property_characteristics
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Table of Contents
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
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