From Dana Point, California, to Long Island, New York, and Nantucket, Massachusetts, some of the nation's priciest coastal real estate is in an increasingly precarious position due to climate change.A barely remarkable Nor'easter in the fall wiped away an astounding 70 feet of the beach it sits on, thanks to sea level rise and unusually intense rainfall.As sea levels rise and storms intensify, coastal real estate is seeing flooding and erosion like never before.
A Nantucket home listed last summer for just over $2 million sold early this year for just $600,000. A barely remarkable Nor'easter in the fall wiped away an astounding 70 feet of the beach it sits on, thanks to sea level rise and unusually intense rainfall."There have been several," said Shelly Lockwood, a real estate agent on Nantucket.
"I think we just put our heads in the sand," said Farley. "Values weren't going down until the last 10 years and it's still been kind of quiet reduction.