Real Estate Principles: A Value Approach demonstrates how value is central to virtually all real estate decision-making. Students using Ling and Archer should finish the course with a value-oriented framework and a set of valuation and decision making tools that can be applied in a variety of real-world situations. The key to making sound investment decision is to understand how property values are created, maintained, increased or destroyed.Since the launch of Real Estate Principles: A Value Approach, significant and lasting changes have come upon the world of real estate. This is very true in real estate finance and capital sources where most of the traditional lenders have been transformed or displaced, giving way to a radically different set of players in mortgage finance. There has been change with profound and far-reaching implications in a world where it is understandable that property values can go down as well as up. This realization will color every aspect of real estate investment, finance and transactions for the foreseeable future.
Part 1: Setting the Stage1.The Nature of Real Estate and Real Estate
MarketsPart 2: Legal and Regulatory Determinants of Value2.Legal Foundations
to Value3.Conveying Real Property Interests4.Government Controls and Real
Estate MarketsPart 3: Market Valuation and Appraisal5.Market Determinants of
Value6.Forecasting Ownership Benefits and Value: Market Research7.Valuation
Using the Sales Comparison and Cost Approaches8.Valuation Using the Income
ApproachPart 4: Financing Home Ownership9.Real Estate Finance: The Laws and
Contracts10.Residential Mortgage Types and Borrower Decisions11.Sources of
Funds for Residential MortgagesPart 5: Brokering and Closing the
Transaction12.Real Estate Brokerage and Listing Contracts13.Contracts for
Sale and ClosingPart 6: Time, Opportunity Cost, and Value Decisions14.The
Effects of Time and Risk on Value15.Mortgage Calculations and DecisionsPart
7: Financing and Investing in Commercial Real Estate16.Commercial Mortgage
Types and Decisions17.Sources of Commercial Debt and Equity
Capital18.Investment Decisions: Ratios19.Investment Decisions: NPV and
IRR20.Income Taxation and ValuePart 8: Creating and Maintaining
Value21.Enhancing Value through Ongoing Management22.Leases and Property
Types23.Development: The Dynamics of Creating ValueGlossaryPhoto CreditsIndex
David C. Ling is the McGurn Professor of Real Estate at the University of Florida. Professor Ling received an MBA (1977) in finance and a Ph.D. (1984) in real estate and economics from The Ohio State University. His academic and professional publications have included articles on housing policy and economics, mortgage markets and pricing, private commercial real estate investments, publicly traded real estate companies, and performance evaluation. Professor Lings research has been published in general interest finance journals (Journal of Financial Economics), leading field journals in finance and economics (e.g., Journal of Urban Economics, Journal of Money, Credit and Banking, Journal of Banking and Finance, National Tax Journal), as well as the leading real estate focused journals (Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research).
During 2000, Professor Ling served as President of the American Real Estate and Urban Economics Association (AREUEA). From 2000 to 2005, he also served as editor of Real Estate Economics. Professor Ling serves on numerous journal editorial boards including Real Estate Economics, the Journal of Real Estate Finance and Economics, the Journal of European Real Estate Research, and The Journal of Real Estate Research. In 2011, Professor Ling was the recipient of the George Bloom Award, which is presented annually by the Directors of the American Real Estate and Urban Economics Association for outstanding contributions to the field of real estate academics. In 2010, he was awarded the David Ricardo Medal by the American Real Estate Society, which is ARESs highest honor in recognition of research productivity and influence over a 20-year period.
Additional information on Professor Ling is available at http://warrington.ufl.edu/directory/person/5291.
Wayne R. Archer is Emeritus Professor at the University of Florida. Previously, he was the William D. Hussey Professor at the University of Florida and the Executive Director of the Bergstrom Center for Real Estate Studies. He received a Masters in economics from Wichita State University (1968) and a Ph.D. in economics from Indiana University (1974). He has been a faculty member at the University of Florida since 1971. From 1979 through 1981, he served as a visiting researcher at the Federal Home Loan Bank Board and Federal Savings and Loan Insurance Corporation. His research publications include articles on office markets, house price indices, mortgage prepayment, mortgage pricing, and mortgage default risk.
Professor Archer is a member of the American Real Estate and Urban Economics Association, where he has served on the board of directors, and also is a member of the American Real Estate Society. He served on the editorial board of Real Estate Economics. He is a Fellow of the Homer Hoyt Institute.
Professor Archer taught in the University of Floridas distance MBA program and has worked in industry education throughout his academic career, including service as the educational consultant to the Florida Real Estate Commission from 1985 to 1999. Among additional roles, he served as a regular faculty member in programs of the Mortgage Bankers Association of America, in the Institute of Financial Education affiliated with the U.S. League of Savings and Loan Associations, and. more recently, with Freddie Mac. In addition, he has provided consulting services to industry and government from time to time throughout his career, and also serves from time to time as a consultant and advisor for real estate graduate programs in other universities.
Additional information on Professor Archer is available at http://warrington.ufl.edu/directory/person/5371/.
