Wealthy beach lovers left devastated as they're forced to slash price of luxury seaside homes by MILLIONS: 'It's unbelievable' (only 6.64 years left)

Daily Mail ^ | 6/15/24 | Ruth Bashinsky

[Libloather]

Wealthy beach lovers are left devastated as they're forced to slash prices of their luxury seaside homes by millions due to climate change.

Climate experts believe the rise in sea levels and unforgiving storms, intense rainfall and coastal flooding and erosion are the culprits putting homeowners in a precarious position - and the unpredictability of it all.

The areas with some of the priciest real estate that have been hit the hardest include, Dana Point, California, to Long Island, New York, and Nantucket, Massachusetts, CNBC reported.

In September, a beach front home on Nantucket that listed for $2.3 million, fell to a staggering $600,000 after their shoreline lost 70 feet to erosion. The owner, Lynn Tidgewell said, 'this rate of erosion was not typical,' and 'dropped the price significantly in the knowledge that any prospective buyer was taking a risk.'

Tidgewell said she purchased the Nantucket property on Sheep Pond Road in 2021 for $1.65 million, as town records confirm.

At the time, the property was more than a 100 feet from the top of a coastal bank, and a geological study estimated the home would last at least two decades, if not more, at the current rate of erosion.

She said she 'took the gamble due to the magnificent beauty of the location,' but after two years started to notice the land near her house started to disappear, claiming approximately 15 feet of her backyard.

In the few years she lived there, she said her home was impacted by other storms including Hurricane Lee that took another 20 feet in September, and a staggering 70 feet was swallowed up between then and December, the news outlet reported.

Brendan Maddigan, who acquired the property in February, took advantage of the price drop but went in knowing the risks.

[ProtectOurFreedom]

Gullible, easily hornswoggled, unable to think for themselves, dupes.

[Chewbarkah]

She said she ‘took the gamble...”

That pretty well pulls the rug out from under the sob story. She knew it was coming, just guessed wrong on the pace.

[sergeantdave]

One house sells for less than list price = massive climate change around the world.

[HereInTheHeartland]

Amazing!
COAST LINES HAVE NEVER ERODED BEFORE!!!
Gee we build homes in an area (maybe just 70 years ago ?)for the first time ever in that area .
We have no idea what normal is for coast line erosion rates over thousands of years; but WE ARE CERTAIN its climate change!

[Tucker39]

That woman foolishly bought a loser property and should have known better. I believe the entire cliff will eventually crumble away. OTOH....I think climate change, as it’s being huckstered, is a crock, and that sea level is not rising. Anyone with a “safe” property, who is gullible enough to sell cheap because “we only havd X number of years left before doomsday”, are going to be highly PO’d 20 years from now when all is still O.K. and sea level has not risen. A little land subsidence in a few places maybe, but NO rise in sea level.