Luxury homes on these beaches are losing value fast, as effects of climate change hit hard
Luxury homes on these beaches are losing value fast, as effects of climate change hit hard
As sea levels rise and storms intensify, coastal real estate is seeing flooding and erosion like never before, and it's impacting home values.
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A Nantucket home listed last summer for just over $2 million sold early this year for just $600,000. A barely remarkable Nor’easter in the fall wiped away an astounding 70 feet of the beach it sits on, thanks to sea level rise and unusually intense rainfall.
The buyer told The Boston Globe, “the price mitigates the risk to a good degree.”
I guess these houses are not insurable, so there are people for whom losing a $600,000 house is just "oh well, it was fun while it lasted." Or maybe when the sea reaches the back door this guy will be able to sell it to someone with the same attitude and $200,000.
Yeah, there are people wealthy enough that they're ok paying something like that for what is essentially a rental.
There was an old man from Nantucket...