Maybe $1.5? $2?

110 Glenville Road has hit the market at $5.695 million, with the promise that it can be subdivided into four lots, but what builder, witnessing the collapse of prices in Sherwood Farms next door, would pay $1.4 apiece for four building lots? Maybe we'll see some kind of resurgence in values here five years from now - maybe - but for now, highest and best use would probably be a single house, in which case you might want to pay $1.5 for the whole thing, spend $2 million to build a house, and hope that there's a market for a $3.5 house down the road.