I know we tend to think an 11k lot is a big lot,probably because there are so many 4k lot developements. But an expensive home, lacking incredible views or beach location or a truly prestigious location, needs a much bigger lot validate that much affect on the price IMO.
There are a couple of guys on this blog that like the replacement cost approach to appraisal for figuring out a bottom.They should have a field day with this one and the likes.In any case these homes have a long way to fall.
If it is about the schools those schools are costing about 500k up front.
