From what I can see it appears to be a bit high. It is assessed at $3.4mm.
The value may also be in the fact that it is a corner lot.
I know a very good agent in Avalon her name is Mary Helverson if you are intertested in purchasing this property she may be able to offer you some advice as she is an expert in that particular area.
If you would like her to contact you, send me an email with your name & phone numer & I'll ask her to call you.
My email is "email@example.com"
Prudential Fox & Roach