Any realtor will tell their clients that the three most important parts of any property are location, location and location. It’s a bit of a cliché but, like most clichés, it attained that status by virtue of being true. Since modern cities came into existence, some areas have been regarded as more desirable than others and, thus, have been able to demand more value for their property than others. This shifts over time. The inner-cities were once the more desirable urban locations, particularly when independent forms of transportation weren’t as readily available as they are today. Today, the most expensive parts of any city tend to be certain suburbs that lie outside of the inner city and, quite frequently, the inner city areas have become less desirable among the very wealthy. Some neighborhoods, however, are exclusive even relative to the standards of the wealthy. Read more…
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April 2009