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Real Estate Principles: A Value Approach 3rd edition [Pehme köide]

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  • Formaat: Paperback / softback, 736 pages, kõrgus x laius x paksus: 279x203x33 mm, kaal: 1653 g, Illustrations (some col.)
  • Ilmumisaeg: 16-Nov-2009
  • Kirjastus: McGraw-Hill Professional
  • ISBN-10: 0070167133
  • ISBN-13: 9780070167131
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Real Estate Principles: A Value Approach 3rd editionSuurem pilt
  • Formaat: Paperback / softback, 736 pages, kõrgus x laius x paksus: 279x203x33 mm, kaal: 1653 g, Illustrations (some col.)
  • Ilmumisaeg: 16-Nov-2009
  • Kirjastus: McGraw-Hill Professional
  • ISBN-10: 0070167133
  • ISBN-13: 9780070167131
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9780070167131.html
Märksõnad:
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 Principals: A Value Approach, 2e 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 displace, giving way to a radically different set of player in mortgage finance. There has been change as well 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.
Preface viii
Part 1 SETTING THE STAGE
1(17)
1 The Nature of Real Estate and Real Estate Markets
1(17)
Introduction
1(1)
Real Estate: Some Basic Definitions
2(4)
Real Estate: A Tangible Asset
2(2)
Real Estate: A Bundle of Rights
4(1)
Real Estate: An Industry and Profession
5(1)
Real Estate and the Economy
6(3)
Land Use in the United States
6(1)
Real Estate and U.S. Wealth
7(2)
Real Estate Markets and Participants
9(4)
User Markets
9(1)
Capital Markets
10(1)
The Role of Government
11(1)
The Interaction of Three Value-Determining Sectors
11(2)
The Production of Real Estate Assets
13(1)
Characteristics of Real Estate Markets
13(2)
Heterogeneous Products
13(1)
Immobile Products
14(1)
Localized Markets
14(1)
Segmented Markets
14(1)
Privately Negotiated Transactions with High Transaction Costs
14(1)
Summary
15(3)
Part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE
18(83)
2 Legal Foundations to Value
18(27)
Introduction
19(1)
The Nature of Property
19(4)
The Nature of Rights
19(3)
Real Property and Personal Property: The Problem of Fixtures
22(1)
The Real Property Bundle of Rights
23(9)
Possessory Interests (Estates)
24(3)
Nonpossessory Interests
27(5)
Forms of Co-Ownership
32(8)
Indirect Co-Ownership through a Single Entity
33(1)
Direct Co-Ownership
33(5)
Timeshare
38(2)
Rights Related to Water
40(1)
Rights to Oil, Gas, and Minerals
41(1)
Summary
41(3)
Appendix: Property Rights Relating to Water
44(1)
3 Conveying Real Property Interests
45(25)
Introduction
46(1)
Deeds
46(5)
Requirements of a Deed
47(3)
Types of Deeds
50(1)
Modes of Conveyance of Real Property
51(4)
Voluntary Conveyance by a Deed
52(1)
Involuntary Conveyance by a Deed
52(1)
Voluntary Conveyance without a Deed
53(1)
Involuntary Conveyance without a Deed
54(1)
Real Property Complexity and Public Records
55(5)
The Doctrine of Constructive Notice
55(1)
Statute of Frauds
55(1)
Recording Statutes
55(1)
Actual Notice
56(1)
Title
56(1)
Title Search, Title Abstract, and Chain of Title
56(1)
Evidence of Title
57(3)
Land Descriptions
60(6)
Metes and Bounds
60(1)
Subdivision Plat Lot and Block Number
60(2)
Government Rectangular Survey
62(4)
Summary
66(4)
4 Government Controls and Real Estate Markets
70(31)
Introduction
71(1)
The Power of Government to Regulate Land Use
71(3)
Monopolies, Externalities, and Other Market Distortions
71(3)
Public Planning for Land Use Control
74(4)
Comprehensive Planning
75(1)
