A vacation home on Nantucket facing beach erosion was recently sold for just under $200,000, according to the Nantucket Current. Jan Carlin and Ben Gifford sold the property to their neighbor, Don Vaccaro, the co-founder of TicketNetwork. The assessed value of the home was $1.97 million, making the sale price significantly lower.
Carlin mentioned that they couldn’t find a housing nonprofit willing to relocate the house to save it from erosion. They had owned the 1,700-square-foot property since 1988. The ocean has been encroaching on the property, worsening over the winter, due to coastal erosion being a long-term issue in the area.
The house, built in 1979, has three bedrooms and two bathrooms. Vaccaro bought the property with the assumption that it will be in the water by spring 2025. He also mentioned using mitigation techniques to slow erosion and potentially donating the property to Ukrainian refugees in the offseason if the town approves.
Carlin expressed hesitation in listing the property due to the erosion threat, as Nantucket’s southern coastline faces significant erosion. The median list price of homes in Nantucket was $4.7 million in May, with a median sale price of $3 million.