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Dilapidated Shed Plus Trailer Plus Third-Acre AMG Plot: $1.1M

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This listing got a lot of play in the news media this weekend, mostly of the "Those nutty, overpriced Hamptons!" variety. While the dilapidated shed makes for a great photo, of course the value is in the land; as the listing says: "Use as is now, while you plan for your 4,000 square foot new house with 20 foot x 50 foot swimming pool." The property is close to a house that sold last summer for $4M—but that property included a brand new 4000sf house with gunite pool and the plot is 0.51 acre, not 0.36 like this one. So figuring 4000sf by $400 a square foot to build the house (low-ish end), $1.6M, plus some to landscape and build a pool. A buyer will definitely save some money by building themselves, if they've a mind to. What do you think?

· 32 Cross Highway Amagansett South [Elliman]