What characteristic likely explains the price difference between two lots sold on the same street?

The concept of Situs refers to the location of a property in relation to its physical surroundings and utilities, which encompasses a broad range of factors, including accessibility, local amenities, neighborhood desirability, and proximity to schools, parks, or commercial centers. It highlights the unique value derived from a property's geographical position, which significantly influences market value.

In the case of the two lots sold on the same street, even if they have similar attributes like size and condition, their respective values could differ based on their Situs. For instance, one lot might be situated nearer to a desirable location, such as a park or a top-rated school, while the other may face a less appealing location like a busy road or commercial area. This specific aspect of location affects buyer perceptions and willingness to pay different prices for seemingly similar properties.

The other options, such as size and condition, are certainly important factors to consider, but they fall short of encapsulating the total essence of the property's value as influenced by its location in context. While size might affect the amount of land and potential use, and condition reflects how well-maintained a property is, Situs takes a more comprehensive look at the desirability of that location itself, which is often a key driver in determining the price difference between