Appraisal Value for New Construction

[Adam Kays]

Hello everyone!

When it comes to new construction vacation properties, how does the appraiser determine value if the home is somewhat unique or if there are few or no comparable homes in the region? For example, there may only be so many similar cabins within a 50-mile radius...

My obvious assumption is that the appraiser includes the raw value of the cost to build the home (eg, $300K for the land + structure). However, if the upfront cost comes out to $300/sq ft yet the closet comparable is going for $325 sq ft, can the appraiser give you that immediate bump in equity? 

Thanks in advance for any useful advice and information!