NANTUCKET: COASTAL VACATION HOME SOLD FOR SIX FIGURES AFTER BEACH EROSION THREATENS LUXURY PROPERTY

Nantucket, Massachusetts – A beachfront vacation home in Nantucket, Massachusetts, faced the threat of erosion and was recently sold for a significantly low price, according to recent reports. The property, which had an assessed value of nearly $2 million, changed ownership in a deal worth $200,000 last week.

The sellers of the property, Jane Carlin and Ben Gifford, were reportedly unable to find non-profit housing organizations willing to relocate the home to avoid erosion. The two-story home, built in 1979, featured three bedrooms and two bathrooms.

The new owner, Don Vaccaro of Ticketnetwork Inc, expressed concerns about the home’s future due to the ongoing erosion issues in the area. He mentioned potential mitigation techniques such as sea grass planting and silt fencing to slow down the erosion process.

Despite the risks posed by coastal erosion in Nantucket, beachfront properties remain highly sought after. The local government reported annual erosion rates ranging from 0.56 feet to 12.63 feet along the southern coastline. Other parts of the island are also affected by erosion.

In response to the sale, Vaccaro mentioned the possibility of donating the property to Ukrainian refugees during the off-season. He recognized the challenges of owning a home in a high-risk erosion area but remained optimistic about potential solutions to mitigate the issue.

With median asking prices for homes in Nantucket reaching $4.7 million in May, the sale of the beachfront property at a fraction of its assessed value highlights the unique challenges and opportunities faced by homeowners in erosion-prone areas. Despite the uncertainties, buyers continue to show interest in acquiring properties along Nantucket’s picturesque coastline.