outlet.

“I’d like to think that it’ll be there for a while, but I was definitely aware of the risk of any particular storm causing a problem in the future.”

The home was originally listed in September for a sum nearing $2.3 million, which is still a steal considering the area. dashagorbenko –

Susan Shepherd with Shepherd Real Estate held the listing.

The scoop of Maddigan’s acquisition first broke in the Nantucket Current, shedding light on a larger trend reshaping coastal real estate landscapes.

Climate change has become a formidable player in the game of property values.

Experts and agents agree: The shocking price plunge is a sobering testament to the profound impact of climate change on coastal housing markets.

Meanwhile, another Nantucket home on Hummock Pond Road in Cisco is set to be demolished after erosion made it impossible to be saved. Boston Globe via Getty Images
Shelly Lockwood stands on a beach in Madaket near Clark Cove where coastal erosion is evident. Boston Globe via Getty Images

Properties once deemed prime may now find themselves permanently devalued. Insurance giants, wary of mounting risks, may turn their backs on vulnerable homes.

Shelly Lockwood, a seasoned real estate broker on Nantucket, foresees a surge in homes succumbing to erosion, a harbinger of the shifting sands in the island’s real estate dynamics.

“Homes in certain areas, homes on certain streets, are going to go down in value. That’s inevitable,” she told the outlet, stressing the importance of informed decision-making for prospective buyers.

For some, it’s an opportunity to cut their losses; for others, a gamble they’re willing to take at any cost.

Source link




Want The Real News
and join millions of other active users