This archive report was first published on 9 August 2019.
Climate change is wreaking havoc on coastal properties across the United States, with rising sea levels threatening the value of nearly one trillion dollars' worth of real estate.
On Nantucket, a tiny island off the coast of Massachusetts, a couple's $8.4 million home was in danger of being destroyed by a rapidly eroding bluff.
Dao Engle and her husband bought the 10,000-square-foot mansion in 2012, but it wasn't until seven years later that they began planning its relocation.
According to The Wall Street Journal's Marli Guzzetta, the couple spent four months preparing for the move, which involved disconnecting utilities, clearing the site, and using concrete to support the home.
The total cost of the move was around $1.6 million, with the home being removed from its foundation, placed on 16 cribs and 16 stakes, and relocated over the course of a week.
As The Wall Street Journal reported, the couple was aware of the bluff's eroding edge when they purchased the home, and it heavily influenced the home's low asking price.
"By fixing the problem and redoing the space, we have effectively doubled the value of the home versus what we bought it for," Mrs. Engle told Guzzetta.
While the Engles' move was a costly one, it highlights the devastating impacts of climate change on real estate. According to a 2018 revised study from researchers at Pennsylvania State University and the University of Colorado at Boulder, properties exposed to rising sea levels sell for around 7% less than similar but unexposed homes.
As Business Insider's Aria Bendix previously reported, nearly one trillion dollars' worth of US real estate is threatened by rising seas, with the homes of 4.7 million Americans potentially vulnerable to rising sea levels by 2100.
