Land price per property vs. price per acre. Is this against the Realtor(TM) rules?

I’ve been looking around to purchase some land, and I’ve noticed in the MLS system that most Realtors™ list their properties under the total price, i.e. $200,000 for 50 acres. But now and again I come upon a listing where they might show $75,000 - 60 acres but upon inquiry to the Realtor™ I am told that the pricing they had listed in MLS is per acre, i.e. the real price is $4,500,000 for all 60 acres (and they are not subdividing the property). Here is an example:

http://www.realtor.com/realestateandhomes-detail/Herriman_UT_84096_1101055737

Other than striking me as a bait and switch, and right away causing me to avoid that Realtor™ due to this kind of sneaky marketing, and in order to keep this in GQ, is this in accordance with the code of Realtors™? Is there such a code? (It seems lately with more and more properties finding their way onto the internet I am hearing ads about how much better off you are using a Realtor™ since they know the business, abide by certain rules of conduct, etc.) Or is this a failure of the web site (realtor.com) in how they display the data?

Can I and – more along the lines of GD stuff – should I report these types of Realtors™? To whom? And how hard is it for a Realtor™ to change an MLS listing to be accurate?

Did I include enough trademarks in the post? :rolleyes:

(First, you have no obligation to use any trademark symbols at all. The trademark holder has to do that to protect their trademark, and you can’t use their trademark to create confusion with your own product, but otherwise you don’t have any obligation.)

If you think a $4.5M property would sell for $75K then you don’t have a clue about the local market and it’s highly unlikely this is a serious bait-and-switch tactic. I looked at your link and I would certainly say this is misleading but probably not intentionally so.

I once pulled into a development with a big sign saying “Home sites from $365,000” so we visited the model. It turned out that was indeed the price for the site. You have to pay extra for the house. The model we looked at would go for $1.2 million (that was almost 15 years ago). But it was our naivete, not deceptive advertising.

Yes, I know. I was just being snarky with the trademark as the Realtor image is copyrighted, and they seem to make a big deal about that. Sorry to confuse anyone.

Oh, no, I have a good idea of the real estate market here. I’ve bought realty and live in the area. I’m sure I’ve even driven by the property a few times. For a contrast, here is a semi-nearby site with a similar population density / mountainous 20 acre property with a house on it running at $265K.

http://www.realtor.com/realestateandhomes-detail/Spanish-Fork_UT_84660_1104078455

So it seemed semi-reasonable for the land only (zoned Agricultural, undeveloped, scrub oak, sage brush, no water rights, no water / electricity / sewage / gas) to be running at $75K. A good bargain, yes, but not an insane assumption. Something along the lines of one of the older property owners / ranchers needing some quick cash so they are looking at selling some property right away before property values slump even more…

$4.5 million? Yeah, that’s quite a difference. Sure, they can set their own price (and good luck with that), but the jump between what I thought was the listed price and the actual price seemed quite significant.

But the original question is: Should a property be listed by total price or by price per acre? Is there a rule for this?

We just bought a house last year, and I spend a lot of time looking at MLS listings.
My vote is cluelessness on the part of whoever set up the listing.

I saw houses listed as 20sq ft, total.
I saw 4unit apartment buildings listed as having 16 bedrooms and 16 bathrooms, because someone entered that each unit had 4 bedrooms/4bath, rather then the whole building having 4b/4b.
I saw home square footage listed as .25 acres, when a look at the picture made it obvious that that was the lot size, not the house size.

Nitpick: The term “Realtor” is trademarked. Copyrights have nothing to do with it.

I don’t know of a rule, but common sense dictates that you should advertise a price per sellable item, and that pricing per a standard measurement is only worthwhile if it’s possible to buy different amounts. If the property won’t be subdivided, then it should be priced as a single entity.

I don’t know about real estate acreage but building space is frequently priced at dollars per square foot per month.