Do you calculate the value of an asset via it's SQFT?

[Guy Idan]

Hey.

I'm originally from Israel and moved a year ago to Miami. In Israel, there's a current market value price per SQM and so if you would look at a house in Tel Aviv and the average price per SQM is $15,000 and the size of the house is 120 SQM, that house (unless of course there are other special variables such is it's on the beach or has other unique features which would raise the value), would be worth around $1,800,000. If you would be able to buy it for $1,500,000, you got yourself a great deal and you made money on the buy.

I was wondering if here in the US and if it matters, Florida, do you calculate the value in the same way? whether for small multi-families (triplex/quadplex) and also single-family homes.

It seems to me from the very short amount of time that I'm here and that I learned that it's not, which makes me struggle a bit on determining the value of a property, since if it's not like this, how do you know if you're buying above market or below? 

Happy to get insights from you guys!

Thanks in advance.