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Trophy property
A trophy property or trophy home is a real estate term for the top 2% of properties in a given subcategory, the term refers to residences, architecturally or historically preserved properties, agricultural lands that have extraordinary yields, high-amenity natural land and properties with spectacular views, or other extraordinary amenities. The term also can refer to capstone properties such as office buildings or other unique income-producing properties.
Controversies in the United States
Valuing trophy property for federally financed land acquisitions is unique among appraisal assignments, in that 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 acquired solely for "preservation" purposes. Currently, only acquisitions by certain Federal agencies must adhere to this supplemental appraisal standard.
References
References
- [https://query.nytimes.com/gst/fullpage.html?res=9B00E4DB1E38F93AA15750C0A96E958260 Trophy Properties Top the Recovery in Chicago – New York Times]
- ''Interagency Standards for Federal Land Acquisition'', current version published in 2000
This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.
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