Great price or great property?

[Jon Klaus]

 "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." - Warren Buffett

Substitute "property" for "company."  Do you agree?  How have you applied this philosophy?

I used to be all about how much discount I could get off market price, but I've moved towards quality. Yes, I still love a bargain, but now I'd rather have a great property.  Still trying to digest paying market or above for it, though.