What does plottage refer to?

Plottage refers to the increase in overall value that results from the consolidation of multiple adjacent parcels of land into a single, larger tract. The principle behind plottage is that when properties are combined, they can often be developed in a way that enhances their value beyond that of the individual parcels, due to factors such as improved utility, increased zoning opportunities, or a better overall site layout. This combined value is often greater than the simple sum of the individual properties, making this concept crucial for real estate development and investment strategies.

The other options relate to different aspects of property valuation or market dynamics, but do not capture the essence of plottage, which focuses specifically on the value derived from the combination of land parcels.