Just want to add to the location, location, location context.
Extract from a text from my valuation course:
One oft-heard shibboleth in real estate circles is that "the most important three determinants of land value are location, location and location". This is, of course, an over-simplification because the real issue is location with respect to what? Indeed, the writer is not aware of any case wherein it has been answered with precision. The origin of the phrase is probably due to Hurd (1903, p 113).
"Since value depends on economic rent, and rent on location and location on convenience, and convenience on nearness, we may eliminate the intermediate steps and say that value depends on nearness. The next question is, nearness to what?" Whipple, 2006 p 8.
My knowledge is mostly theoretical that's why I ask these questions in this forum. I'm no means an expert but I do read a lot.
Extract from a text from my valuation course:
One oft-heard shibboleth in real estate circles is that "the most important three determinants of land value are location, location and location". This is, of course, an over-simplification because the real issue is location with respect to what? Indeed, the writer is not aware of any case wherein it has been answered with precision. The origin of the phrase is probably due to Hurd (1903, p 113).
"Since value depends on economic rent, and rent on location and location on convenience, and convenience on nearness, we may eliminate the intermediate steps and say that value depends on nearness. The next question is, nearness to what?" Whipple, 2006 p 8.
My knowledge is mostly theoretical that's why I ask these questions in this forum. I'm no means an expert but I do read a lot.