I'm completely baffled (Updated)

37 Rockwood Lane, 1 acre in the R-2 zone (so maximum FAR 3,900 sq.ft.) was listed in May at $2.250 million, a price that seemed to me to be entirely appropriate, and has been snapped up for $3.105 million.

Go figure.

UPDATE: A reader has pointed out another sale right around the corner from 37 — 80 Rockwood Lane, which sold for $2.730 million in 2020, was put on the market this past March at $3.495 and sold for $4.2. No. 80 is on 2.28 acres, compared to No. 37’s 1, so it has twice the allowable FAR footage for a new structure (which is apparently the plan: the property was listed as a rental yesterday, presumably in anticipation of the 1-2 years it will take to get a new build through our regulatory process). Even so, it seems that 37’s sales price isn’t the surprising number I’d thought it was. Sheesh.

(Another update): 18 Rockwood Lane Spur, 1.68 acres, was listed @ $2.595 last fall and sold for $2.910 million. It, too, has now been rented out, so I can only conclude that the new normal for building lots in this neighborhood is approx. $3 million.

That would indicate, to me, that Rockwood Lane is being transformed into a neighborhood of $10 million homes — that’s quite a jump from what so recently saw a range for new homes of between $6 and $7 million.

18 Rockwood Lane Spur