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	title of this thread your message You make a case worth investigating that designer houses are on the rise as a speculative investment by collectors. Let me express this phenomenon in terms of real estate appraisal terminology. There appears to be a recently emerging segment in the housing market. It is a market of collectible houses. Home collectors collect houses based on, say, the architects that designed them. Houses designed by certain architects appear to sell for a lot more than houses designed by other collectible architects. In other words, some architects are viewed as more collectible than others. In fact, the collector house market seems to be segmented into submarkets relative to each architect. Further, many of the same collectors bid against each other for houses all over, say, the USA. Therefore, the highest and best use of a Wright house is no longer just to be lived in, but to be collected and used as one of a person's several homes. And the best market area from which to draw comparable sales is no longer the immediate neighborhood, because there are no other collector houses in the neighborhood (and no Wright houses either) in that neighborhood. Instead the best market area to draw comparable sales from is (let us assume the market data supports this hypothesis for this discussion) the entire USA where Wright houses are located, because the same buyers for all these Wright houses and they could be expected to be practicing the principle of substitution in buying any of the houses around the country (again, this is just for discussion). The principle of substitution is a deductive logic that underpins all real estate appraisal and all of its various methods of arriving at value estimates. The principle of substitution says that if two things have utility similar enough that a buyer would substitute one for the other and be satisfied, then it follows that one can validly substitute the price of one substitutable thing for another. associated web images (optional) associated web link (optional) your email your password create a forums account \| you forgot your password?