Nice lot, but a good deal?

Drove up Old Settlers Road today to get to Lifetime Fitness and saw a "for sale" sign on that 3-acre lot with the big pond about a block south of Flower Mound High School.



I'm not here to plug a listing, but to save you time, I'll forward the link here.

The listed price is $290,000, or about a hundred-grand an acre. Not cheap, considering you can't build on about half the land because of the water. Could you even build on the rest of it? Does the pond there mean the land's in a flood plain? Dunno. If you could use the land there, or if you could elevate the house a bit over the water, you'd have a gorgeous piece of property.

Anyone know the scoop? Are there other unique home-building lots or small acreage sites available in town?