Most properties out there have many comps--they are in a specific neighborhood or subdivision that is full of similar houses with similar lots and some have been sold recently, so marketing towards an audience is fairly straight forward, as is the attainment of a figure of value.
However, sometimes, you come across a property with more unique qualities, which presents a challenge in valuation and marketing. 2241 Auburn Ave. is just such a property--it is older than most comps, it is smaller than most comps, but is also sits on a lot which is over four times larger than most comps. And to make things even more difficult, the main house has some foundation and plumbing issues, so it is not exactly turn-key, and the detached garage has a full 600 sqft. apartment above it, which is currently providing the owner with rental income. A tough nut to crack for sure--it has some big positives, as well as some big negatives. Given the condition, do you market towards buyers prepared to rehab the house and possibly add an addition, or do you market to a builder or homeowner looking to scrape/build a new, custom home on this over sized lot?
Well, the answer is: both! This is a tricky thing to do, as these are two very different audiences, however, they will both be equally interested in this unique property: a rehabber will be drawn to the 1920s, old Dallas charm of the French Tudor, while someone looking to build on it will be able to recognize the fact that in the immediate area, there exists a large market for luxury, new build homes. Both buyers will appreciate the lot size, however both buyers will valuate the lot and location differently.
Marketing to both buyer types with a property like this is really only achieved by direct marketing, as the listing and ad can be lost in the fray pretty easily, so when you have a property like this, the only way to get it done is to pick up the phone and dial!