Home World News US man buys ₹3 crore house on cliff despite risk of falling into ocean

US man buys ₹3 crore house on cliff despite risk of falling into ocean

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US man buys ₹3 crore house on cliff despite risk of falling into ocean

Many U.S. coastal properties could be lost to the ocean within thirty years. (Representative image)

David Moot, 59, an interior painter and designer, has bought a three-bedroom house in Cape Cod for $395,000 (Rs 3.3153910). The house stands just 7 meters from the crumbling cliff overlooking the Atlantic Ocean. But Mr. Moot is not afraid of this situation, and he believes: “Life is too short to wait and not take advantage of this.”

The sale is part of a growing number of purchases by buyers purchasing affordable waterfront homes threatened by rising sea levels and crumbling coastlines due to climate change. The story has been covered by many major media houses as such houses are increasingly in demand despite the risks.

According to Bloomberg Moot’s purchase of the home was 67% less than the seller’s asking price of $1.195 million in 2022. Speaking about his purchase of the home, which sits just 7 meters from a sandy slope, Moot told the newspaper: “Life is too short , and I said to myself, ‘Let’s see what happens.'”

“It will eventually fall into the ocean, and it may or may not be in my lifetime,” he added.

What Moot paid for the Eastham home was 67% less than the $1.195 million the seller initially asked in 2022. On Nantucket, an island retreat in wealthy southern Cape Cod, an oceanfront home at 28 Sheep Pond Road sold in June for just $200,000. , about a tenth of this year’s estimated valuation.

As ocean warming intensifies, storms become more frequent and sea levels rise, more than $106 billion in U.S. coastal property could be consumed by the ocean in less than 30 years, according to data from the National Oceanic and Atmospheric Administration.

“The bottom line is that in 50 to 100 years there will be communities that will be underwater,” said Dylan McNamara, a professor of oceanography at the University of North Carolina Wilmington who has studied coastal real estate markets for nearly two decades. Bloomberg. “It’s only a matter of time before property values ​​fall. How they fall, whether it’s a steep fall off a cliff or a smoother settlement, is still up in the air.”

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