A real estate critic examines a $1M Florida listing with a 3,000-sq-ft house on 5 acres marketed with Willy Wonka flair. He argues the price is unjustified and explains how to properly value unusual properties: compare similar luxury homes across Florida metros, not just the local market, because wealthy buyers care more about what the house is than where it sits.
Are you in the deal room? $1,000,000 for 5 acres with a like 3,000-square-foot house. And the guy's like, well, there's nothing to comp it over there. Well, it doesn't mean you get to make it the price you want, Willy Wonka. So— and the guy was literally Willy Wonka. You could hear it in his voice. He knew everything about everything. So perfect. Get a golden ticket and find somewhere else to be. But from that, it sparked more to go out and like, be like, let me see what we can do. Because the proper way to comp these things when you get these white elephants in the middle of town is you go go find comparable properties in other metropolis areas, then, and then base it on that, you know, where else. Because rich people buying property like this, they don't care if they're in Pinellas or in Melbourne, Florida. They just want to be in Florida, and they are looking for a specific product. They're not looking for a specific area. And so if there are 5 acres with a beautiful house, then that's what they're going to go after.
