Nantucket, Massachusetts – A coastal vacation home in Nantucket, Massachusetts recently exchanged ownership in a deal that raised eyebrows due to the significant threat posed by beach erosion. The property, previously owned by Jane Carlin and Ben Gifford, was sold to Ticketnetwork Inc co-founder Don Vaccaro for $200,000, well below the town’s assessed value of $1.97 million.
The 1,700-square-foot home, built in 1979, features three bedrooms and two bathrooms but faced a looming threat from the encroaching shoreline due to coastal erosion. The sale came after the couple explored options with housing non-profits to potentially relocate the house to avoid losing it to erosion, to no avail.
Vaccaro, the new owner, acknowledged the imminent risk of the home succumbing to the erosion, stating that he expects the house to be underwater by spring 2025. Despite the challenges, he mentioned the possibility of implementing costly mitigation techniques like sea grass planting and silt fencing to slow down the erosion process.
Furthermore, Vaccaro expressed his intention to donate the property to Ukrainian Refugees during the off-season if the town approves. Before Vaccaro’s offer, Carlin and Gifford had refrained from listing the property, wary of selling it to someone who might face potential loss due to storm damage.
Nantucket, known for its high-end real estate market, experiences annual beach erosion along its southern coastline, with varying rates documented by the local government. Despite the risks associated with owning beachfront properties in the area, homes in Nantucket continue to be highly sought after, with median asking prices reaching $4.7 million in May, according to Realtor.com.
The sale of the coastal vacation home in Nantucket serves as a reminder of the ongoing battle against coastal erosion and the challenges faced by homeowners in such high-risk areas. Vaccaro’s acquisition of the property underlines the delicate balance between preserving coastal habitats and managing real estate investments in vulnerable locations.