[nineball]

proximity to another residential development has little, if any, impact on value as the amenities/improvements are completely different (sewers, sidewalks, street lights, etc). none of the properties in any development would be good comparables. in most markets usually anything over 1-2 acres on a residential property is considered above normal and the law of diminishing returns tells us that the "extra" 13 acres are most likely worth less than the first two (from a mortgage loan appraisal perspective). same thing applies to the barn - no residential property "needs" a 6000sqft outbuilding or multiple acres, which only require even more time, effort and money to maintain. the indoor pool is actually a negative unless that is the norm for that area and it will greatly reduce the number of potential buyers (cost to maintain, higher insurance rates, potential for mold/mildew problems, etc).

with all that being said it sounds like this is property will have a hard time being marketed due to the large number of unusual items (pool, barn, land). think of it like an early 911 - sure everyone would like to have it if you gave it to them but how many people are actually willing to shell out the money for it? i have no idea where the house is nor what it's market is like but just because there are $500k-1m houses in the area does not mean it increases the value of a home that is not comparable. your opinion may be that it is worth twice the value of a house in a res. dev. but another buyer may look at it as being worth less. beauty, and potential value, are in the eye of the beholder.

as far as values, we have not seen the bottom yet. things are starting to level out now but for the most part they are still dropping. the economy has not gotten any better nor has the unemployment rate. intrest rates are at all-time lows yet it is harder than ever to qualify for a loan. the push of first time home buyers due to the $8k government deal is going to contribute to another wave of foreclosures as well. a lot of those people have no idea what owning a home really costs - taxes, pmi, interior and exterior maintenance and more all cost you as a home owner. when the hot water tank breaks and floods the basement you can't call the landlord to get it fixed anymore. someone has to pay for it, and we already learned that just because someone can qualify for a $200k loan does not mean they can afford it. banks still have a large number of foreclosed homes that are not on the market. they are being held to help offset the bottom line for earnings as the year is drawing to a close.

it is a good time to buy, if you can, but there is a very good chance that the values will still be dropping.