They say you don’t know what you’ve got until it’s (almost) gone.

A Southern California home that almost slid into the ocean during Tropical Storm Rachel is more popular than ever among prospective buyers, with developers hoping to snap up the property at a steep discount.

First listed for $4.95 million in August, the four-story Long Beach mansion failed initially to attract a buyer. To make matters worse, the home was red-tagged by officials in October after Tropical Storm Rachel nearly swept it into the ocean, causing major damage.

Following the storm, photos of the waterfront home and its neighboring properties appearing to sink into the ocean and were splashed across screens far and wide as a shocking example of the storm’s devastation. But they apparently weren’t enough to dissuade developers.

After being relisted on October 14 for $2.9 million, the home has attracted a wave of interest, according to listing agent Andy Carter.

“I’ve been getting five to six calls per week from developers,” Carter, a real estate agent with Fiv Realty Co., told the LA Times. Carter that two developers have already made offers on the property.

Located at 6519 E Seaside Walk, the 4,880 sq ft has four bedrooms, six bathrooms, a wine seller, killer views, and even a private elevator.

Despite a crack in one of the home’s two foundations, Carter claims that 70% of the home is still salvageable. The home’s listing says the home is “red tagged and is land value,” indicating that the home could be a tear-down opportunity.

According to Carter, developers are eager to cash in on the storm, looking to snap up damaged homes at a discount.

“There’s a big market for it,” said Carter. “It’s an interesting property to pencil if you’re planning to sell it. It depends on if you can save the home or scrap it and rebuild.”

Despite developer interest, erosion along California’s coasts could get much worse. As sea levels rise, 24% to 75% of the state’s beaches could disappear seasonally or permanently by 2100 without intervention, according California’s Fifth Climate Change Assessment.

The assessment projects an average sea-level rise of about 3.1 feet under an intermediate scenario to 6.6 feet under its high scenario by 2100.

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