Losses of value from causes outside the property itself. For example, the value of a home could drop if a large apartment building is constructed on the next lot. Also called environmental obsolescence and external obsolescence.
Related information about economic obsolescence:
- Economic Obsolescence Definition
Sep 6, 2006 ... A look at the definition of Economic (or Social) Obsolescence and its affect on the value of real estate.
- What is economic obsolescence? definition and meaning
Definition of economic obsolescence: Reduction in the desirability or economic life of an asset caused by factors such as regulatory changes, technological ...
- Identifying and Quantifying Economic Obsolescence
Economic obsolescence: You can't see it, you can't touch it, and you can't smell it (at least most of the time), so how are appraisers supposed to quantify it?
- economic obsolescence - Financial Dictionary - The Free Dictionary
A factor that reduces the value of an improvement because of something external to the property itself. A well-built and well-maintained house may suffer ...
- Functional and Economic Obsolescence | The Truth About Realty.com
Where you home is located, and how your home was built can lead to obsolescence and a lower property value.
- economic obsolescence Definition | Business Dictionaries from ...
This is a form of economic obsolescence that must be considered in the appraisal of the property. Causes of economic obsolescence are numerous. Noisy or ...
- Economic obsolescence - NC Department of Revenue
Sep 12, 2011 ... ECONOMIC OBSOLESCENCE. Gregg Martin and Dave Duty. Property Valuation Specialists. North Carolina Department of Revenue. Property ...
- Functional Obsolescence and Economic Obsolescence ...
industrial and commercial properties to experience economic obsolescence. Taxpayer property owners should recognize such obsolescence in the valuation of ...