Some parts of NJ are just insane with their residential values, my wifes uncle sold a hous he bought for $40K in the late 70's for 1.2m last year!!! Its funny how it works, a 2 acre lot near me is WORTHLESS, because we have 3 acre development minimums (some ares are 5!!), but this keeps the area rural. I made a lot of money playing these curves, a few years back I bought a lot just short of 2 acres for $12K, lol... It was a probate sale.. 3 months later I bought 2 acres off of a gentleman next door (he had 15 acres so easily cut me a piece) with the verbal agreement I would not build or touch it for that matter until he passes, He is in his late 80's so I bought it to give to my son, its beautiful land, hopefully some day my sons will build his first project there....
Never underestimate what bare land can be worth...
http://www.miamiherald.com/news/business/real-estate-news/article39337311.html