The ad posted says 325 feet frontage. If that's all yours, it's a fair price just for the land. But if it is split by all the condo association the value is lost. In a non-condo situation, 325 ft at this price would be a tear-down, and only on the market for 24 hours. Many motels and cottage colonies went condo in this area in the 80's. Since the operation as a motel was a family operation, perhaps there are unusual restrictions in the condo doc's regarding what you can do for property improvements.
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