Pricing luxury real estate is an art and science

Prices for luxury real estate have never been higher.

But how do you price one-of-a-kind properties? Dolly Lenz, powerhouse real estate broker, explains the four key areas that can help determine the price of a high-end home.

1. Location, location, location. The first and foremost important factor. Where is this luxury property? Is it off the beaten path with amazing land, or is it at the center of the action with sky-high views? Location always matters.

2. Size. Larger properties tend to sell for much more money than their smaller counterparts.

3. Uniqueness. Does it have four fireplaces? A spiral staircase? Views from all rooms? Uniqueness is certainly subjective, but it can weigh heavily into the price.

4. Comparables. Lastly, while pricing luxury real estate, you should look at the competitive market set. Often, though, because of the uniqueness of a property, it is hard to find perfect comparables.