Nantucket, an exclusive island located off Cape Cod’s coast, is renowned for its luxurious summer retreats. However, amidst the multimillion-dollar homes lies an intriguing practice of giving away properties for free.
The Wealthy Enclave
The median sales price on Nantucket stands at a staggering $3.6 million, attracting affluent buyers like Blackstone’s CEO and Barstool Sports cofounder, who made headlines with their multimillion-dollar property acquisitions.
Free Homes with a Twist
Contrary to the high-priced estates, Nantucket also sees homes given away for free, albeit with conditions. These homes are typically offered for relocation, requiring interested parties to cover substantial moving expenses.
The Relocation Process
Moving a free home involves lifting it off its foundation and transporting it on a trailer across the island. While the costs can be significant, they pale in comparison to constructing a new home, which can be prohibitively expensive on Nantucket.
Island’s Scarce Resources
Given the island’s limited resources, reusing existing structures is a cost-effective and sustainable solution. This practice has gained popularity, with an increasing number of house moves occurring in recent years.
Diverse Beneficiaries
Buyers of free homes range from homeowners seeking rental income to families in need of affordable housing. Nonprofits also play a crucial role by repurposing these homes for low-income families, easing the island’s housing challenges.
A Win-Win Solution
By repurposing free homes, Nantucket addresses its housing needs while offering tax breaks to sellers. The program benefits diverse community members, from teachers to cleaners, providing them with affordable housing options.
Island’s Housing Evolution
Since its inception, the initiative has repurposed numerous homes into income-capped rentals, benefiting over 600 families. As the island evolves, repurposing existing structures emerges as a sustainable and community-oriented housing solution.
Embracing Island Sustainability
Nantucket’s unique housing trend showcases a blend of luxury living and community-driven initiatives, emphasizing the island’s commitment to sustainability and resource conservation.