Valuing Luxury Real Estate

[Ran Iarovich]

Hope everyone is having a good weekend.

Fun question for everyone:

I was curious as to how you would value unique real estate that stands at values of over the +$5mil range (non-investment)? Usually, these types of properties are built by custom builders and have completely unique designs, fixtures, and layouts. You can't use the comparable approach because, well, there is nothing to compare it to! Do agents just put them on the MLS with a guesstimate or is there a more in-depth analysis that I'm not aware of?