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Location, Location, Location in 3D

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

 We all know what is the most important factor in value in Real Estate is Location, Location, Location. And though it is true to a great extent, there is no such thing as absolute truth.

When I hear "Location, Location, Location", I always think of adding the notion of time.

Location, location, location in 3DFor me it is time and location. When you start looking at it this way, it is like switching from a 2D to 3D version.

Look at the same location at different time and you would understand what I mean. Take the same oceanfront location in Daytona in 2006 and in 2012, and there is a big difference in value, but it is the same location (same building, same condo).

I am not even talking about something, which already which goes back in time much further. Let’s say same location in 1959 and today. Same location, so different values. I think it is very important for us, real estate agents, to understand.The market is not only about location, but also about time.

But if we only looking at a 2D, a slice of time frozen in today, then yes, it is location, location, location…

Photo by *clairity* via Flickr.com

Show All Comments
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

True enough....if only real estate licenses came with crystal balls so we could see what values would be in the future.

Apr 13, 2012 08:21 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Jon:Well said and enough said as well,good luck with your business and good luck in 2012,   E

Apr 13, 2012 08:36 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

For many years, I would hear the same term about location. I also flip houses, I have always been willing to look at properties in not the best locations. There were some amazing values, so I started buying some of these properties and doing the same renovations. I could offer these properties back on the market at 20-30% lower that in a better location and make the profit.

I have changed from location, location, location, to price, price and price. There is a price for every buyer.

Apr 13, 2012 08:46 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Good point! Sure, location is important, but timing in life is everything!

Apr 13, 2012 09:40 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Sally & David - and we still look into the future and are using the past as some guidance for that

Apr 14, 2012 12:00 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Ed & Tracy - thanks

Apr 14, 2012 12:00 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Joe - actually, not. Price is because of the location. Same house would be priced differently because of the location and this is exactly what you are describing. You can buy for less in a different location, and you will sell for less in different location.

So, location defines what the price is

Apr 14, 2012 12:03 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Wayne & Jean - thank you for the comment.

Apr 14, 2012 12:04 AM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Jon -

Always nice to be in back and forth communication with you.  Another aspect of the 2D/3D idea is the evolution of schools in the area- right?

Have a happy day -
Lynn 

Apr 14, 2012 02:43 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Lynn - not sure I understand how it relates to real estate, but it could be interesting. Could you, please, elaborate a bit more?

 

Apr 14, 2012 03:22 PM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Jon, 

How can I refuse your request - just be careful when you ask me to elaborate!  LOL

OK - "everyone" wants to buy in area "X" because it has the best elementary,middle and high schools. So they buy there and their children go to school there and then those same children go off to jobs or college or the army or ?

Now you have a sub-division (or a condo building perhaps) full of empty-nesters. No one going to the PTA or watching for child-related school or playground issues. Now the schools may hit a downward turn - perhaps even close as the child-population no longer is a factor in neighborhood "X".  

Now "everyone" decides to move into another area. The schools get stronger in the other area and now "everyone" wants to buy in that area. Our unfortunate neighborhood "X" cannot attract families. The pendulum swings until families who cannot afford the newest "in" area decide to buy in our dear neighborhood "X". They get depreciated prices and they fix up their new homes. They have children and they focus on rebuilding the schools and their reputations! 

The cycle begins again ---

So, for me, I check out the school position in the perpetual American race to have the newest and best for their offspring.

If you only deal with -- what's a PC set of words? -- "active senior adults" in high rise buildings, I still believe there is a pendulum dynamic for the sports or restaurants or entertainment that the area offers.

OK - well, there you are - I love answering you because you will respond in a frank manner - nothing PC for our Jon!

Have a happy day -
Lynn 

 

 

Apr 14, 2012 03:41 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Lynn - that's the reason I asked you toelaborate. I was not sure what you meant. thanks for taking time and effort, as this really adds to the conversation.

When we speak of real estate being local, here is just another example.

because I deal with people buying second home on the beachside, and this is usually not the best location if you have young children.

I completely forgot of thsi important consideration only because we do not deal with families with children.

What you say makes perfect sense. Here is a bit different, because there is the ocean, that would keep the attractiveness high, it is a huge magnet, but if not for the Ocean, your formula will reall affect the way this balancing act is played.

Thank ou again.

PS. I figured that the title came because of the reblogging. Sorry, I rushed with the e-mail

Apr 14, 2012 03:48 PM
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