Final answer:
The neighborhood life cycle is a process in which housing becomes less desirable as it ages and wealthier individuals move away to buy newer homes. This often results in lower-income individuals occupying older homes, leading to issues such as poor maintenance, congestion, and inefficiencies in heating and cooling systems. Gentrification is a phenomenon where wealthier people choose to move into older housing in urban neighborhoods, which can lead to the displacement of lower-income residents and the redevelopment of certain areas. A busy street is generally less desirable for a residential property due to noise, pollution, and traffic congestion, but can be beneficial for commercial properties.
Step-by-step explanation:
Neighborhood Life Cycle
The neighborhood life cycle is a process in which housing becomes less desirable as it ages and wealthier individuals move away to buy newer homes.
This often results in lower-income individuals occupying older homes, leading to issues such as poor maintenance, congestion, and inefficiencies in heating and cooling systems.
In some cases, entire neighborhoods become abandoned. This process can be influenced by economic decisions and systemic ethnic discrimination.
Gentrification
Gentrification is a phenomenon where wealthier people choose to move into older housing in urban neighborhoods. This can lead to the eviction or pricing out of lower-income residents, as well as the conversion of commercial buildings into loft-style condos and the influx of upscale retailers. Gentrification has been associated with racial and ethnic displacement and the redevelopment of certain areas.
Impact of Busy Streets
A busy street is generally seen as less desirable for a residential property because it tends to have more noise, pollution, and traffic congestion.
Commercial properties, on the other hand, benefit from the visibility and easy access that busy streets provide. Other factors that can impact property value include foreclosures, short sales, and cash-only sales.