212 Shore Road, at the head of the Tod’s Point causeway, is back for another try, this time asking $3.995 million. I’ve wondered (okay, laughed) at this property for years, when it sold for $3.535 million in 2005, when it sold for the bat shit crazy price of $4.975 a year later in 2006, when they asked $5.695 for it in 2007 and discovered that the game of greater fool had ended and the music had stopped, and now this latest price.
Look: it’s on less than a 1/3 acre in the R-20 zone, so anything built here is hugely constricted by FAR, to something like 3,200 sq. feet. And it’s in the highest risk zone, VE, so that 3,000 ft. building will have to stick straight up on stilts, far above the water. The perfect structure for this location with these restrictions is a lighthouse, but how much will someone pay for one of those?