A loss in value brought about by technological advances is known as:

The term "functional obsolescence" refers to a loss in value that occurs when an property's features or functionality no longer meet the needs or expectations of the market, often due to advancements in technology or changes in consumer preferences. In the context of the question, if a property has outdated systems or designs that are being replaced or improved upon by newer technologies, this often leads to a decrease in its market value.

Functional obsolescence can be both internal and external, with internal referring to the actual features of the property (like an outdated layout or appliances), while external could involve changes in the surrounding environment or community developments that lessen the appeal of the property. The impact of technological advances on property value is a clear example of internal functional obsolescence, as it directly affects how the property is perceived in relation to current trends and innovations.

In contrast, plottage refers to the increase in value that occurs when two or more parcels of land are combined to create a larger parcel, which can be more valuable than the sum of its parts. Market price pertains to the actual sale price of a property, reflecting current market conditions but not specifically tied to depreciation factors. Lastly, highest and best use is an appraisal concept that determines the most profitable use of a