Despite the increasing risk of living on the water due to climate change, some are taking the chance to buy oceanside property at a reduced price.
Oceanfront property has always had an appeal, but with the changing climate threatening the future of those homes, the cost has fallen enough for some homeowners to take the risk.
David Moot says his Cape Cod home is a dream, but it is also literally life on the edge — you can't get much closer to the Atlantic Ocean than he is.
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"I feel truly — I am sorry, I truly feel blessed," Moot said as he started to cry.
That's because Moot bought his ocean-view house in Eastham, Massachusetts, in December for the fraction of the $1.2 million it was listed at a few years ago. The price plunge is fueled by an ever-shrinking front yard.
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Only time, and Mother Nature, will tell how long the house will stand.
Since buying his home in December, Moot estimates he has lost about 5 feet of his front yard.
"People say, 'You're crazy,' and I said, 'Well, yeah, I am, but I'm cool with it,'" said Moot with a laugh.
More on coastal erosion
It is not just on Cape Cod. Nantucket is also dealing with severe beach erosion that is impacting property values. A home that appraised for nearly $2 million recently sold for $200,000.
"In 2021, the Town of Nantucket developed a Coastal Resilience Plan, which we are now in the process of implementing. The CRP, and risk assessment, identified the risk of coastal flooding, sea level rise and erosion to properties throughout the County. A Homeowner guide was also created to help property owners understand these coastal risks and manage them effectively," a town spokesperson said in a statement. "Each year, homes in erosion-prone areas are relocated or demolished, with retreat being the preferred option when possible. We monitor coastal properties and notify owners when necessary to help prevent disasters, such as structures and debris from polluting the beach and the ocean. Ultimately, the responsibility for homes in coastal areas, like anywhere else lies with the property owners."
Massachusetts State Geologist Brian Yellen says not all erosion is bad.
"If we cut off all erosion around the state, there would be no more beaches," he said. "It's a balancing act of thinking about all the different winners and losers, and making sure that we're not investing disproportionately in coastal properties at the expense of everyone's ability to, say, enjoy the beach or go digging for clams."
Stephen Leatherman, professor and director of the Laboratory for Coastal Research at Florida International University, agrees. He wrote a book about erosion on Cape Cod, where he used to live.
"It is really quite a problem there for people who buy houses like that," he said.
Moot is enjoying his ocean-view living for as long as he can and is currently daydreaming ways to share it with others.
"This is my living room. It is crazy, it is just absolutely crazy," he said. "Hope is a big word."
