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How do you come up with a price for a "one-of-a-kind" property?
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The fact that it is a one-of-a-kind property rules out the historic sales comparison method. If there were comparables it would not be one-of-a-kind.......
To create a property that unique takes a lot of money and effort and therefore it is not just building costs that can be factored in either. The essence is that it should be priced at what the right buyer is willing to pay for this property. If it is that special and unique an extraordinary price might be achievable? Can enough interest in this property be generated to produce a buyer? One way to determine a price is to look at what it would take to recreate such a property. Then value the time it would take to do so and factor in the likelihood that it can not be recreated.
You can see pricing unique properties is an art as well as a science. |
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