Looking only at the square footage and lot-size figures for this Carmel-by-the-Sea, Calif., residence, you might think it was to be built in a tract development or an urban-infill lot. After all, an 1,800-sq.-ft. home on a 40-ft.-by-100-ft. lot hardly seems likely to carry a seven-figure price tag. But this community’s spectacular setting and ordinances [...]