There was some wonderment earlier this week when 27 Bobolink Lane, 3 acres and a tear-down, sold via bidding war for $4.5 million after being listed for $3.995. But as a reader points out, an oversized lot like #27 permits a huge – 12,000 sq. ft, house, and there aren’t many places to build to that scale in the 2 acre zone. Those that do exist sell at a good price, as I should have remembered since it was my clients who paid $4.750 million just last December for 4.9 acres at 487 North Street, also in the R-2 zone. And 2 Wooddale, corner of Lake also 4 acres, also R-2, sold in July 2011 for $4.1 million.
I’ve written many times of the savage penalty FAR exacts on undersized lots because of its inflexible application of maximum house size; that same inflexibility, however, works to the advantage of owners of large lots, especially for those properties able to accommodate mansions closer-in than the back country.