Challenges in Public Land Use Planning
76(2)
Zoning and Other Tools of Public Land Use Control
78(6)
Building Codes
79(1)
Zoning
79(2)
Subdivision Regulations
81(1)
Zoning and Planning Administration
81(1)
Modern Tools of Land Use Control
82(2)
Environmental Hazards
84(4)
Types of Hazardous Materials
84(3)
Implications for Real Estate Investors
87(1)
The Government's Power of Eminent Domain
88(3)
Public Use
89(1)
Just Compensation
90(1)
Inverse Condemnation and Regulatory Takings
90(1)
The Power of Government to Tax Real Property
91(1)
Mechanics of the Property Tax
92(3)
Determining a Jurisdiction's Budget and Tax Rate
92(1)
Tax-Exempt Properties
93(1)
Homestead and Other Exemptions
93(1)
Calculating Tax Liability
93(1)
Special Assessments
94(1)
Nonpayment of Property Taxes
95(1)
Criticisms of the Property Tax
95(1)
Summary
96(5)
Part 3 MARKET VALUATION AND APPRAISAL
101(118)
5 Market Determinants of Value
101(30)
Introduction
101(2)
Market Misjudgments in Real Estate
102(1)
Minimizing Market Errors
102(1)
The Creation, Growth, and Decline of Cities
103(8)
Where Cities Occur
103(1)
The Economic Base of a City
104(5)
Resources of a City: The Supply Side of Urban Growth
109(2)
The Shape of a City
111(10)
Demand for Proximity and Bid-Rent Curves
111(5)
Bid-Rent Curves, Urban Land Uses, and Land Value Contours
116(1)
Changing Transportation, Changing Technology, and Changing Urban Form
116(5)
Differing Location Patterns of Urban Land Uses
121(5)
Convenience "Goods" and Central Place Patterns
121(3)
Comparison Goods and Clustering
124(1)
Industry Economies of Scale and Clustering
124(2)
The Role of Urban Analysis in Real Estate Decisions
126(1)
Summary
127(4)
6 Forecasting Ownership Benefits and Value: Market Research
131(31)
Introduction
132(1)
Market Research: Slipperiest Step in Real Estate Valuation
132(2)
Market Segmentation
133(1)
Real Estate Market Research as Storytelling
134(2)
The Beginning Point: A Market-Defining Story
134(1)
Initial Collection of Data
135(1)
First Analysis
135(1)
Refining the Research
135(1)
A Reverse to Conventional Market Research
136(1)
Three Examples of Market Research
136(17)
Market Research Example 1: Elysian Forest, a Planned Unit Development
136(6)
Market Research Example 2: Palm Grove Office Complex
142(2)
Market Research Example 3: Plane Vista Apartments
144(9)
Some Final Notes on the Process of Market Research
153(1)
Improving One's Capacity in Real Estate Market Research
153(1)
Market Projections and Real Estate Cycles
153(2)
Some Tools of Market Research
155(4)
Geographical Information Systems (GIS)
155(2)
Psychographics
157(1)
Survey Research
158(1)
Summary
159(3)
7 Valuation Using the Sales Comparison and Cost Approaches
162(31)
Introduction
163(1)
Market Value, Investment Value, and Transaction Prices
164(1)
The Appraisal Process
165(6)
Identify the Problem
167(1)
Determine the Scope of Work
167(1)
Collect Data and Describe Property
167(1)
Perform Data Analysis
167(1)
Determine Land Value
168(1)
Apply Conventional Approaches to Estimate Market Value
168(2)
Reconcile Indicated Values from Three Approaches
170(1)
Report Final Value Estimate
170(1)
Traditional Sales Comparison Approach
171(9)
Comparable Sales Data
171(1)
Sources of Market Data
172(1)
Adjustments to Comparable Property Transaction Prices
173(3)
Types of Adjustments
176(1)
Sequence of Adjustments
177(1)
A Note on the Selection of Comparables and Adjustments
177(3)
Reconciliation to an Indicated Value Estimate
180(1)
The Cost Approach
180(3)
Accrued Depreciation
181(2)
Final Reconciliation
183(4)
Summary
187(5)
Appendix: Multivariate Regression Analysis
