In terms of the effects of change on real property, ordinary physical deterioration and market demand have indicated 4 stages through which an improved property will pass:
Growth- When improvements are made and property demand expands
Equlibrium or Stability- When the property undergoes little change
Decline- When the property requires an increasing amount of upkeep to retain its original utility while demands slackens
Revitalization or Rehabilitation- Which may occur if the demand increases, serving to stimulate property renovation.
The first three stages of a property's life cycle are also termed development, maturity and old age. The principle of growth, equilibrium, decline and revitalization can also apply to entire neighborhoods.
Bellingham's neighborhoods are constantly changing it is very interesting to see some of the changes taking place because of new external influences etc.
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