Private Islands Becoming More Affordable

"With prices for waterfront homes growing as much as 30% a year in popular destinations, some vacation-home shoppers say there's an alternative that's increasingly attractive: buying a private island. Though life offshore has more than a few inconveniences -- getting there, for starters -- on a per-acre basis, these properties can offer surprising values. Overall, real-estate experts say, price increases for island realty have lagged behind those for traditional waterfront properties.

...Near Savannah, Ga., a beachfront home on less than an acre might sell for $2.5 million, but Eagle Island, a 160-acre property including a cypress lodge, carries a price tag of $1.95 million.

...It's easier now for island shoppers to get their feet wet, in part because of new online listing sites, such as Private Islands Online, that are devoted entirely to offshore properties."

[Editor's note: The link below is available to non-subscribers for a period of six days.]

Thanks to Chris Steins