What Does "Highest and Best" Mean?
Posted by Pinpoint Listings Marketing Group on
What Does "Highest and Best" Mean?
"Highest and best" refers to the most valuable use or potential use of a piece of real estate. It is often used in the context of an appraisal or assessment of a property's value. In determining the highest and best use of a property, appraisers consider factors such as the property's location, zoning regulations, and the demand for similar properties in the area.
For example, if a property is located in a commercially zoned area with high foot traffic and there is a demand for retail space in the area, the highest and best use of the property might be to develop it into a retail space. On the other hand, if the property is located in a residential area and there is a shortage of single-family homes in the…
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