No. of Recommendations: 2
From today's Scott Burns' column


Housing prices will hit a high-water mark, literally. I know this for a fact, having seen an advertisement for a house currently for sale in the village of Siasconset on Nantucket Island, Mass. The 2,800-square-foot house, on 2.5 acres of land with 300 feet of beach frontage, is on a bluff that overlooks the beach. The house is offered for a tasty $5.9 million, or $2,100 per square foot.

Unfortunately, as the bluff erodes, the beach is moving toward the house at the rate of 1.5 feet per year. That makes the house a "wasting asset" that will disappear, along with the land it is on, in about 100 years.



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