IMA IPTI Webinar: Highest and Best Use Considerations
Value in Use vs. Value in Exchange
Real property’s value can be defined in economic terms. Real property has two types of economic value: value-in-use and value-in-exchange. Value-in-use is a value to an owner who uses the property in a way that suits him/her. All properties have value-in-use to their owners. When exposed to the market, these properties may command quite different market prices (value-in-exchange) which presumably is based on their possible highest and best use as allowed by the governing zoning bylaws and market conditions. These concepts will be fully explained during this Webinar.
More information to come.