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☆ Homes on billionaire hot spot Nantucket are falling into the ocean at an alarming rate — but the wealthy won't stop buying
  + stars: | 2024-05-24 | by ( Madeline Berg | Dan Latu | ) www.businessinsider.com   time to read: +14 min
Over the past two centuries, Nantucket has gone from a whaling town to a hippie refuge to a holiday hot spot for billionaires. "To use a well-worn phrase, come hell or high water, people are still buying multimillion-dollar homes on Nantucket." Between 2030 and 2100, the number of structures exposed to coastal erosion is expected to go from 113 to 860. "Without erosion, this would be an extremely valuable area," Baxter Road resident Joshua Posner told BI. "It's not inexpensive, but it is worth doing," Posner told BI.
Persons: Steve Schwarzman, Eric Schmidt, Barry Sternlicht, Elizabeth Gibson, David L, Ryan, Bruce Percelay, Edward Sanford's, he'd, Percelay, Greg Mckechnie, you'd, Barry Sternlicht's, Suzanne Kreiter, Shelly Lockwood, who's, I'm, Joshua Posner, Jack Welch, Bill Belichick, —, Sanford, Lockwood, Nature, Yorker Brendan Maddigan, Maddigan, Mckechnie, Schwarzman, She's, Posner, he's, Helmut Weymar, Anne Atherton Organizations: Resilience, Business, Boston Globe, Getty, Estate, Nantucket, Coastal, Nantucket's Cisco, Cisco, Beach, Patriots, Yorker, Preservation Fund, Baxter, Conservation, Conservancy, The New York Times, Conservation Commission, Nature Locations: Nantucket, England, Cape Cod, Nantucket's, Madaket, Sconset, Brant, Baxter
☆ Insider Today: Nantucket's 'free' homes
  + stars: | 2024-04-06 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +5 min
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "Bridgerton" is back, and if you're like the millions of viewers who tuned in last season, you'll want to hear this. The island is replete with dozens of "free" homes — but there's a catch. AdvertisementSee the full listMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor-in-chief, in New York.
Persons: —, you'll, let's, Tyler Le, it's, Andrew Woodley, Barbie, wouldn't, Mai Tai, Tommy Hilfiger, Stephen Schwarzman, Natalia Agatte, Kendall Jenner, Kaia Gerber, Rebecca Zisser, Max, Mary, George, Julianne Moore, Nicholas Galitzine, Ripley, Andrew Scott, Patricia Highsmith's, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Business, Service, Netflix, Universal, Getty, Blackstone, Young, Air Force, Starz Locations: US, Mexico, Canada, Cleveland, Dallas, Indianapolis, Texas, Maine, Nantucket, Massachusetts, Cape Cod, New York
☆ The exclusive island where people keep giving away homes for free — even though the typical house costs $3.6 million
  + stars: | 2024-04-06 | by ( Dan Latu | ) www.businessinsider.com   time to read: +7 min
But in stark contrast to the eight-figure homes is another common Nantucket practice: giving away homes for free. It is much cheaper, however, to move a "free" house onto a property than to construct an entirely new dwelling. Some of the 'free' homes do good for the communitySome of Nantucket's year-round workforce lives in repurposed "free" homes. Maremagnum/Getty ImagesBuyers of the "free" homes fall into three main categories, Cohen told Business Insider. Since 1994, Housing Nantucket has repurposed 39 "free" homes into income-capped rentals on the island.
Persons: —, Stephen Schwarzman, Dave Portnoy, Anne Kuszpa, It's, Steven Cohen, Cohen, they're, there's, Kuszpa Organizations: Service, Blackstone, Barstool, Wall Street Journal, Housing, Business Locations: Nantucket, Massachusetts, Cape Cod, Housing Nantucket, Miacomet
☆ Photos: Dave Portnoy bought a $42 million home in Nantucket, complete with an underground tunnel. They're becoming a thing for the rich.
  + stars: | 2023-09-29 | by ( Kelsey Vlamis | Lauren Steussy | ) www.businessinsider.com   time to read: +4 min
Dave Portnoy bought a $42 million waterfront home in Nantucket, The Wall Street Journal reported. AdvertisementAdvertisementDave Portnoy bought a record-setting $42 million home in Nantucket, The Wall Street Journal reported, citing people familiar with the deal. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe sale set a residential real estate record for the island as well as the entire state of Massachusetts, according to the Nantucket Current. AdvertisementAdvertisementPhotography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe waterfront compound, built in 2018, was designed by Andrew Kotchen, a renowned local architect and designer, Dunlap said. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDTunnels in luxury homes aren't entirely new.
Persons: Dave Portnoy, —, Portnoy, Shellie Dunlap, Andrew Kotchen, Dunlap, Alice, Ron Syrnyk, Peter Engen, Lee Organizations: Street Journal, Service, Lee, Street, Penn Entertainment, Insider Locations: Nantucket, Massachusetts, Wonderland
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