Blenheim Palace is a monumental country house situated in Woodstock, Oxfordshire, England. It is the only non-royal non-episcopal country house in England to hold the title of palace. It was built between 1705 and circa 1722. Its construction was originally intended to be a gift to John Churchill, 1st Duke of Marlborough, from a grateful nation in return for military triumph against the French and Bavarians at the Battle of Blenheim. However, it soon became the subject of political infighting, which led to Marlborough’s exile, the fall from power of his duchess, and irreparable damage to the reputation of the architect Sir John Vanbrugh.
Designed in the rare, and short-lived, English Baroque style, architectural appreciation of the palace is as divided today as it was in the 1720s. It is unique in its combined usage as a family home, mausoleum and national monument. The palace is also notable as the birthplace and ancestral home of Sir Winston Churchill.
The building of the palace was a minefield of political intrigue by Sarah Churchill, Duchess of Marlborough. Following the palace’s completion, it became the home of the Churchill family for the next 300 years and various members of the family have in that period wrought various changes, in the interiors, park and gardens. At the end of the 19th century, the palace was saved from ruin by funds gained from the 9th Duke of Marlborough’s marriage to American railroad heiress Consuelo Vanderbilt. The exterior of the palace remains in good repair and the gardens, which contain a miniature railway, pleasure garden, maze, rose garden, cascades, historical monuments and fantastic views, are truly beautiful. It is a great place to visit for people of all ages.
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Real estate has several unique characteristics that affect its value. There are economic characteristics and physical characteristics. Real estate is a product to be purchased but it is different from anything else due to the characteristics that will be discussed here.
The economic characteristics that influence value are scarcity, improvements, permanence and area preference. Scarcity is simply demonstrated in the saying, “They aren’t making any more.” The supply of land has a ceiling and cannot be produced more than what exists today. This value of this supply however, is influenced by other characteristics.
Improvements, such as buildings on one parcel of land may have an effect on the value of neighboring parcels or the entire community. If a large company builds in a certain depressed neighborhood, the value of living their will probably increase because of the introduction of jobs. This value would impact on neighboring communities, thus increasing value in some ways to the real estate in these areas.
Permanence has to do with the infrastructure. As buildings, houses or other structures are demolished, the infrastructure, such as sewers, drainage, electricity, and water remain intact. Permanence effects real estate, or the type of infrastructure. If you buy a piece of land in an area with no utilities, drainage or paved streets, it will most likely be worth less than a parcel of land that has this infrastructure intact and developed.
Area preference refers to the choices of the people in any given area. This is usually referred to by most people when they talk about real estate as, “location, location, location.” The location of a preferred area, for whatever reasons, is what makes values of homes higher. Conversely, the location of a nonpreferred area, for whatever reason, is what makes the values of homes less. 8000 square foot brand new homes on the coast of Long Island’s, East Hampton will be worth much more due to their area preference, over an area with 1200 square foot starter homes in the middle of Long Island, located next to a garbage dump.
The physical characteristics of land represent its indestructible nature, immobility and nonhomogeneity. Working backwards, we’ll start with nonhomogeneity. This simply points out that no two parcels are the same. Two pieces of land may be very similar, but every single parcel is different geographically because each parcel is located in a different spot. This includes two lots right next to each other. It is important to remember that parcels are created by subdividing land, so as one large parcel of 20 acres is subdivided, each individual lot becomes its own separate piece of land.
Land cannot be moved, therefore it is immobile. Even when soil is torn from the ground, the part of the Earth’s surface will always remain. It is important here to note how this physical characteristic affects real estate law and markets. Immobility of land is the reason why real estate laws and markets are local in nature.
The indestructibility of land simply means that it … Read More