Nantucket Vacation Home Loses Over 70% of Value as Climate Change Erodes Coastline

A $2.3 million Nantucket home lost 74% of its value due to 70 feet of shoreline erosion over a few weeks.
Small vacation towns like Nantucket are starting to feel major effects from climate change and sea level rise.
Coastal properties are becoming uninsurable or extremely expensive to insure due to high climate risk.
An all-cash buyer purchased the eroded Nantucket property despite the risk that storms could cause future damage.
Vacation homes in environmentally sensitive coastal areas will likely see fluctuating values as climate risks become more evident.