By Grant Ian Thrall
This paintings makes a speciality of integrating land-use place technological know-how with the expertise of geographic details structures (GIS). The textual content describes the fundamental rules of place determination and the potential for making use of them as a way to increase the true property determination.
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Extra info for Business Geography and New Real Estate Market Analysis (Spatial Information Systems)
In economics, equilibrium is achieved when there is no incentive to increase or decrease what has become the market-clearing price. In geography, spatial equilibrium is achieved when there is no incentive to move to a location or to move from a location (see Casetti 1971). Opportunity arises when the urban area and its submarkets are not in spatial equilibrium. Land prices move in the direction required to bring the system into spatial equilibrium. The real estate market analyst should be able to identify those submarkets that are out of spatial equilibrium, and should include in the report their evaluation of the general land price trajectory that will come about as the submarket moves toward spatial equilibrium.
Cities are legally defined in terms of their entitlements, obligations, and geopolitical boundaries. For real estate market analysis, the terms urban and rural are perhaps more important than the distinction between city and urban. What is urban and what is rural is often defined with clear-cut examples of the polar extremes of urban and rural, while the reality for a specific location might fit somewhere in between. An urban area does not necessarily coincide with formal city boundaries. The city of Jacksonville in Duval County, Florida, has annexed all the land in the surrounding rural county.
So the geographic hierarchy is usually spatially congruent from one level to the next. In contrast, a rural county may have no depth of hierarchy smaller than the county itself. The Census considers an area urban if there are 2,500 persons per square mile, and the place must have more than 50,000 inhabitants. As illustrated by the Census criteria, a discussion of what is urban and what is not urban can digress into a bewildering array of definitions. Although it is easy to know you are in an urban area when you see one, the formal designation of an urban area can be the difference between having sufficient data to perform the required market analysis or not.