Have you ever sold or bought a Landmark property? The kind that everyone recognized when they drive by?
Recently I listed the ‘Christmas Haus’ for sale. This property was a distinctive Victorian era home that has been transformed into Christmas wonderland. The home had been painted in Christmas colors, and houses a Christmas shop that sells authentic German Christmas decor in the rear of property.
The home is on the main thoroughfare to Gettysburg, PA which is home to all things historic. Because of the tourist traffic that comes bast this home, hordes of people have visited the shop and recognize the landmark.
A recent Facebook add campaign gathered 14,000 people viewing or commenting on the post. Many were intrigued to see the inside of the home.
All of this attention causes us to ask the question- does notoriety add to the value of a property?
The recent appraisal that was completed did not take this into consideration. Appraisal is defined by what a willing buyer and willing seller will give or take for the property. The fair market value has gathered much interest, but getting beyond the fair market value is not likely. The owners understand this, and are happy to sell for the appraisal value.
The notoriety has certainly added to the marketing benefit, and we gather much interest and showings for the property from it.
In Commercial properties like this one, the high traffic count certainly does help to gain a monetary benefit, and that is something to take into consideration. Since the business is not part of the sale in this case, the appraiser used the sales comparison approach to arrive at the value.
What do you think? I am curious what your experience has been in this realm. Please share in the comments below.
See the listing here: Christmas Haus