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dilapidated 1950s bungalow in Little Silver, New Jersey, sold for $1.3 million despite being uninhabitable due to damage from Superstorm Sandy. The property's prime waterfront location on the Shrewsbury River was the real draw, with deep-water access and stunning sunsets making it a rare gem.

    The house itself wasn't even rebuildable, but its foundation issues didn't deter buyers who saw the value in the lifestyle it offered. "Location is everything," said Stacie Bender, an agent with Compass New Jersey, who held the listing. "Buyers are willing to pay top dollar for waterfront properties like this one."

    The area's limited availability of such properties drives up prices, and Bender noted that only two homes with open water views were available in Little Silver last year. The buyer likely plans to build a smaller cottage on the property, taking advantage of its deep-water access for boating, fishing, and other waterfront activities.

    In contrast, a nearby landlocked home sold for $1.15 million this week, highlighting the significant value difference between waterfront and inland homes in Little Silver.