Not going, not going, not gone!
Not 8 Indian Point Lane’s new price of $2.495; it’s 1.5 acres in a one-acre zone on a tidal pond with an excellent view, but its original $4.795 September 2011 price. This is, and always was a land sale and pricing it as though it were a new mansion simply killed any serious inquiries. My favorite part of the listing? “Early closing is possible”. Ha.
For What It's Worth 
So with a .135 FAR, that’s over a 9,000 sq ft. house. How does this location compare to the land sales on Carriglea at $2mm-ish? Does the lot shape/wetlands/flood zones cause severe limitations on a new construction?
I really don’t know, Broad, because I’ve never investigated – nothing like a ridiculous starting price to dampen ones curiosity.Certainly there are coastal flood zone limitations, possibly some setback issues, but I’d think 1.5 acres should allow enough room to deal with that and still end up with a good house. Direct waterfront on Carriglea has sold for as much as $5 million so $2.5 for water view/ pond front seems pretty good.
It looks like there’s a wetland issue; more than 50% of the land seems unusable for construction and yards.
Almost all of the acreage is on the bottom of the tidal pond in the rear (it is privately owned by the adjoining properties). Still a nice site though.
You can’t count underwater land for a FAR allowance, so the allowable size of a new house here has just decreased significantly.
If you could build a 9000 sf house here it would have been gone 1mm bucks ago.
Seriously, who wants a 9,000 square foot house? Mostly builders or people who think about selling prices by the square foot. No one seriously lives in that much space, especially on a relatively small lot in a relatively small lot area.
Rich people.
Are you guys crazy? Knockdown.