Erosion Eats Away at Nantucket Beach Houses: A Growing Crisis
On the idyllic island of Nantucket, erosion is swallowing up prime real estate, leaving homeowners in a precarious situation as their dream vacation homes teeter on the brink of destruction. Recently, the encroaching sea eroded much of the land beneath a $1.9 million beach house, leading to its sale for just $200,000, highlighting this issue.
The Case of Jane Carlin's Beach House
Jane Carlin and her husband, Ben Gifford, bought their beach house on the western end of Nantucket in 1988. At that time, the property was well protected from the Atlantic Ocean, separated by three other properties, an acre of land, and a road. However, 36 years of relentless erosion have transformed the Carlin property into a beachfront home. Successive winter storms have devoured the neighbouring homes and much of their land, leaving their back porch dangerously close to the shoreline.
Faced with the inevitability of further erosion, Carlin attempted to donate the 1,700-square-foot home to a local affordable housing nonprofit but found no takers. Eventually, businessman Don Vaccaro, CEO of TicketNetwork.com and a neighbouring property owner, purchased the house for $200,000. Vaccaro acknowledges the temporary nature of the purchase, noting, "Basically, the house may not last more than six months. Inevitably, the ocean will win."
Erosion's Impact on Nantucket Real Estate
The sale of Carlin's property at a steep discount is not an isolated incident on Nantucket. Last year, a home on the same street—Sheep Pond Road—sold for $600,000, down from its original listing price of $2.3 million. These transactions are indicative of a broader trend on the island, where erosion is causing significant property devaluation.
Despite these challenges, the demand for Nantucket homes remains robust. The island's median home price was $3.2 million in 2023, and while costs have dipped from 2022's peak, they still surpass those of 2021. Real estate developer Bruce Percelay notes, "The concentration of wealth is quite stunning on Nantucket, and it keeps escalating. Despite the challenges, individuals continue to purchase multimillion-dollar homes on Nantucket.
The High Cost of Erosion Mitigation
Homeowners are employing various erosion-mitigation strategies in an effort to protect their investments. Vaccaro, for instance, plans to implement measures such as seagrass planting and biodegradable silt fencing to prolong the life of his newly acquired property. Some, like billionaire Barry Sternlicht, have had to demolish their homes before they collapse into the sea, while others have resorted to spending millions to move their homes away from eroding bluffs.
Future Outlook: Rising Sea Levels and Coastal Flooding
Nantucket's 2021 Coastal Resilience Plan predicts that sea level rise, coastal flooding, and erosion will cause cumulative damages to the island exceeding $3.4 billion over the next 50 years. This forecast underscores the urgent need for comprehensive and sustainable solutions to combat the ongoing erosion.
Despite the dire predictions and visible damage, the allure of Nantucket remains strong. The island's charm and status as a retreat for the ultra-wealthy continue to drive real estate transactions, even as buyers are acutely aware of the risks posed by erosion. As the island grapples with these challenges, the balance between preserving its natural beauty and protecting valuable properties will be a critical focus for homeowners and policymakers alike.