Master-planned Community
The definition of a master planned community in real estate is a community planned from the ground up with the purpose of being as convenient, aesthetically appealing and luxurious as possible, all while being exclusive and secure. Master planned communities are often gated, meaning that unwanted visitors are not often a problem and have an HOA.
Master planned communities often constitute entire communities of their own, although they are sometimes unincorporated. Despite their lack of title as cities, these communities are usually well equipped, boasting all the conveniences of other cities such as shopping markets, medical clinics, shopping malls and movie theatres.
Generally, master-planned communities are carefully planned from the early stages of the project. This is why it is easier to build a master-planned community on undeveloped land. And, much like how it’s easier to create a painting on a blank canvas than one that’s already been painted on, the same applies to a master-planned community.
The history of Master-planned Communities
The idea of master-planned communities has been around from long before the settlers moved to the New World as there are countless cities built after a master-plan even in Egypt. Europe has many master-planned cities but as the surface of the land in the areas where more housing was needed grew smaller as more and more land was used, less was available as blank canvases. However, when the European settlers came to the New World, seeing all the undeveloped land at their disposal, the idea to create master-planned communities came back.
Why are master planned communities constructed?
The foundational principle behind master planned communities is the use of professional and ubiquitous city planning to avoid problems with the right of way, building codes and aesthetic disparity often seen in typical neighborhoods. Master planned communities are usually aesthetically coherent, containing homes built to a uniform standard of development.
Another benefit that the best master-planned communities in the country offer is transportation infrastructure. Whereas normal neighborhoods are often constructed with little regard for the right of way and public easement, master-planned communities usually boast wide roads, rigid adherence to roadside easements and other accommodations to make transportation less of a hassle.
Master planned communities are usually constructed with middle or upper class residents in mind, offering a refined, dignified style of living to those who seek residency there. To this end, most master planned communities offer an impressive array of amenities, often including a communal pool, common clubhouse, public canals and other amenities.
Finally, master planned communities are often gated, making it difficult for intruders to make entry. This helps to keep personal belongings and loved ones safe from any who don’t claim residency in the community, aside from other ways in which you can make your home safe. Residents live in these gated communities with peace of mind and a sense of security that few other communities have.
Popular Real Estate Terms
Expected selling price of property less costs to sell. It is the net amount received upon the sale of property. gross receivables less allowance for doubtful accounts, representing the ...
Member of a partnership whose liability for partnership debts is limited to the amount invested in the partnership. A limited partner is prohibited from taking active part in the management ...
A right or interest in property held by a third party, which often limits the use and diminishes the value of the property, but usually does not prevent the transferring of title. The more ...
The term effective interest rate is the actual return from a savings account or any investment where you pay interest when considering the effects of compounding costs over time. Through an ...
If you came here looking for the Sublease definition, chances are that you know what it means, but you need more information about it, with scenarios and facts to better grasp it. ...
An income feature added to a mortgage whereby the mortgagee earns income in addition to the mortgage interest and principal payments. Also called an equity kicker, a kicker allows the ...
Six-mile-wide column of land running north-south in rectangular survey system ...
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax ...
Gets rid of unwanted substances and materials from a residence or office building. Waste includes solids and liquids, hazardous and nonhazardous materials. ...
Have a question or comment?
We're here to help.