Location! Location! Location!
How many times have you heard that location is the key to real estate? Yeah, sure you have.
Ever thought about its validity? I mean, by far its perhaps the most used marketing cliche in real estate.
Well just how potent is such a statement? It certainly rings of logic on the surface.
A few weeks ago I wrote an article about beware of the so-called "up and coming" areas some sellers try to use to justify their outrageous prices.
In that piece I also detailed what I call the BIG Dog factor. Which is when the big name developer in town show's an interest in a particular area, that area can have mass appeal seemingly overnight, thus kicking up values as well.
When people use location as the most prominent marketing and advertising benefit they're usually talking about emotional selling points. Such as good schools, close to shopping, prestige zip code, water front etc.
Now, those things WILL impact the value of a property, usually for the better. However, let's have a look at an opposite scenario. Just as is the case of a Big Dog bringing value to a depressed area, so can a knuckle-head killed value in an already established area.
In my hometown of San Diego California, my family was one of the first to move into what was then a far out place called Mira Mesa.
It was a quiet, newly developed desert town which housed many navy and marine families like mine. The place was solid as far as living standards and a utopia for an energetic kid like me.
I was able to be a free spirit roaming the canyons with my buddies in search of animals or playing baseball and football all year round in the beautiful warm weather.
What comes to mind as I write this is that I remember vividly when the first retail shopping strip was developed. Mira Mesa Mall is what its was called. It was our first entertainment/real retail space.
Therefore this small mall was a big deal then and for years to come. I mean we finally had our own movie theater.
This place was the center point of attraction for years after. Development spread from this retail center as the bull's eye, until the place lost its footing as the main spot to be.
During the mid to late 90's the place changed! The whole look and feel seemingly changed overnight.
Someone came in with a lame brain idea to change the movie theater into a fish market. Supposedly (I haven't seen it) each movie room was converted into separate fish store of some kind.
Needless to say, that idea really changed the pace of things in that area. As a matter of fact a new entertainment and retail center was developed over the last four or five years way across town.
That fish market idea was one that put out the flames of entertainment in what was once the location we kids watched Bruce Lee movies.
This is not the only factor which affects location, the closing of a school, a poorly constructed, and poorly managed building can do damage to an area's values as well.
So when you're out looking at location be sure you understand what really is going on there. Transition can be a tricky thing. One bad decision can turn things around quickly.
Take Action!
Ken Williams
http://www.thewholesalewizard.com/
How many times have you heard that location is the key to real estate? Yeah, sure you have.
Ever thought about its validity? I mean, by far its perhaps the most used marketing cliche in real estate.
Well just how potent is such a statement? It certainly rings of logic on the surface.
A few weeks ago I wrote an article about beware of the so-called "up and coming" areas some sellers try to use to justify their outrageous prices.
In that piece I also detailed what I call the BIG Dog factor. Which is when the big name developer in town show's an interest in a particular area, that area can have mass appeal seemingly overnight, thus kicking up values as well.
When people use location as the most prominent marketing and advertising benefit they're usually talking about emotional selling points. Such as good schools, close to shopping, prestige zip code, water front etc.
Now, those things WILL impact the value of a property, usually for the better. However, let's have a look at an opposite scenario. Just as is the case of a Big Dog bringing value to a depressed area, so can a knuckle-head killed value in an already established area.
In my hometown of San Diego California, my family was one of the first to move into what was then a far out place called Mira Mesa.
It was a quiet, newly developed desert town which housed many navy and marine families like mine. The place was solid as far as living standards and a utopia for an energetic kid like me.
I was able to be a free spirit roaming the canyons with my buddies in search of animals or playing baseball and football all year round in the beautiful warm weather.
What comes to mind as I write this is that I remember vividly when the first retail shopping strip was developed. Mira Mesa Mall is what its was called. It was our first entertainment/real retail space.
Therefore this small mall was a big deal then and for years to come. I mean we finally had our own movie theater.
This place was the center point of attraction for years after. Development spread from this retail center as the bull's eye, until the place lost its footing as the main spot to be.
During the mid to late 90's the place changed! The whole look and feel seemingly changed overnight.
Someone came in with a lame brain idea to change the movie theater into a fish market. Supposedly (I haven't seen it) each movie room was converted into separate fish store of some kind.
Needless to say, that idea really changed the pace of things in that area. As a matter of fact a new entertainment and retail center was developed over the last four or five years way across town.
That fish market idea was one that put out the flames of entertainment in what was once the location we kids watched Bruce Lee movies.
This is not the only factor which affects location, the closing of a school, a poorly constructed, and poorly managed building can do damage to an area's values as well.
So when you're out looking at location be sure you understand what really is going on there. Transition can be a tricky thing. One bad decision can turn things around quickly.
Take Action!
Ken Williams
http://www.thewholesalewizard.com/
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