I met with a seller today that has some very rare property. Both are either mixed use or primarily commercial buildings with multiple uses...restaurant, retail, residential, mixed, bar, liquor store.
However, the seller is an artist, and quite an impressive one. He and She have done so much to these properties that they have almost become works of art. It reminded me of an artist near my home growing up, named "Starrkempf". Mr. Starrkempf's yard was full of HUGE metal sculptures, loaded with ball bearings. Mostly they were birds, and with the wind they would swivel and parts would twirl and so on. Some of them were over 30 feet tall. The interior of the home was just as artistic as the yard, which had perhaps 8 of these huge sculptures.
The seller today has this daliesque thing going on. If you're NOT familiar with Salvadore Dali, he was a famous Spanish artist who designed his own home and the improvement (house) itself was a piece of art.
This seller's buildings were like this, pieces of art as much as pieces of real estate. Now this man, nor his wife are not famous but that is not the whole issue. For example, if I have an interior designer come in and pay them $50,000 to decorate a home, and then sell it furnished.... surely that creative addition of the decorator has a value all by itself. So that is kind of how I was considering it. The seller believes his buildings are worth about double what they would be by a comparative analysis. And I am inclined to agree, there are NO comparables, not in this town.
So, to my question: Is there some place I might find comparables in OTHER cities like this? Real Estate, be it residential, commercial, mixed use that has a premium on top for the creative genius and talent of the decorator. Any ideas on how to price such a thing? I was just looking for some experience so as not to re-invent the wheel as I've never dealt with any thing like this. Please add what you can if it may help!
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