Ultra-rich pay $650,000 for Martha’s Vineyard 'beach keys'

Spending half a million dollars on a house makes sense. So does dropping that on a condo or an investment property. But what if it's used for a ‘beach key’? On Martha's Vineyard, an island off the south coast of Massachusetts, people are laying down $650,000, but not for the love of the vineyard. Not for land they can build on. Not even for a home to live in, but for ‘access’. In this strangest real estate market, the commodity isn't square footage or ocean views, but access itself. On this island, half a million can buy you a physical key that opens a gate to a private beach! Those keys separate the island's most private shores from the crush of summer tourists. These tiny beach lots, often passed down through families for decades, are now up for sale! Regardless of how strange this commodity is, there has been a steep climb in prices and demand. For most, the purchase is less about the beach and more about what money can buy: exclusive access. This access can cost $400,000 or more.What owning a private beach meansRepresentative imageTyler Smith, a retired architect, told Realtor.com what owning a beach key really means. He recalls bringing his now-adult kids when they were young....