During a recession we all evaluate our lives and make bold strides to improve them. Becoming more efficient and cutting waste are typical moves. We all decide to loose the cards, finally, some of us will make it.
But something more happens, we actually shift our opinion of value. This has a direct reflection on how real estate values will recover. A simple example is that larger units in far out suburban sprawl recover slower than smaller units closer to mass transit. This would show a change in values. These values could be that people want to become greener and live closer to mass transit or wish to spend less time travelling and that it may be cheaper.
Also think of a factory closing. Property values will not recover until another entity reopens producing something with a sufficient demand for. If it is another factory things haven't changed that much. If it reopens as a mixed use multi unit property with roof gardens and small businesses we could conclude our values have changed somewhat.
Its something to think about when objecting to how land is being developed at the local municipal meeting.
Consider how your neighborhood will redevelop!
I really like what you have to say here. Our sense of value is changing, will continue to change during this recession. Not only our sense of value of things, but our overall values are changing.
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