Man spends $400,000 on beachfront house in Massachusetts, now it is being swallowed by the ocean

economictimes.indiatimes.com:

Cape Cod, Massachusetts, despite warnings that it could fall into the ocean within a decade. David Moot paid $395,000 for the house in Eastham, surprising many due to its low price.

Moot, 59, had always wanted a beachfront home on the Massachusetts coast but found most properties too expensive. He discovered the three-bedroom home listed at a low price because it sits just 25 feet from an eroding sand cliff. According to projections, the tides could advance 3 feet closer to the house each year.

“Life’s too short, and I just said to myself, ‘Let’s just see what happens,’” Moot told Bloomberg. “It’s going to eventually fall into the ocean, and it may or may not be in my lifetime.”

The home was initially listed for $1.195 million in 2022, but concerns about climate change led to a significant price drop. In a similar instance, a house in Nantucket sold for $200,000, despite being previously valued at nearly $2 million.

Moot purchased the property in December 2023. The house has three bedrooms, two bathrooms, and a two-car garage. The property listing noted, “Deck in front of house is approximately 25 feet from edge of eroding bluff.”