What's So Special About Special-Purpose Property?

摘要

Special-purpose properties can be oversimplified as properties that appear to be unique or where the business is thought of as "special" as opposed to the properly itself. There is a need for a consistent process to focus on the physical property and location, not just on the current use, when analyzing property. Any selection of comparable properties, in particular those used in an alternative use, requires analysis of what it would cost for the subject properly to be readily available for that alternative use. In contrast, viable special-purpose property sales comparables are likely to need adjustment to create the same functional utility as the subject property. In either scenario a failure to make an adjustment creates results that are misleading and in error, leading to a faulty highest and best use conclusion.