Am I overpaying for this lot?

You're right to question it — and you're the one person in this deal who can actually answer it. The resale data lives in your MLS, not in the builder's price sheet.

A lot premium is the builder's highest-margin line item. The land was bought in bulk, and the premium is priced off what buyers will pay for the view, not off what the dirt cost. Whether it comes back at resale isn't something anyone can quote you — it's a question your own MLS answers, and better than any national figure could: pull closed sales in this builder's earlier phases and in their last completed community here, and compare water-view against interior on the same floor plan. That's a real comp, it's specific to this market, and you can re-run it any time the market moves. The extra 0.04 acres isn't what's being sold — the view is, and the view is only worth something as long as it stays a view.

The premium is financed, so this isn't a $35k question, it's a payment question — run it at your buyer's actual rate and term and show them the monthly, not the sticker. The risk nobody raises at the sales table is permanence. If that pond is a stormwater retention basin rather than a water feature, the thing your buyer paid the premium for can be drained, fenced or re-vegetated on somebody else's schedule, and the plat says which one it is.

Pull the recorded plat and read the plat notes: is the pond a permanent water feature or a drainage/retention tract? The label on the plat is the answer, not the sales office. Find out who maintains it — the HOA, the builder until turnover, or a special district — and if it's a district, get the assessment and its term in writing. Pull your own comps: same plan, water-view versus interior, in this builder's completed communities. Ask the sales office what the premium is on the remaining water lots in later phases; if it climbs that's information, and if it doesn't, that's information too. Then take the number your comps gave you back to the table — with the plat in your hand.