Hamptons Real Estate - '06

Perhaps it's too late in the season to be looking for the perfect Hamptons getaway. I can't help it. I'm obsessed with Hamptons real estate. But I'm spoiled. I don't want to be miles from the beach. Of course that -- and the dreaded budget -- always limit(s) the possibilities.

Why rent when you can buy?

Here's one that looks promising. $1M for a 900 square foot Westhampton Dunes cottage with ocean and bay views starts to sound cheap. Well, almost.

I'm struck with a simple fact when looking at some of these Hamptons cottages. They're simple! When I finally find that pot of gold, I'd be better off buying a piece of property and building from scratch. Why pay a $250K premium when it would only cost a fraction of that to build my own little beach house?