This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
The character of the location materially influences the character of the building that should be erected. In valuing improved property, a location which is unquestionably desirable for an apartment house may be valued liberally, particularly where the probable future development of the immediate vicinity will aid in increasing the value of the property. The same is true in valuing property for any other improvement purpose; the more desirable the location, the stronger the value. In estimating the value of improved property in poor locations, either where the character of the improvement itself is low class or where the location demands a cheap improvement, the values are not so stable and, the probability of future decrease in value and in depreciation of the improvement itself, must necessarily influence one to a conservative view of the value.