Characteristics of Land & Real Estate

Land: solid material of the Earth in whatever from it may be found, such as soil, rocks, and other substances permanently attached by nature (streams, ponds, plants, etc…)

• Economic Characteristics
  • Scarcity – the amount of land available to be used, usually it is limited
  • Improvements
  • Permanence of investment
  • Area preference

• Physical Characteristics
  • Immobility
  • Indestructibility
  • Non-homogeneity