"Absent a deal, this property could be worth $200 million or more, but only if the buyer sees the intrinsic value I see, Barnes said. The property was listed on January 16 by Beycome, a flat-fee MLS listing service, for $7.5 million. Barnes first raised the asking price on January 27 to $11.2 million. After that, he began raising the asking price by 50% per day."
"Although Barnes acknowledges that the home itself is a thing of value, he believes that the narrative he is creating around the property is also viewed as a thing of value by potential buyers. The listing already exceeds the highest advertised home price valuation ever recorded in the U.S., which currently stands at $165 million, according to Guinness World Records. While Barnes is unsure if a similar pricing strategy would work on a lower-priced listing, he feels like it could be worth a try."
"Listing a property is about good faith, ethics and judgment. Even while the world watches this spectacle unfold, serious offers need to be weighed carefully and it's a delicate balancing act, Barnes says. Still he believes there is no harm in dreaming, even when trying to sell your home. Why would anyone put self-imposed limits on themselves or their property? That generally only works if you're willing to play by the rules of convention, he says."
Barnes purchased the Miami property in May 2024 for $5.308 million. The property was listed on January 16 by Beycome for $7.5 million. Barnes raised the asking price to $11.2 million on January 27 and then increased it by 50% per day thereafter, saying the price will compound indefinitely absent a deal. He believes the property's narrative and publicity add intrinsic value for potential buyers. The listing already exceeds the highest advertised U.S. home price valuation of $165 million per Guinness World Records. Barnes questions conventional listing rules while stressing good faith, ethics and careful consideration of serious offers.
Read at www.housingwire.com
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