Driverless cars and delivery drones are likely to increase property values in big cities as such innovations are aimed at urban areas and make living there more efficient, an economist writes....That's the link to the New York Times' Economix blog:
Robots and Property Values
Casey B. Mulligan is an economics professor at the University of Chicago. He is the author of “The Redistribution Recession: How Labor Market Distortions Contracted the Economy.”
As robots begin to move goods and people from place to place, urban land might become more valuable.
Amazon.com has announced that it is testing package delivery by drones — small, unmanned helicopters that would bring a purchase from Amazon’s fulfillment center to the customer’s front porch. Driverless cars are being developed to help move goods and people from place to place.A heads up to our younger readers-don't believe the hype, the Amazon idea won't be realized anytime soon.
“Location, location, location” is the saying in real estate: a property’s value is determined primarily by its location. An apartment in central Illinois might be worth 20 times as much in Manhattan, because a Manhattan apartment gives its resident access to many more goods, activities and high-paying jobs.
This is not to say that urban living is always the best, or that all urban properties are created equal. Locations involve trade-offs, and rural areas offer amenities that big cities cannot. But for centuries, real estate markets have shown that people and businesses are willing to pay more for urban properties....MORE
Business Insider had the best explanation for why the "news" was leaked on last night's '60 Minutes':
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