Nantucket beachfront home sells for an absurdly low price, but there’s a catch

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, located in the Madaket area, was $600,000, according to the outlet. The transaction went through February.

The Nantucket Current, citing the house’s listing broker, Susan Shepherd, reported factors that contributed to the $600,000 price included the seller wanting to “turn the page” and offload the home and the property’s significant exposure to beach erosion. 

The sale price was $1.6 million less than what the seller had sought when it was first listed. The house originally hit the market at $2.295 million but later had its price incrementally lowered to that six-figure amount, according to Zillow.

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The home features four bedrooms and two full bathrooms with an outdoor deck, a listing from Shepherd Real Estate showed.

The seller acquired the home in 2021 for $1.65 million, according to 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 gamble, but I got comfortable with the risk. It’s a losing battle, and I have no certainty around the time that it will eventually — or maybe not — that erosion will take out that house. I looked at it as, ‘If I could have that spot for a few years, hopefully a little longer, and do everything I can to make it last, I’ll be happy,’” Maddigan told the outlet.

In February, Nantucket homes on the market had a median asking price of $4.6 million, according to Realtor.com. The median sale price was $3.6 million.

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The title of most-expensive single-family house sale on Nantucket belongs to a massive Monomoy home that went for $42 million in late September, according to reports.