Yesterday, we mentioned the skyrocketing prices of homes in the Hamptons, one of America’s summer playgrounds for the ultra-wealthy. Starter homes are between $1M and $5M, but if you’re looking for a piece of its famous Hamptons beaches, you could be looking at much, much more, even for just a lot. Several months ago, the Wall Street Journal hosted listings for two $200 million dollar ocean front lots along the Montauk Highway in Amagansett, each totaling 9.4 acres. But in Hurricane Sandy, as well as during her predecessor Irene, many beachfront Hamptons homes were all or partially destroyed.
This begs the question, how valuable is ocean front land, really? What would you be willing to pay for a little bit of beachfront, Hamptons or otherwise?