Nantucket cliff cottage bought for $899K in 2021 still stands despite severe erosion

Massachusetts car dealer Charles Fotopoulos purchased a 1951 cottage on Nantucket for $899,000 in 2021, fully aware of the coastal erosion risk threatening the property. At the time of purchase, he set a modest goal of five years as a measure of success for the investment. Five years on, the home is still standing, but ongoing erosion has left it just feet away from a 40-foot drop to the beach. The case highlights the growing risks of owning coastal property as shoreline erosion accelerates in the region.