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A coastal vacation home severely threatened by beach erosion was recently scooped up for just six figures in Nantucket, Massachusetts, according to the Nantucket Current.
The home is changing hands in a $200,000 deal that went through last week. the media reported. He identified the home’s sellers 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 reported price was roughly $1.77 million less than Nantucket’s assessed value of $1.97 million, according to property records.
Aerial view of a property on Sheep Pond Road in Nantucket, MA. The home is facing an existential threat as the coastline continues to erode (Peter Sutters/Nantucket Current)
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The sale of the 1,700-square-foot home came after the couple tried unsuccessfully to find out if housing nonprofits would “consider taking the house and moving it” with their financial help so it wouldn’t fall victim to erosion. Carlin told the newspaper. She is said to have belonged to them since 1988.
Aerial view of a property on Sheep Pond Road in Nantucket, MA. The home is facing an existential threat as the coastline continues to erode (Peter Sutters/Nantucket Current)
The distance between the sea and home was getting smaller and smaller, especially during the winter, the Nantucket Current reported. The general area where the property is located has been severely affected by coastal erosion over the years.
Nantucket, MA – June 2: Beachgoers navigate erosion at Madaket Beach that washed away part of the parking lot, exposing cables and making access to the shrinking 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 in place for more than a year, and I bought it with the assumption that it will be on the water by the spring of 2025,” Vacarro told FOX Business in a statement, adding that ownership his and a neighboring house will give him some “way to use the house for a little longer than someone who doesn’t have an adjoining property”.
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Vaccaro also said that “the opportunity exists” to use “some simple but costly mitigation techniques that will slow erosion.” He previously mentioned tactics such as “seagrass planting” and “mud fencing” in the Nantucket Current.
Overlooking Nantucket Sound, Atlantic Ocean, at Harding Shores, Cape Cod, New England, United States. (Photo by Tim Graham/Getty Images) (Tim Graham/Getty Images/Getty Images)
“In the off-season, the property is intended to be donated to Ukrainian refugees, if the city has no objections,” he also told FOX Business.
Before the “miracle” offer Vaccaro made to Carlin and Gifford, they hadn’t listed it because they didn’t want to “sell to somebody when you know a storm could take it out next week,” Carlin explained to the Nantucket Current. .
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Nantucket’s southern shoreline experiences annual beach erosion “between” 0.56 feet and 12.63 feet, the local government said on its website. Other areas on the island also face erosion.
Nantucket, MA – February 13: Old Christmas trees and weathered sidewalk 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)
Homes in the city of Nantucket had a median price of $4.7 million in May, according to Realtor.com. For sales prices, the average was $3 million.