In a daring and somewhat controversial move, 59-year-old David Moot, an interior painter and designer, has purchased a Cape Cod home for $395,000. The three-bedroom property, precariously perched just 25 feet from a crumbling cliff facing the Atlantic Ocean, has raised eyebrows due to the imminent risks associated with its location.
Despite the potential danger, Moot remains undeterred. “Life’s too short to wait and not take advantage of this,” he said, expressing his philosophy of living in the moment. This sentiment resonates with a growing number of buyers who are snapping up bargain-priced waterfront homes, even as rising sea levels and crumbling coastlines pose increasing threats due to climate change.
A growing trend
The sale of Moot’s home is part of a larger trend where buyers are willing to overlook environmental risks in favor of obtaining prime real estate at reduced prices. According to Bloomberg, Moot’s purchase price was a staggering 67% less than the seller’s initial asking price of $1.195 million in 2022. Speaking about his acquisition, Moot remarked, “Life’s too short, and I just said to myself, ‘Let’s just see what happens.'”
“It’s going to eventually fall into the ocean, and it may or may not be in my lifetime,” Moot added, highlighting the precarious nature of his new home.
The bigger picture
Moot’s decision mirrors a broader trend in the US coastal real estate market. On Nantucket, an island retreat south of Cape Cod, a seaside house at 28 Sheep Pond Road sold in June for just $200,000, roughly a tenth of its assessed valuation this year. This trend underscores the growing appeal of waterfront properties, even as climate change threatens their long-term viability.
According to data from the National Oceanic and Atmospheric Administration, more than $106 billion in US coastal properties could be consumed by the ocean within the next 30 years due to warming oceans and rising sea levels.
Expert insights
“The bottom line is, between 50 and 100 years from now, there are communities that will be underwater,” said Dylan McNamara, a professor of oceanography at the University of North Carolina Wilmington. McNamara, who has studied coastal real estate markets for nearly two decades, emphasized the inevitability of declining property values in these areas. “It’s just a matter of time before those property values go down. How they go down, whether it’s a precipitous drop off a cliff or it’s a smoother unwinding, is still up in the air.”
As the debate over the future of coastal properties continues, David Moot’s bold purchase serves as a poignant example of the risks some are willing to take for a slice of oceanfront paradise.