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Location, Location, Location

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Contributed by: DR. SEAN REIF D.C. on 9/12/2007

While other factors are certainly involved, the basic truth of this is forgotten. A well planned project can often survive economically, even if its development is poorly planned or its management inept. A project that is not well located may fail even though it has the best planning and management.

Each parcel of land is unique and has one location. Location is an important element in determining land value. Certain parcels have an intrinsic locational value as a result of good siting, particular soils or mineral deposits, or a favorable exposure to the sun.

But generally, the relative locational value is what determines the value and is the proximity of a parcel to other parcels and the link between them. Proximity to desirable uses or features increases the property values; proximity to unfavorable uses or features decreases property values. Proximity to lakes, rivers, mountains, or desert areas are important in determining value. Conversely, proximity to flood plains, earthquake fault zones, or fog pockets may reduce values.

Proximity to markets is also important. A residential development must be within a commuting distance to employment opportunities. Shopping Centers must be within a certain proximity to residents to support retail operations. Office and industrial facilities must be within proximity to labor and support facilities. Hotels must be within proximity to other uses that generate guest-room demand. If market proximity doesn't exist, other locational factors become irrelevant.

Proximity to public services, such as water, sewer, electricity, telephone and other utilities has become critical to development. Public agencies have discovered that providing or withholding these services may effectively control and direct economic growth.

Linkage requires a transportation system and accessibility to the parcel. The most common being the private vehicle, street, and highway system. Users are willing to make decisions on the basis of accessibility. The discomfort of travel, the annoyance of delay and congestion, and the sense of danger increase the FRICTION of the space.

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Submitted By: DR. SEAN REIF D.C.

posted on 4/21/2008 @ 3:38:17 PM

Rated Story

A skunk may never grow rich, but he makes a lot of scents.

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Submitted By: DR. SEAN REIF D.C.

posted on 9/12/2007 @ 8:45:20 PM

Rated Story

By understanding the firm’s location orientation, it is possible to establish the firm’s most probable location within a metro area, the type of industrial land that will be required, the site services that will be needed, and the maximum price that a firm can pay. A firm must weigh the costs of a new plant and equipment against the advantages of greater market penetration, lower transportation and distribution costs, and possibly lower production costs.

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CONTRIBUTOR INFORMATION

DR. SEAN REIF D.C.

THORNTON , CO

DR. SEAN REIF D.C. has posted 998 stories and 1148 comments since joining on 9/14/2005. DR. SEAN REIF D.C. 's average story rating is 3.08.

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