PROPERTY OWNERSHIP
Physical Characteristics
Economic Characteristics
Nonhomogeneity
Immobility
Instructibility
1. scarcity
2. modification
No two pieces are exactly alike
Land cannot be moved – a person must go to the land
Land is durable – it will always be there
In short supply where demand is great
Land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land
3. fixity
4. situs
Land and buildings and other improvements to land require long periods of time to pay for themselves – investment permanence
Location preference, or location from an economic rather than a geographic standpoint.