A beach house on Nantucket, once valued at nearly $2 million, was demolished due to severe erosion, highlighting risks for coastal properties.
The three-bedroom home was torn down after the town condemned it, with the ocean creeping dangerously close. It was valued at nearly $2 million last year, but the new owner snagged it for just $200,000.
Mike Melvin, who managed the demolition, was surprised by how quickly the erosion happened. Just last year, his team had to fix the house when its septic tank fell into the ocean. He mentioned that strong storms this winter really did a number on the shoreline.
By the end of the week, the remains of the house will either be turned into gravel or sent off-island for disposal. Melvin is concerned that other homes nearby could be in danger too.
Buying property in certain areas of Nantucket is a real gamble. The island, known for its wealthy residents, has seen several homes demolished due to erosion. Some homeowners have even spent millions to move their houses away from risky spots.
The owner, Don Vaccaro, knew the risks when he bought the place. He mentioned to a local paper that he lost over $400,000 in the process. He had a feeling the house wouldn’t last long, saying, “Inevitably, the ocean will win.”
Looking ahead, experts predict that sea level rise and erosion could cost Nantucket over $3.4 billion in damages in the next 50 years. Despite some vulnerable properties being sold off, the overall real estate market on the island remains strong.
In fact, the number of homes sold for over $10 million has jumped by 50% since 2020, with the median sale price hitting a record $3.7 million. Bruce Percelay, a local real estate developer, noted that the wealth concentration on Nantucket is astonishing, and people are still eager to buy multimillion-dollar homes, no matter the risks.
