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Oceanfront Compound in the Amagansett Dunes for $11.5M

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This is an interesting listing. 1.25 acres of oceanfront, which is a large plot for the area, containing two houses, a five bedroom 2600sf main house and a three-bedroom 1300sf guest cottage. The houses might be vintage and charming, but they're not pictured, so who knows, they're probably teardowns. However, any buyer can rebuild on the same footprint, and two legal dwellings is a rare opportunity in the area. The listing notes there's room for a pool, but we're not sure about the legality there. We're not entirely sure about the $11.495M asking price, because this property is unique, and a buyer would have to spend some money building or renovating, but it strikes us as fair.

· Spectacular Ocean Front Compound [Corcoran]