Eden's Landing?

[Here4Good]

True. But, that may be why it sold for $19,900. Hard to compare a typical lot to acreage pricing. I see where you are heading and good point but kind of not comparing apples to apples.
Back in the day I was involved in a transaction in Seagrove with 5 acres for 15 million. 3 million an acre. So today $340K an acre is looking good. I have rarely seen a buyer ask me how much that lot is per acre unless I am showing property/acreage in rural areas. $19,900 is a good buy for a lot that you can build one house on in Pt. Washington. The fact it is pending tells me so.

You can't compare 30A to Point Washington. Of course, our School board paid $100K/acre for unimproved land with no legal access in Point Washington, so you can always find someone who thinks something is a value (well, maybe not these days...)

I agree that someone thought it was a good deal. I understand that most people don't think of 'per acre' costs, but when you are trying to compare the value of two lots, and they are in the same area, the size of the lot (along with amenities, whether or not the tap fees are paid, etc) is part of the equation. That is, if you are buying with your head.

I worry that these small lots will lead to tower houses, which I know that people fought before in PW. I also worry that people will think "Well, you can get lots for $19K in Point Washington now" unless you understand the SIZE of the lot that sold.

 

[Bobby J]

You can't compare 30A to Point Washington. Of course, our School board paid $100K/acre for unimproved land with no legal access in Point Washington, so you can always find someone who thinks something is a value (well, maybe not these days...)

I agree that someone thought it was a good deal. I understand that most people don't think of 'per acre' costs, but when you are trying to compare the value of two lots, and they are in the same area, the size of the lot (along with amenities, whether or not the tap fees are paid, etc) is part of the equation. That is, if you are buying with your head.

I worry that these small lots will lead to tower houses, which I know that people fought before in PW. I also worry that people will think "Well, you can get lots for $19K in Point Washington now" unless you understand the SIZE of the lot that sold.

I agree with what you are getting at but I would also like people to be clear we do not typical buy a single residential lot and compare it to an acreage cost. EL has a very clear design code so I don't feel you will have to worry about "tower homes."
They are all very small lots with a very clear design code that hopes to have a feel of Seaside. Open Porches, small setbacks, etc. EL was going and still could be the first area North of 98 that created new urbanism such as Seaside, Rosemary, etc. The market collapsed and we all froze. BTW, I no longer own in EL.
Good point about people thinking you can get lots for $19,900 in Point Washington. It does depend on many things like size, waterfront, neighbors, etc. But.... This one sale will prove to many you can in fact get a lot for $19,900. It is now a comp. Much to consider as far as value goes but have you looked at how cheap land is starting to go for in Point Washington? Wish I was a buyer.

 

[Everytime]

EL was going and still could be the first area North of 98 that created new urbanism such as Seaside, Rosemary, etc.

This is what I leaned towards saying but I wasn't familiar enough with the development to know if it was truly "new urban." It does have a proposed commercial component, central common areas, and an apparently sustainable master plan, so I tend to think "new urban" is accurate.

 

[Bobby J]

This is what I leaned towards saying but I wasn't familiar enough with the development to know if it was truly "new urban." It does have a proposed commercial component, central common areas, and an apparently sustainable master plan, so I tend to think "new urban" is accurate.

Yep. Just got caught in the market. The developers are great people and one of the few that are in for the long haul. The pool and common areas are being maintained and I feel confident when "a market" comes back EL will shine.