What is a characteristic of an economic farm in real estate?

The characteristic of an economic farm in real estate is that it encompasses properties of similar price ranges. This approach allows real estate agents to specialize and gain deeper market knowledge within a specific area that appeals to a particular segment of buyers or sellers. By focusing on properties within a defined range, agents can better understand neighborhood dynamics, pricing trends, and the needs of potential clients in that market. This specialization fosters stronger relationships with clients and can lead to increased sales opportunities, as agents are seen as local experts.

In contrast, the other options do not accurately reflect the concept of an economic farm. Focusing solely on luxury properties or covering only new developments would restrict an agent's market understanding and opportunities. Including various price ranges may dilute the agent's expertise in any one segment, making it more challenging to establish themselves as a knowledgeable resource in a specific market.