Man Purchases Costly Home Despite Major Erosion Warnings: A Risk Tale

One Massachusetts man decided to purchase a $395,000 house despite severe erosion warnings.

At a Glance

David Moot spent $395,000 on a beachfront house in Cape Cod, significantly lower than its initial $1.195 million listing price.
The house sits just 25 feet from an eroding sand cliff, with tides expected to advance 3 feet closer each year.
Moot acknowledged the risk, remarking, “Life’s too short, and I just said to myself, ‘Let’s just see what happens.’”
Experts predict the house could be lost to the ocean within a decade due to rising tides.

A Risky Real Estate Decision

David Moot, a 59-year-old man with a lifelong dream of owning a beachfront home, recently invested $395,000 in a property on Cape Cod, Massachusetts. Initially listed at $1.195 million, the house caught Moot’s eye after substantial price drops, driven by concerns about coastal erosion and the impact of climate change.

Located a mere 25 feet from an eroding sand cliff, the property comes with significant risks. Tides are advancing at a rate of about 3 feet per year, bringing the threat of future damages closer with every passing season. Yet, Moot remains undeterred, embodying a unique approach to risk management in the real estate market.

“I am utterly disgusted by the State’s incompetence in housing child migrants alongside convicted child predators…It’s not right that taxpayers are forced to continuously fund the Healey-Driscoll Administrations failures.” –@CarnevaleMHD #mapoli https://t.co/MB2jdzvLJs

— MassGOP (@massgop) May 17, 2024

The Fragility of Coastal Properties

Coastal property buyers are navigating a challenging landscape, exacerbated by rising sea levels and stronger storms, which are projected to put billions of dollars’ worth of prime real estate in jeopardy. Stephen Leatherman, a coastal research expert, noted that 80%-90% of East Coast beaches are eroding, including Cape Cod, which faces erosion rates of about 3 feet per year.

“Along the east coast of the United States, 80% to 90% of the beaches are eroding so it’s only just limited areas where the beach is fairly stable, at least for now.” – Source Link

Moot’s purchase highlights broader trends, where properties once unattainable due to high prices have become accessible owing to their precarious locations. In Nantucket, another coastal home previously valued at nearly $2 million was sold for just $200,000. The common denominator among these deals is the significant risk posed by their proximity to eroding coastlines.

Because the policy will allow people to buy much less land to build a home on, this policy has reduced home prices by 20% in E Massachusetts over ten years, while increasing supply by 40%.

Almost 50% of young American adults between 18-29 years old live with their families…

— 𝖦𝗋𝗂𝗆𝖾𝗌 ⏳ (@Grimezsz) May 14, 2024

A Calculated Gamble

Moot consulted with experts and considered erosion projections before finalizing the purchase. He is also exploring measures to slow down the erosion process, such as planting beach grass and potentially moving parts of the house. Despite these efforts, experts predict that many coastal communities will be underwater within 50 to 100 years, leading to a decline in property values.

“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,” he said.

Beyond personal gain, Moot also plans to use the property to share the ocean views with others, including terminally ill individuals. This altruistic outlook stands in contrast to the stark reality that the house might succumb to the forces of nature sooner rather than later.