Then: $11.5 Million
Now: $5.5 Million
No, that’s not a typo: this Orono home is now listed for $5.5 million, a whopping $6 million below its original (2010) list price of $11.5 million (serious change in the Midwest — or anywhere else for that matter).
Is it well-priced now?
I have no idea — I don’t know the neighborhood.
One-of-a-Kind
However, it’s also the case that estate-type properties like this are inherently unique.
As a result, there really are no Comp’s (“Comparable Sold Properties”), which Realtors and Appraisers alike rely on to establish value.
Which means . . . to a large degree, fair market value is whatever the Buyer and Seller agree it is.