This was either a very, very good deal, or is a preposterous price — time will tell

The lot

0.8 acre building lot at 351 Find Point Road has been put on the market at $3.175 million. It's very nice land, though outside the Belle Haven Association's boundaries (beyond the pale?) and, with all approvals in place, ready for the bulldozers to start their engines, so that should have great appeal.

What catches my eye, though, is that the 2.7-acre lot this was carved from sold for $5.7 million in 2015, and that included a large house. Tamara Lurie, as is her wont, listed the original house and land for $10.995 back in 2007 (talk about preposterous prices), and, after the owners finally dumped her, they sold it, as noted, for $5.7 eight years later. The house is rather grand, and if it still retains almost a full two acres, I'm not sure $3.175 in a reasonable price for a small portion of the back yard. On the other hand, what's a building lot on the Belle Haven peninsula worth? Maybe this price is appropriate, in which case, as I said in the headline, buying the entire package for $5.7 will prove to have been a really smart purchase ( I note that the original listing mentioned the possibility of a third lot being carved out —  I'd want to make sure yet another house lot isn't being planned for construction next door). 

One other note: the lot's current listing shows that as of 2017, the town appraises this lot at $5.142 million, and the 70% assessment as $3.599. In fact, those numbers are for the full, 2.7 acres, with the existing building. Your results may differ.

tHE MOTHER SHIP