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A coastal vacation home seriously threatened by beach erosion was recently purchased for just six figures in Nantucket, Massachusetts, according to the Nantucket Current.
The house changed hands in a $200,000 transaction that took place last week, the media reportedHe identified the sellers of the home as married couple Jane Carlin and Ben Gifford and the buyer as the owner of a neighboring property, Ticketnetwork Inc. co-founder Don Vaccaro.
That listed price was about $1.77 million below Nantucket’s estimated value of $1.97 million, according to land records.
Aerial view of a property on Sheep Pond Road in Nantucket, MA. The home faces existential threat as the shoreline continues to erode (Peter Sutters / Nantucket Current)
NANTUCKET BEACHFRONT HOME SELLS FOR ABSURDLY LOW PRICE, BUT THERE’S A GAP
The sale of the 1,700-square-foot home came after the couple unsuccessfully tried to determine if any nonprofit housing organizations “would consider taking the house and moving it” with financial assistance from them so it wouldn’t fall victim to erosion, Carlin told the outlet. It had apparently been theirs since 1988.
Aerial view of a property on Sheep Pond Road in Nantucket, MA. The home faces existential threat as the shoreline continues to erode (Peter Sutters / Nantucket Current)
The distance from the ocean to the house has been getting shorter and shorter, especially during the winter, the Nantucket Current reported. The overall area where the property is located has been severely impacted by coastal erosion over the years.
Nantucket, MA – June 2: Beachgoers battle erosion at Madaket Beach that has destroyed part of the parking lot, exposing cables and making access to the dwindling beach more difficult. (Photo by Stan Grossfeld/The Boston Globe via Getty Images) (Stan Grossfeld/The Boston Globe via Getty Images/Getty Images)
The two-story home, built in 1979, has three bedrooms and two bathrooms, according to property records.
“I have no illusions that the house will stay up for more than a year, and I bought it assuming it will be in the water by spring 2025,” Vacarro told FOX Business in a statement, adding that owning a neighboring home would provide him with “ways to use the house a little longer than someone who doesn’t have adjacent property.”
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Vaccaro also said there are simple but costly mitigation techniques that could slow erosion. He has previously discussed tactics such as planting seagrass and protecting the Nantucket Current with silt barriers.
Overlooking Nantucket Sound, Atlantic Ocean, in Harding Shores, Cape Cod, New England, USA. (Photo by Tim Graham/Getty Images)
(Tim Graham/Getty Images / Getty Images)
“In the off-season, the property should be given to Ukrainian refugees, if the city has no objection,” he also told FOX Business.
Before Vaccaro made Carlin and Gifford the “miracle” offer, they hadn’t listed it because they “didn’t want to sell it to someone when they know a storm could take it away next week,” Carlin told the Nantucket Current.
NANTUCKET BEACHFRONT HOMES STILL IN SIGHT WITH BUYERS DESPITE HIGH RISK OF BEING SWALLOWED BY THE SEA
Nantucket’s southern shoreline experiences annual beach erosion of between 0.56 and 12.63 feet, the local government said on its website. Other areas of the island are also facing erosion.
NANTUCKET, MA – FEBRUARY 13: Old Christmas trees and weathered cobblestones mark the end of the road at Cisco Beach. (Photo by Stan Grossfeld/The Boston Globe via Getty Images) (Stan Grossfeld/The Boston Globe via Getty Images/Getty Images)
According to Realtor.com, the median home price in Nantucket Town was $4.7 million in May. For sales prices, the median was $3 million.
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