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In addition, it had improperly compared inland properties to waterfront properties, and properties in different school districts.
"We are one of the few places where property along the shore is cheaper than inland properties," Mr. Vecchio noted.
He predicted that bulk sales at prices as low as $100 a square foot would eventually occur, especially for inland properties.
There may be anywhere from 5,000 to 10,000 inhabited caves, says Les Edwards, whose company, Spanish Inland Properties, specializes in troglodytic real estate.
The only good news is that when they do sell, waterfront properties get a quarter to a third more than inland properties, Mr. Meyers added.
Demand for inland properties has increased dramatically in recent years, primarily driven by foreigners from Australia, Hong Kong and Singapore, local property experts say.
Similar(49)
In general, inland property, where this home is situated, "is 30 to 40percentt cheaper," he said.
The price difference between beachfront and inland property can be huge.
As anywhere in the world, waterfront land is the highest priced and much more expensive than inland property.
Children love this place so much that families often make a couple of pilgrimages out to the dusty inland property a few times during week-long visits.
Masters patrons are too genteel, too grateful to be munching on $2 sandwiches as they walk on golf's most idyllic inland property.
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