When the Dock is Worth More than the Home

“In the Northeast, the dock premium has reached as high as $1 million on Long Island and $4 million or more on Nantucket.  In Laurel Harbor, N.Y., a two-acre parcel with a 150-foot beach and a 75-foot dock was recently listed for $1.4 million — even though local zoning rules prohibit the construction of a house on the property.  And in Cove Neck, N.Y., a buyer recently paid $3.4 million for a waterfront home — and then promptly tore it down.  The value, the listing agent on the sale says, was in the dock.”

Read full article from the Wall Street Journal here