Highest and Best Use is always the use of a Real Estate Property that would produce the highest value for a property, regardless of its actual current use.
It is a real estate appraisal concept that shows how the highest possible value for a property is arrived at.
Any potential use must be:
Legally allowable – knowledge is zoning regulations is important
Physically possible – knowledge in construction materials and methods are necessary to understand
Financially feasible – experience in evaluating construction costs is important
Maximally productive – experience in real estate financial analysis is important
When properties are located in complex zoning districts such as Central Business Districts (CBD) which may allow multiple uses, a full understanding and experience handling the four variables above is important to correctly set the price of a particular property.
Because of our community involvement for the past 18 years, we do not only understand but we have been deeply involved in drafting the blueprint of Downtown Delray Beach. In addition, or Land Planning experience and our architectural practice gives us the background to understand what the challenges involved in rehabilitating existing buildings, construct new structures, and evaluating construction costs.