What is real estate? Is it Land? House? Apartment? Storefront? Technically, the definition of real estate is land plus anything permanently fixed to it. Why is that important? And why is there such high and seemingly never-ending demand for it? Well real estate ultimately boils down to space. Like air and food, space is another necessity in this experience we call life. Physically, we occupy space. We also need empty space to move in and around. It is very scientific to say that in order to live we need space as much as we need food to eat and air to breathe.
Sure we can understand that, but it’s very odd to say there is a demand for it. Isn’t space just, nothing? Isn’t space just what’s between two objects? Well this is how the demand for space (real estate) developed. If you can imagine, there was a time when humans were nomadic. Like the natives were before the Europeans came to the “new world”, we traveled from one place to another chasing food. All land and space use to be the same, it’s just a means to get from one place to another and there wasn’t any thoughts that would describe one land as better than another. However, when humans adapted to farming, certain lands became more desirable than others. Areas around water became more desirable for growing food, and therefore created a distinction between different parts of land. As more uses were developed, the attitude towards changed. We can do more things with the land, therefore making it more valuable. Even before we talk about the monetization of it, we already see that the attitude towards land really links to the idea of sustenance. We need it to survive; therefore, there will always be a seemingly never-ending demand for it.
Quick Tip: The demand for land was based on how much food it can produce. Back then, you had to live near food producing lands that provide a surplus of food to support other industries and its people. Now-a-days, we find that occupation, areas where jobs are easy to find and pay more, will cause the real estate to be more in demand. Because food can be efficiently delivered, we are no longer tied to live near rivers and lakes (though water front properties are still usually worth more).
Don’t forget to sign up for this big event!
Wealthminds + Alture Properties Showcase Event
Wednesday, November 19th 2014
Limited Seating RSVP Required
Location: Hilton Vancouver Metrotown
6083 McKay Ave, Burnaby, BC
Time: 6:30pm-7:00pm Registration, Refreshments and Appetizers
7:00pm-9:00pm Showcase Event