Prime palm beach land value drops below $100 / sq ft

A very large (more than 100 x 100 ft) lot with a 1980's home recently sold for 2 million. This home is "in town" and "on the lake block" which is more expensive than other parts of the island on a per foot basis. Assuming that this size lot lends itself to being a tear-down, then the land value is well below $90 per square foot.

This may help sellers realize the simple caclulation:

home price = land value + structure value.

This sets the bar for home values.