Trophy property

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This article is about the real estate term. For the San Francisco real estate company Trophy Properties, see CitiApartments (its sister company)

A trophy property is a real estate term sometimes used to describe the top 2% of properties within a given subcategory, although the term is typically used in reference to residences, architecturally or historically preserved properties, high-amenity natural land and properties with spectacular views or other extraordinary amenities. The term may also be uses in conjunction with capstone properties, such as office buildings or other unique income-producing properties.[1]

[edit] Controversies

Valuation of trophy property for federally-financed land acquisitions is unique among appraisal assignments in that the supplemental standards proffered by many (but not all) federal agencies require that comparable transactions used for valuation be limited to those with an "economic use" and not those which were acquired solely for "preservation" purposes.[2]. Currently, only acquisitions by certain Federal agencies must adhere to this supplemental appraisal standard.[citation needed]

[edit] References

  1. ^ Trophy Properties Top the Recovery in Chicago - New York Times
  2. ^ Interagency Standards for Federal Land Acquisition, current version published in 2000

[edit] External links

Retrieved from "http://en.wikipedia.org/wiki/Trophy_property"
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