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.
There was once a house in a Nantucket, they tried to save sand by the bucket, the ocean and sea, would not let it be, so they tried sell and say muck it
It's not all bad. Lake Erie has been experiencing record high water levels that are eroding the shore. In a suburb east of Cleveland private property owners along the lake have agreed to let the local government build a paved trail on their property as it includes a boulder wall to prevent erosion. So far it's not long enough for a commuter trail but it improves access to the lake. Hopefully one day it will follow the shoreline all the way into downtown Cleveland.
Saw fake news clip on spytube... Really puts in perspetive who they shill for.
As others have said... Oh no anyway. It's called risk and these big brain elites shoulda known about it. Why are they truing to socialize their losses from their bad decisions. We already spend so much money to allow for these beach homes to exit IMHO
