An island where people regularly share houses for free, even though a house normally costs 3.31 million. euros | Business

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• Nantucket, an island in Massachusetts, is a popular vacation spot for the wealthy.
• Several homes are offered for free each year, but buyers must first move them to new locations on the island.

Realtor.com according to data, the average sale price of real estate on this island is 3.31 million. euros, although many houses cost much more.

In stark contrast to the expensive housing is another common practice on this island – the gifting of houses.

More technically, it is a gift. Homes are shared free of charge, but with some caveats. The main thing is that they need to be moved to another place, and for this sometimes large sums have to be paid.

Real estate attorney Steven Cohen is listing a “freehold” home in the Miacomet neighborhood, famous for its public golf courses and freshwater pond, for nearly $800,000. He said he has already received 25 letters from interested parties.

The “buyer” must pay for the house to be moved, which usually involves lifting it off its foundation and moving it onto a trailer that is slowly transported to another location on the island. According to S.Cohen, 232 sq. m house can cost at least 100 thousand. US dollars. The bigger the house, the higher the cost of moving it.

However, moving a “vacant” house onto a plot is much cheaper than building a new home. S.Cohen said that in Nantucket 232 sq. m building a house from scratch on the island would cost about 1,840,730 euros.

Nantucket house moves are so frequent they bring traffic to a standstill
House moves are becoming increasingly popular in Nantucket. About a decade ago, Nantucket issued just 19 permits to move homes or parts of homes across the island, according to the Nantucket Current. The report states that in 2022 until October 91 permits were issued, and since many house moves occur later, the annual figure was likely even higher.