A coastal home on Nantucket Island, Massachusetts, was purchased for an astonishingly low price in a recent real estate transaction, Nantucket Current reported.
The sale price of the beachfront property in the Madaket area was $600,000, the publication said.
The deal lasted until February.
The Nantucket Current reported that Susan Shepherd, the listing agent for the home, said factors contributing to the $600,000 price were that the seller wanted to “turn the page” and get rid of the home, and that the property was The report said that this includes being exposed to considerable coastal erosion.
The sale price was $1.6 million less than the seller had asked when it was first listed.
The home originally went on the market for $2.295 million, but the price has since been reduced to a six-figure sum, according to Zillow.
The home has four bedrooms and two full bathrooms with an outdoor deck, according to listing information from Sheppard Real Estate.
The seller bought the home in 2021 for $1.65 million, according to property records.
According to the Nantucket Current, it was recently purchased by Brendan Madigan.
After lowering the asking price to $600,000, inquiries from prospective buyers flooded in.
“It’s a gamble, but we were willing to take that risk. It’s a losing battle, and I’m not sure if the house will or will eventually disappear due to erosion. “If I can hold it for a few years, hopefully a little longer, I’ll do everything I can to keep it going and I’ll be happy,” Madigan told the magazine.
The median asking price for Nantucket homes on the market in February was $4.6 million. According to Realtor.com.
The median sales price was $3.6 million.
The title for Nantucket’s most expensive single-family home sale goes to the massive Monomoy home, which sold for $42 million in late September, according to reports.
