Merritt Island HGTV Dream Home price? $1.5 million

Want to own an HGTV Dream Home? The asking price for this year's waterfront Merritt Island home is $1,530,000.

Last week, David Rennie of Shelton, Connecticut, the HGTV Dream Home sweepstakes winner, decided to take the $1.2 million cash option instead of the $1.7 million grand prize. He was chosen from 127 million entries.

The grand prize included the three-bedroom, 3,150-square-foot home on South Merritt Island — valued at $1.3 million by HGTV —  along with $250,000 in cash, a 2016 GMC Acadia Denali and 2016 Bryant Sperenza boat. Rennie's cash option — valued at $1.2 million — included $900,000, the car and the boat.

So why the jump from $1.3 million to $1,530,000?

"It's a fully furnished house," said P.J. McLoughlin, a Realtor with National Realty of Brevard. "And it's a one-of-a-kind."

According to realtor.com, homes next door to the HGTV Dream Home have a median listing of $699,000 and nearby neighborhoods have a median listing ranging from $282,000 to $4 million.

[More: Here's a listing of the HGTV Dream Home on Merritt Island]

A broker open house for the HGTV Dream Home, which was designed by Brian Patrick Flynn, was held Wednesday to Realtors only.

McLoughlin said there are interested buyers, but he doesn't think the house will be on the market for long. "It's not every day an HGTV giveaway house is in your backyard," he added.

The two-story home off of South Tropical Trail features water views, a grand staircase, luxury dog house, pool and private dock. It has outdoor lounging areas, Florida-inspired decor, bold colors, three bathrooms and two half-bathrooms. Realtor Rhonda Pavone of RE/MAX 2000 helped find the home for HGTV's 20th anniversary.

"Because it's an HGTV house, it's attracting national attention," McLoughlin said. "For families coming from California and the Northeast, $1.5 million buys them a 3-bedroom, 2-bath house. Not on the water, not sunset-facing, so my guess is it will be gone quickly."

HGTV Dream Home winner takes cash option

The "HGTV Dream Home 2016" episode, hosted by HGTV personality Tiffany Brooks, will air at 1 p.m. May 27. Even though Rennie took the cash option, HGTV said, "he is still the HGTV Dream Home 2016 winner, and people get to share in his joy as he receives the keys and looks around the house for the first time.”

Contact Sangalang at 321-242-3630 or jsangalang@floridatoday.com.

Twitter: @byjensangalang