Three urban ravine lots were currently
listed at $175,000 each. Lots 1 and 2 sold,
and homes were immediately constructed. The
owner temporarily removed Lot 3 from the
market. During that period, new municipal
legislation was passed forbidding the
creation of any additional lots on ravines
within that community, save and except for
existing approved lots. Lot 3 is now in
greater demand and consequently appreciates
in value. The sale price of this land during
the subsequent building season is $250,000.
The appreciation in value ($75,000) results
from increasing scarcity of lots owing
primarily to the restrictive nature of the
new legislation.
Rights that go with a property.
Something that is outside the real property,
but belongs to the land, is joined thereto,
and adds to greater enjoyment of the land.
A right-of-way is one example of an
appurtenance that allows access over a
property. Most commonly, a right-of-way
involves one landowner that has access over
another, usually adjacent, property.
Appurtenance can also apply to other
rights that are outside the property but add
to greater enjoyment, for example, riparian
rights or access to dock facilities in the
case of recreational properties.
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