A cynic might say that for older properties where the cost approach is not relied upon very much (but yet a value has to be reported in the appraisal) the cost approach is often built from the bottom up rather than from the top down. What does this mean? Using the data below, illustrate why this view of the cost approach is plausible by estimating the cost approach from the "bottom up".

Income approach to value for the property: $20,000,000

Sales approach to value for the propertys land: $15,000,000

Estimated replacement cost of improvements (as new): $9,000,000