Here's a Norwalk listing you don't see every day: Two bedrooms, one bath, approximately 858 square feet, asking price $3,750,000. Yes, seriously. The house--a beach cottage, to be fair--is nice, but that doesn't explain the seven-figure price. It's the location. Betts Island. In fact, you get the whole island. (As they say in the listing, "nearly seven acres--at low tide.") $3.75 mil and the whole island is yours--cottage thrown in to sweeten the deal, you might say. The cottage is cute as all get out and the water views are astounding. But wouldn't you just know it--the house, built in 2004, could use a kitchen update if you're of the granite countertops and stainless steel appliances view (and we are, but that's just us). So factor that into your offer. What's the market for private islands these days? Well, Betts Island's been listed for well over a year--492 days as of today--and the asking price has already tumbled 25 percent. You can find the complete listing at the website of agent William Raveis .