I don't know. Perhaps this guy is a financial and/or business genius who can make this investment pay off. Nevertheless, because I don't think so, I'm awarding today's Doofus title to an unnamed 'Manhattan financier'. CNBC reports:
Officials say a Manhattan financier has paid $120,000 for a 1-foot-by-1,800-foot strip of land in the Hamptons.
. . .
The foot-wide path in Napeague stretches from Montauk Highway to the Atlantic Ocean.
The county acquired it in 2003 for nonpayment of taxes. Suffolk tried to sell it for $10 to any of the six adjoining land owners.
Four showed no interest. But two were so interested the county set up a face-to-face auction and imposed a $1,500 minimum bid.
There's more at the link.
I don't think he'll be building anything on a strip of land that narrow. Perhaps he plans to turn it into a toll
Peter
3 comments:
There is no reason for anyone to acquire it and pay taxes on it. The adjacent landowners can already used it for free. There is no risk of anyone else buying it and developing it into something unsightly, not even a fence. Even if you wanted to put a pipeline there, you would just buy an easement, and avoid being permanently taxed for the property.
On a contrary note, where I live I'm restricted to the development of house and outbuildings only taking up a maximum of 50% of my lot. If I acquired a strip 1' wide by 1800' long, contiguous with any part of my existing property, the overall increase in land area would entitle me to put roof over another 900 sq. ft. chunk of my yard -- that's big enough for a pretty nice guest house or swimming pool.
But reading the Newsday article, it seems one party wanted to have deeded beach access, and the other party for whatever reason wanted to make sure that the first party did not -- it might be a privacy issue, in that any path on the strip would have overlooked
It's just the right size to place a fence, a gate and charge admission.
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