Flashcards in Location Deck (2)
Unique and Permanent
Of all the characteristics of land, location (situs) has the greatest effect on property value. Land's immobility, a basic physical characteristic, dictates that the situs, or location of a parcel of land, is both unique and permanent.
Therefore, if the land is located in an area where available land has a high demand, the land has a substantially higher value. The loss of value can also be a result of location when a negative influence occurs outside the property --- for example, a commercial use abutting a residential property