I just listed this Terramar property for sale that allows for 60% FAR coverage, which should mean that two 3,600sf oceanview homes with ADUs for could be built on this R-15 lot and it’s only $1,999,000! The two homes should be worth around $4 to $5 million each when done. I mentioned the tax assessor’s valuations – they appraised the land value of two non-oceanfront properties on Shore Drive for $3,000,000+ with the same size lot without the R-2 zoning. Build the family compound!
https://s.paragonrels.com/goto/ZN0egh
It’s very pretty but wow, that’s a busy street and very hard to get in and out of there 4 to 5 PM. If I had $4 million for a house, I probably would not choose that location. On the positive side though it’s very close to the outlet and the car dealerships.
A friend of mine David owns the small original single story home on Shore in front of your lot listed. He’s happily doing a tune up/remodel and keeping it like it is. Great neighborhood