====== Property Characteristics ======

===== 1. Physical Characteristics =====

  * Immobility: land cannot be moved
  * Indestructibility: land is permanent (improvements may depreciate)
  * Non-homogeneity (uniqueness): no two parcels are exactly alike

===== 2. Economic Characteristics =====

  * Scarcity: land is limited in supply
  * Improvement: value is affected by surrounding land uses
  * Permanence of investment: capital invested in land and improvements is long-term
  * Area preference (situs): value is influenced by location and desirability