Weekenders out looking?

142 old mill.jpg

142 Old Mill Road, a tear-down on 0.8 acres in the R-4 zone, hit the market April 1 @$795,000 and immediately drew multiple bids. Contracts in a week, it closed today at $800,000.

Floor Area Restrictions will limit anything built (or renovated) here to just 2,000 sq.ft., but if you can keep building costs to, say, $350 sq.ft., I suppose it makes sense for a NYC couple with money to burn. As this one demonstrates, there are, or were, at least two buyers out there for exactly this situation.