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In the valuation of real estate, there are three traditional forms of obsolescence which affect property values: physical, functional, and aesthetic. Physical obsolescence occurs when the physical material of the property deteriorates to the point where it needs to be replaced or renovated.
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property – specific with respect to the user and timing of the use – that is adequately supported and results in the highest present value.
Sooner or later, commercial real estate’s day of reckoning had to come. Following an era of “cheap money” that stretched all the way back to the 2008 housing crash and Great Financial Crisis ...
A greyfield in Richmond, California is used to expand a Kaiser Permanente hospital.. In the United States, greyfield land (or grayfield) is a formerly-viable retail and commercial shopping site (such as regional malls and strip centers) that has suffered from lack of reinvestment and been "outclassed" by larger, better-designed, better-anchored malls or shopping sites.
Deferred maintenance is the practice of postponing maintenance activities such as repairs on both real property (i.e. infrastructure) and personal property (i.e. machinery) in order to save costs, meet budget funding levels, or realign available budget monies. The failure to perform needed repairs could lead to asset deterioration and ...
Obsolescence is the process of becoming antiquated, out of date, old-fashioned, no longer in general use, or no longer useful, or the condition of being in such a state. When used in a biological sense, it means imperfect or rudimentary when compared with the corresponding part of other organisms.
Diminished value or diminution in value are the terms generally used to describe the loss in a property's market value after it was damaged in an accident and repaired. . Diminished value is most often associated with automobiles but it is applicable to other property of value including real estate or collectibles such as jewelry and ar