Ask Question
14 October, 03:13

A buyer was looking at buying a piece of real estate. The property was located in a very exclusive part of town where there were few homes available. He had to pay a premium price in order to purchase the property. These factors reinforce what economic characteristics of real estate

+2
Answers (2)
  1. 14 October, 03:38
    0
    Real estates are landed properties which is a good investment due to the land always appreciating with time. The economic characteristics of

    paying at a premium rate for a land at an exclusive area are

    Characteristics of nonhomogeneous T, situs, and indestructibility.

    Characteristics of transfer ability, utility, and demand

    Characteristics of demand, scarcity and situs.

    Characteristics of immobility, utility, and demand
  2. 14 October, 03:59
    0
    The characteristics of immobility, utility, and demand

    The characteristics of nonhomogeneous T, situs, and indestructibility

    The characteristics of demand, scar city and situs.

    The characteristics of transfer ability, utility, and demand.

    Explanation:

    The following factors can have effect on the value of a property

    1. Location

    2. Supply and demand

    3. Interest rate

    4. Economic outlook

    5. Population

    6. Size and facilities

    7. Investment potential

    8. Energy efficiency.

    The property the buyer paid for is located in an exclusive part of the town and in this part of the town, few homes are available there. This means the area is a good location and the demand for homes there is very high. The value and economic characteristics of the real estate is high in that part.
Know the Answer?