A retirement community restricts buyers to people 55 years and older. How will this restriction affect the value of the property?

1. The value of the property will be less due to the value characteristic of transferability.

2. This restriction will not have any affect on the value of the property.

3. The value of the property will be higher due to the value characteristic of demand.

4. The value of the property will be less due to the value characteristic of scarcity.