For Yvonne Dunleavy, the quiet village of Sagaponack, N.Y., in the Hamptons seemed like a smart place to buy property in 1978, when she purchased a modest home there for $140,000. Now she and her husband are listing the 1,800-square-foot modern home for $5.75 million, and will likely get it.

Ms. Dunleavy, best-selling co-author of “The Happy Hooker,” about an Upper East Side madam said: “I don’t see it as a luxury house—(just) a luxury location." ...Buy low, sell high!!--Steve and Sinclair have the Wall Street journal report on hot pockets in the luxury market. Then attorney Richard Dwornik answers timely estate planning questions.