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How do you define a prime location?

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musicgold1

Thread Starter
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Mar 22, 2010
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Banking/Mortgage Industry
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Canada
Hi,

While I am aware of the famous real estate adage: location, location, location, I often get confused when someone asks me to comment on a property's location. Also a lot of people like to call their own properties situated at prime locations.

1. What criteria should one use to decide if a property's location is a prime location? I am aware that the criteria is going to be different for different property types.

2. Is there a book or website where I can read more on this topic?


Thanks,

MG
 
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CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
"Prime" is not really a term appraisers use.

1. First in excellence, quality, or value. See Usage Note at perfect.
2. First in degree or rank; chief. See Synonyms at chief.
3. First or early in time, order, or sequence; original.
4. Of the highest U.S. government grade of meat.
5. Mathematics Of, relating to, or being a prime number.
n.
1. The earliest hours of the day; dawn.
2. The first season of the year; spring.
3. The age of ideal physical perfection and intellectual vigor.
4. The period or phase of ideal or peak condition. See Synonyms at bloom1.
5. The first position of thrust and parry in fencing.
6. A mark () appended above and to the right of a character, especially:
a. One used to distinguish different values of the same variable in a mathematical expression.
b. One used to represent a unit of measurement, such as feet or minutes in latitude and longitude.
7. also Prime Ecclesiastical
a. The second of the seven canonical hours. No longer in liturgical use.
b. The time appointed for this service, the first hour of the day or 6 a.m.
8. Mathematics A prime number.
9. A prime rate.
 

OSU Beavers

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Jan 10, 2007
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Licensed Appraiser
State
Oregon
Prime is the superior grade with amazing tenderness, juiciness, flavor and fine texture. It has the highest degree of fat marbling and is derived from the younger beef. That's why Prime is generally featured at the most exclusive upscale steakhouse restaurants.

Whatever you do, don't say desirable neighborhood or the HUD PC police will be all over your rump.
 

Pilgrum

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Mar 6, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
What Can said.
But. (Isn't there always one?) The term is used in the marketing fluff presented by realtors to describe a site that is considered superior in size, view or location such as a culdesac or corner. Remember it does not necessarily mean anything unless it is supported by the market in the form of a higher value than it's competition.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
A prime location can be vastly different depending on use and owner/tenant/business needs.

A prime Walgreens site is not the same as a prime auto mechanic site which is not the same as a prime office site.

Prime is relative.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
In a general sense, prime location can mean desirable to many people who want that kind of property...and properties in those locations typically command superior prices , and sell faster, perhaps with multiple offers.

It can also mean, in local parlance, "prime", as in close to a very desirable amenity....close to the beach, close to a midtown hip urban district etc.
 

AMF13

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Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I've heard the term premium.
As in a lot premium in a new tract where some lots are more desirable for some reason than others. View, location, size. :shrug:
 

Dan Umstead

Senior Member
Joined
May 26, 2006
Professional Status
Certified Residential Appraiser
State
Georgia
Seeing that you are in Canada.........a "prime" location in Vancouver is a corner lot with a marijuana dispensary on one corner and two fast food restaurants on the other corners.:peace:


Seriously, "prime" is a catch phase and can not be definitively defined.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Seeing that you are in Canada.........a "prime" location in Vancouver is a corner lot with a marijuana dispensary on one corner and two fast food restaurants on the other corners.:peace:


Seriously, "prime" is a catch phase and can not be definitively defined.

Sounds like El Lay. :leeann2:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Prime" is not really a term appraisers use.
Prime is what I do to the well pump to get pressure back after a power outage...
a "prime" location in Vancouver is a corner lot with a marijuana dispensary on one corner and two fast food restaurants on the other corners.:peace:
...and you have a Kiosk that sells Doritos and Little Debbies between....
 
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