A house on the beach in Nantucket, Massachusetts, was purchased for a stunningly low price in a recent real estate transaction, the Nantucket Current reported.
The sale price for the beachfront property, positioned within the Madaket area, was $600,000, in line with the outlet.
The transaction went through February.
The Nantucket Current, citing the home’s listing broker, Susan Shepherd, reported aspects that contributed to the $600,000 price included the vendor wanting to “turn the page” and offload the house and the property’s significant exposure to beach erosion.
The sale price was $1.6 million lower than what the vendor had sought when it was first listed.
The home originally hit the market at $2.295 million but later had its price incrementally lowered to that six-figure amount, in line with Zillow.
The house features 4 bedrooms and two full bathrooms with an out of doors deck, an inventory from Shepherd Real Estate showed.
The vendor acquired the house in 2021 for $1.65 million, in line with property records.
It was most recently purchased by Brendan Maddigan, the Nantucket Current reported.
Reducing the asking price to $600,000 brought a deluge of inquiries from potential buyers.
“It’s a raffle, but I got comfortable with the danger. It’s a losing battle, and I haven’t any certainty across the time that it should eventually — or perhaps not — that erosion will take out that house. I checked out it as, ‘If I could have that spot for just a few years, hopefully just a little longer, and do all the things I can to make it last, I’ll be glad,’” Maddigan told the outlet.
In February, Nantucket homes in the marketplace had a median asking price of $4.6 million, in line with Realtor.com.
The median sale price was $3.6 million.
The title of most-expensive single-family house sale on Nantucket belongs to a large Monomoy home that went for $42 million in late September, in line with reports.
