What is utility value in real estate?
To have utility value, real estate should have the ability to provide shelter, income, amenities, or whatever use is being sought. Scarcity is the present or anticipated supply of a property in relation to the demand for it. Utility creates demand, but demand, to be effective, must be implemented by purchasing power.
What situs means?
: the place where something exists or originates specifically : the place where something (such as a right) is held to be located in law.
What is another word for plottage in real estate?
A plot of land assigned for sale or for a particular use. lot. plot. parcel. plat.
What is highest and best use in real estate?
Highest and Best Use, Defined The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value.
What is the principle of conformity in real estate?
Principle of Conformity. The principle of conformity states that conformity to land use objectives contributes to economic stability in a residential community. This is why homes are built in the same style as the other properties in that same area, because the values will go up. In areas that were not developed all at once or well not planned,…
What is the meaning of the term conformity?
Conformity refers to the similarity of properties within a neighborhood in terms of prevailing age, condition, size, style, and functional utility.
What does non conforming use mean in real estate?
In real estate parlance, “non-conforming use” generally refers to a type of zoning variance wherein a person’s property is exempt or excepted from city zoning ordinances.
Why is conformity important in a commercial area?
Conformity is important in commercial areas also. The stores in an area should appeal to the same types of people in order to be successful. For example, it is no mystery why you tend to see Starbucks and Subway near each other more often than not. They tend to appeal to the same type of clientele-hungry people.