Business
4:05 am
Fri September 6, 2013

Bidding War Breaks Out For Small Strip Of Land

Originally published on Fri September 6, 2013 11:40 am

Transcript

RENEE MONTAGNE, HOST:

And today's last word in business is: Bidding War.

The real estate market has been heating up in some popular locations - like the Hamptons.

STEVE INSKEEP, HOST:

And this week, two Wall Street types competed for a narrow lot bordering both of their properties there. And when we say narrow, the strip of land is almost 1,900 feet long - 1900 feet long and one foot wide.

MONTAGNE: At one end of the lot is the Montauk Highway, at the other, the Atlantic Ocean. The county had intended to sell the strip of land for $10, maybe. The winning bid was $120,000.

INSKEEP: You know what they say about beachfront property, they're not making any more of it - not even one foot more. And that's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

MONTAGNE: And I'm Renee Montagne. Transcript provided by NPR, Copyright NPR.