Real Estate Principles 3rd Edition by David Ling,Wayne Archer

Exercise 14

Select a site in your city that is in a mixed-use or nonresidential area, and either is vacant or appears to be ready for change (e.g., structure partially used or vacant, or in need of refurbishing). Go to the site during the morning commuting period of a business day. Situate yourself at or near the site and observe the activity at and around the site. Pay particular attention to why people pass the site-where they are coming from and where they are going. Note any nearby land uses or pedestrian flows that could potentially involve the site. Then explore the area around the site for a block or so in each direction, and record on a simple map the main patterns of traffic flow and the broad variations in land uses. Finally, after at least one observation session of 30 minutes, record your main impressions and thoughts concerning the potential use of the site. ( Hint: A good way to select a site might be to go to a commercial real estate/broker or appraiser and ask him or her about a site this professional finds intriguing. This will give you an interesting industry contact, and another perspective on the problem.)