01-22-2025, 07:33 PM
So here's a story of some real estate investor who buys a multi-million dollar home on some Nantucket island for $200k (steeply discounted from $400k) likely knowing it would be condemned. Sure enough, six months later the house gets condemned due to an approaching eroding shoreline. What happens next is what pisses me off. As you can see from the linked news story, a demolition team shows up and just completely scraps the home with an excavator and a roll-off dumpster. What a colossal waste.
Probably over $100k in materials could have been salvaged from this property and go to places like Habitat for Humanity (i.e. doors, windows, building materials, etc) to build homes for the less fortunate, but no. Instead, this guy just hires a demolition contractor to scrap the whole thing and throw it in a dumpster to be taken to the local landfill
Here's the story (and videos)...
https://nypost.com/2025/01/22/real-estat...heres-why/
What really galls me the most is...this dude probably had the home insured for at least the $400k selling price, so he'll collect the insurance and make $200 grand profit out of this deal. AND, everyone else's insurance in the area will go up as a result. AND, all the wasted materials will just go fill up some landfill somewhere.
This is really manipulative and sad.
Probably over $100k in materials could have been salvaged from this property and go to places like Habitat for Humanity (i.e. doors, windows, building materials, etc) to build homes for the less fortunate, but no. Instead, this guy just hires a demolition contractor to scrap the whole thing and throw it in a dumpster to be taken to the local landfill
Here's the story (and videos)...
https://nypost.com/2025/01/22/real-estat...heres-why/
What really galls me the most is...this dude probably had the home insured for at least the $400k selling price, so he'll collect the insurance and make $200 grand profit out of this deal. AND, everyone else's insurance in the area will go up as a result. AND, all the wasted materials will just go fill up some landfill somewhere.
This is really manipulative and sad.