The term "estate effect" refers to the increase in value that real estate properties experience when they are located in highly sought-after areas. Synonyms for this term include location-based appreciation, place premium, and neighborhood boost. These synonyms all describe the same phenomenon in which the desirability of a particular location drives up property values. This effect is often seen in urban areas with limited space and high demand, such as New York City or San Francisco. Regardless of the term used, the estate effect is a vital consideration for anyone interested in real estate investment or purchasing property, as the location of a property can significantly impact its value and potential for appreciation.