Wealthy beach lovers left devastated as they're forced to slash price of luxury seaside homes by MILLIONS: 'It's unbelievable' By Ruth Bashinsky For Dailymail.Com Published: 16:20 EDT, 15 June 2024 | Updated: 17:44 EDT, 15 June 2024 e-mail 51 View comments 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.' PICTURED: A home at Pocomo Beach on Nantucket Island, Massachusetts. Various preventive methods are used to keep seawalls intact near where expensive homes are built A for sale sign is placed in a beach front property where a house used to stand prior to being washed away by Hurricane Sandy on October 2013 Storm-driven erosion in Pismo Beach, California, has oceanfront.
