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On an island where waterfront homes are usually reserved for the wealthy few, word that a lovely seaside retreat was on the market for just $600,000 — a price that seemed to be missing a zero — raced across Nantucket this winter.
Once asking $2.3 million, a home on the affluent New England island has sold for a fraction -- as erosion put it in jeopardy.
If you're looking for beachfront property, now might be the time to find a bargain, but the investment comes with a risk.
Another coastal property has been lost on Nantucket, just the latest home to be condemned on the Cape and Islands as erosion carves away at shorelines, stripping bluffs and dunes from beneath waterfront structures.
Waves pummeled the Nantucket beach and ate away 35 feet of dunes in the last eight months.