Residential real estate valuation is not our core business, but we also have such projects. We mainly value housing in the business and elite class segment, when facilities are expensive, and the customer needs an individual approach and highly qualified specialists, and not a "report from the assembly line" prepared by interns.
Premium class settlement
In 2022, we had one interesting project - a valuation of an estate worth an entire factory or business center in Moscow. The estate was located in the closed government settlement "Arkhangelskoye" (Federal State Autonomous Institution "Arkhangelsk Health complex"). The cottage village is located in New Moscow at a distance of about 10 km from the Moscow Ring Road along the Kaluga highway, near the city of Troitsk. It is very convenient to get from there to the center of Moscow, the road is no more than an hour.
The complex is located on an area of 135 hectares and has, in addition to high-level security, an extensive recreation infrastructure, including a boat station, hiking trails through the forest, a sports complex, a restaurant and even an indoor temple complex. Statesmen of our country – L.I. Brezhnev, M.S. Gorbachev, D.A. Medvedev and others - lived in the village at different times.
The main part of the houses and residences of the complex is located on land belonging to the Office of the President of the Russian Federation, but several estates are privately owned. We valued one of these houses.
A difficult task – there are practically no analogues
The homestead consists of several land plots with a total area of about three hectares. It includes a wooden residential building with luxury finishes, a detached guest house, a garage house with rooms for staff, a greenhouse combined with a stable. A river flows directly along the edge of the estate. In addition, the owner of the estate can use the entire infrastructure of the cottage settlement.
Valuation of such an object is quite a difficult task. It is not easy to find direct analogues for such real estate, even in the market of Moscow and the Moscow region, there are practically none. Therefore, as comparable objects, we chose those that are most similar in terms of prestige of infrastructure and value for a potential consumer - objects in the Rublevo-Uspensky direction, as well as in the most elite settlements in the Novorizhsky and Dmitrov directions.
For example, if the neighborhood of important government figures is of great value to someone, then an alternative may be real estate located in the Zhukovka, Usovo and Barvikha areas - not far from the presidential residence, where the neighbors are figures of the second or third level of government of our country.
Also, such an analogue can be real estate in the village of Agalarov Estate on Novy Riga or in Pestovo on Dmitrov highway. At the same time, in Pestovo, for example, as analogues, it is necessary to choose houses not on the main territory of the village, but large homesteads located directly around the golf course. As a result, our calculations showed that the cost of land for such a manor, despite the significant area of the plot, can be about 30 thousand rubles per 1 sq.m (40-50 thousand dollars per hundred). And in total, only the cost of land, without buildings, is about 10-12 million dollars.
We have used several methods to calculate buildings. The cost of the main and guest houses was calculated using regression analysis on a sample of houses of comparable construction in villages of a comparable class. Additional adjustments were also made to account for differences in location and a number of other characteristics. Other buildings were valued using a cost approach, taking into account their capital, quality and depreciation.
The valuation of a residence worth a billion rubles
The total cost of the homestead, taking into account all the buildings, turned out to be about 1 billion rubles. There are not so many houses worth a billion among the elite housing in the Moscow region. This is a fairly closed market segment. Therefore, this project for valuation can be called unique.
The result of the valuation was accepted by the customer and used to make decisions about the sale of the object, or its division among the heirs.
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