Assignment task: The course materials indicate there are five basic categories of real estate, including:
Residential-the residential category of real estate includes everything from single-family homes to condominiums.
Business-the business category of real estate includes commercial and industrial properties. A grocery store is an example of a commercial property, and a factory is an example of an industrial property.
Rural-the rural category of real estate includes large parcels that are located in the countryside. These parcels may be used for farming, timber production, grazing, or recreational purposes.
Special use-churches, hospitals, and schools are considered to be special use properties because the functions that they serve are typically not motivated by economic concerns.
Public use-government buildings, state and federal parks, and public utility plants are examples of public use properties.
Pick one category from the five listed above. Give an example of a building or land parcel in your town that fits the category you chose. Answer the following questions.
1. What is the category and give an example of a building or land parcel in your town that fits the category you chose.
2. Who owns it?
3. Who benefits from it and why? Does the owner make a profit from owning it?
4. Are the taxes on it high? (Bare land is probably cheaper than a building.)
5. In the last 3 years have the owners had appreciation (prices have gone up) or depreciation (prices have gone down?)
6. What type of real estate do you own or want to own one day?