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$16.5M for 2.72 Oceanfront Acres on Meadow Lane

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$16.5M is probably a reasonable price for this property, given the pluses and minuses. The downsides first: the house is dated and needs work, if it's not actually a teardown. This is not the best location on Meadow Lane, as it's right next to a public beach parking lot. Upsides: There's 2.72 acres of land on one of the best beaches in the world. And the beach parking lot really isn't that big. The 20 x 40 pool is fenced for privacy and there's an all-weather tennis court in back. The 4000sf house, while not offering a ton of curb appeal, could be smartened up by a good architect and designer. There are five bedrooms and four baths in all, with ocean and bayviews. So all in all, we think $16.5M is a good starting point—what do you think?

· Meadow Lane Beach House [Corcoran]