Nantucket Beach Home Sells For $1.77 Million Below Market Value Amid Erosion Woes
According to the Nantucket Current, a vacation home on Nantucket facing serious threats from beach erosion recently sold for just under $200,000.
Jan Carlin and Ben Gifford sold the property to a neighbor — TicketNetwork co-founder Don Vaccaro.
Public records show the home’s assessed value to be $1.97 million, meaning the sale price was about $1.77 million lower.
Don't Miss:
This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US. Investing in its booming real estate market has never been more accessible.
Before selling the home, Carlin told the Nantucket Current that she and her husband explored but couldn't find a housing nonprofit willing to relocate the house to save it from erosion. They had owned the 1,700-square-foot property since 1988.
According to the Nantucket Current, the ocean has been relentlessly encroaching on the property, worsening over the winter. Coastal erosion has been a long-term issue in the area.
The house, built in 1979, has three bedrooms and two bathrooms.
"I have no illusions that the house will remain in place for more than a year, and I bought it on the assumption that it will be in the water by the spring of 2025," Vaccaro told FOX Business in a statement. Vaccaro owns a neighboring house, allowing him to use the one he purchased for a "little longer than someone who doesn't have an adjoining property."
Trending: Rory McIlroy’s mansion in Florida is worth $22 million today, doubling from 2017 — here’s how to get started investing in real estate with just $100
Vaccaro also indicated that he could slow erosion using simple but costly mitigation techniques, such as seagrass planting and silt fencing.
"In the offseason, the property is targeted to be donated to Ukrainian refugees if the town has no objections," he told FOX Business.
Carlin told the Nantucket Current they hesitated to list the property because of the erosion threat. Nantucket's southern coastline faces significant erosion, with the local government reporting annual losses averaging between 0.56 feet and 12.63 feet.
"We didn't want to sell to someone knowing a storm could destroy it soon," she said.
According to Realtor.com, the median list price of homes in the city of Nantucket was $4.7 million in May, and the median sale price was $3 million.
Read Next:
Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield.
Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing with just $100
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Nantucket Beach Home Sells For $1.77 Million Below Market Value Amid Erosion Woes originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.