Markets for Miscellaneous Types of Land and Improvement
IT is impossible in this study to cover all the additional real estate markets in which the rights in land and improvements of special types are bought, sold, and exchanged. Some are so infrequently encountered as to be hardly markets at all but rather individual cases of negotiation, such as the purchase and sale of churches and clubs. Theaters and sports arenas are in the same category, though they are more frequently the subject of transactions.
Three kinds of markets are so common and of such economic significance as to justify further exploration, namely, the markets for subdivision lots and acreage, office and commercial space, and industrial land and improvements. Significant as the markets for these types of land and improvements are, the data essential for their study are very inadequate. Some of their aspects may be mentioned, however, and some generalizations hazarded.
There are two results from an increased demand for urban land and improvements: one, a greater use of urban sites through the construction of improvements on vacant land and by replacement of existing improvements with better ones and, the other, an extension of the urban land area by "subdivision" or "development."1 Being an accompaniment of economic expansion, the process of subdividing is spasmodic rather than continuous. It begins with the acquisition of____________________