Which factor is NOT an example of economic obsolescence?

Economic obsolescence refers to a decrease in property value caused by external factors that are beyond the property's control. This can include things like changes in the market or environment that negatively affect the desirability of a location.

In this context, deferred maintenance is related to the physical condition of a property and refers to the lack of necessary repairs and upkeep. While it can contribute to a property's decline in value, it is considered a form of physical obsolescence rather than economic obsolescence because it stems from the property owner's actions (or inactions) regarding maintenance and upkeep. This factor does not involve external economic influences.

On the other hand, misplaced improvements, zoning restrictions, and nearby nuisances all represent external factors that can negatively impact a property's market value. Misplaced improvements can create issues concerning how well a property fits into its environment, while zoning restrictions can limit the property's use, and nearby nuisances can detract from the overall appeal of the location. Each of these examples illustrates how broader economic conditions or neighborhood characteristics can reduce a property’s desirability and value, categorizing them as economic obsolescence.