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Real Estate 4000 Chapter 6

AB
market failuresuniqeness of location. Externalities/Interdependency in land uses. Limited incomplete market information
uniqueness of locationabsolute monopoly- misallocated resources by overpricing goods and services. Holdout in land assembly efforts. Ex. roads, public transportation, water, sewer system
externalities/interdependency of land usespillover effects of land use for which initiator is not held accountable. Traffic congestion, runoff, smoke, gases and particle emissions. noise, urban sprawl disorderly extension of urban infrastructure.
congestionurban land use externality. Occurs when individual use near capacity and it slows down entire system
urban sprawldevelopment taking place in rural areas well beyond the urban fringe. leapfrog development. lower prices because builder is not bearing full cost of development
limited/incomplete market informationunknown quality or condition of existing structures. Buyer unaware of structural risk of hurricanes, etc. maximum wind tolerance of structure, safety of electrical gas systems, fire dangers
comprehensive plana general guide to a community's future growth and development. projected future population growth. requirements for water and waste disposal. projected needs for public services such as utilities, streets, schools, parks and recreation, safety. Projected demand for various land uses for community- public, residential, non-residential
traditionalseperated uses, automobile oriented, uniform density, cul-de-sac hierarchy in neighborhoods.
new urbanismmixed use, public transportation, pedestrian oriented, sidewalks, houses close to street w/ front porches, rear alleys, grid streets with restricted traffic flows.
mixed useto provide job oppurtunities for residents, decrease commuting, and encourage 24 hour presence of people in the community.
building codesearliest use of police power to regulate land. Standards: Structural strength, fire: materials, alarms, electrical and gas systems. Sanitation: plumbing, water, and HVAC requirements. Changing perception of needs- Ex. bedroom windows large enough to step through.
features of traditional zoninguse classification: residential, commercial, industrial. Use districts/zoning maps showing zoning classifications w/in county. Setback requirements: minimum front, rear, and side from boundaries of lot. Bulk or density limits: minimum lot size, height limits, maximum floor area ratios. Special use districts: Service stations, hospitals, churches, private schools, cemetaries. Exclusionary zoning
exclusionary zoningcourts have overturned zoning ordinances that tend to exclude lower income groups by unreasonable lot size or that do not adequately provide for low and moderate-income housing
nonconforming useuse inconsistent with and precedent to zoning map. Cannot be substantially changed, can be repaired but not improved/replaced. must be continous, some courts will allow use to be amortized away after some period of time
varianceexception to requirements due to hardship and loss of value. 1) owner must show true hardship in terms as inability to use lot as zoned. 2) conditon must be unique to lot. 3) variacne cannot materially change character of neighborhood
planned unit developmentstraditional requirement such as setback requirements and floor-to-area ratios are allowed to vary in some areas in exchange for larger areas of open space amd natural preservation, public facilities, mixed use, and attractive layouts and design
performance standardsset limits to runoff, noise and emission, etc.
impact feesinternalize cost of externality. if developer imposes externality on community at large
growth restrictionsrestrictions on overall growth. justified to prevent a public health, safety, or wealfare problem. Ex lack of sewage treatment capacity. Growth moratorium- prohibition of development

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