Bidding War Breaks Out For Small Strip Of Land

Two Wall Street types competed for a narrow lot bordering both of their properties. The county in New York intended to sell the lot for $10. The winning bid was $120,000.

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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 - 1,900 feet long and 1 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 1 foot more. And that's the business news on MORNING EDITION, from NPR News. I'm Steve Inskeep.

MONTAGNE: And I'm Renee Montagne.

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