192(1)
8 Valuation Using the Income Approach
193(26)
Introduction
193(2)
Direct Capitalization versus Discounted Cash Flow
194(1)
Estimating Net Operating Income
195(7)
Potential Gross Income
196(2)
Effective Gross Income
198(1)
Operating Expenses
199(1)
Capital Expenditures
200(1)
Net Operating Income
201(1)
Using Direct Capitalization for Valuation
202(4)
Abstracting Cap Rates from the Market
202(2)
Understanding Capitalization Rates
204(1)
Gross Income Multiplier
205(1)
Using Discounted Cash Flow Analysis for Valuation
206(4)
A Word of Caution
208(1)
Estimating Future Sale Proceeds
208(1)
Valuing Future Cash Flows
209(1)
Other Approaches
210(1)
Final Reconciliation
210(1)
Valuing Partial and Other Interests
211(1)
Summary
212(4)
Appendix: Other Methods of Estimating Cap Rates
216(3)
Part 4 FINANCING HOME OWNERSHIP
219(89)
9 Real Estate Finance: The Laws and Contracts
219(27)
Introduction
220(1)
The Note
220(6)
Interest Rate and Interest Charges
220(1)
Adjustable Rates
221(2)
Payments
223(1)
Term
224(1)
Right of Prepayment
224(1)
Prepayment Penalties
225(1)
Late Fees
225(1)
Personal Liability
225(1)
Demand Clause
226(1)
Inclusion of Mortgage Covenants by Reference
226(1)
The Mortgage or Deed of Trust
226(4)
Description of the Property
227(1)
Insurance Clause
227(1)
Escrow Clause
227(1)
Acceleration Clause
228(1)
Due-on-Sale Clause
228(1)
Hazardous Substances Clause and Preservation and Maintenance Clause
228(1)
Deed of Trust
228(2)
When Things Go Wrong
230(5)
Default
230(1)
Nonforeclosure Responses to Default
230(1)
Foreclosure
231(1)
Deficiency Judgment
232(1)
Judicial Foreclosure versus Power of Sale
232(2)
Bankruptcy and Foreclosure
234(1)
Acquiring a Property with an Existing Debt
235(1)
Real Estate Debt without a Mortgage
235(2)
Regulation of Home Mortgage Lending
237(4)
Equal Credit Opportunity Act
238(1)
Truth-in-Lending Act
238(1)
Real Estate Settlement Procedures Act
239(1)
Home Ownership and Equity Protection Act
239(2)
Other Laws Regulating Discrimination in Home Mortgage Lending
241(1)
Summary
241(5)
10 Residential Mortgage Types and Borrower Decisions
246(30)
Introduction
247(1)
The Primary and Secondary Mortgage Markets
247(1)
Prime Conventional Mortgage Loans
248(4)
Forms of Prime Conventional Mortgages
248(2)
Adjustable Rate Mortgages
250(1)
Private Mortgage Insurance
251(1)
Government-Sponsored Mortgage Programs
252(5)
FHA-Insured Loans
253(3)
VA-Guaranteed Loans
256(1)
Other Mortgage Types and Uses
257(3)
Purchase-Money Mortgage
257(1)
Package Mortgage
258(1)
Home Equity Loan
258(1)
Reverse Mortgage
259(1)
Recent Mortgage Forms
260(4)
Interest-Only (I-O) Mortgage
261(1)
Hybrid ARM
262(1)
Option ARM
263(1)
Subprime and Alt-A Loans
264(1)
Subprime Loans
264(1)
Alt-A Loans
264(1)
The Borrower's Mortgage Loan Decisions
264(7)
Mortgage Choice
265(1)
Loan Size
266(1)
The Refinancing Decision
266(4)
The Default Decision
270(1)
Summary
271(4)
Appendix: Refinancing as a Problem of Net Present Value
275(1)
11 Sources of Funds for Residential Mortgages
276(32)
Introduction
277(1)
The Market for Home Mortgage Loans
277(1)
The Revolution in Home Mortgage Finance
278(4)
The Demise of the Thrifts
279(2)
The Transformation of Commercial Banks
281(1)
Mortgage Banking and Mortgage Brokerage
282(6)
Mortgage Bankers
283(4)
Mortgage Brokers
287(1)
The Secondary Market for Residential Mortgages
288(1)
Mortgage-Backed Securities
289(1)
Purchasers of Residential Mortgages in the Secondary Market
290(5)
Ginnie Mae (GNMA)
291(1)
Fannie Mae
292(1)
Freddie Mac
292(1)
The Importance and Status of Fannie Mae and Freddie Mac
293(2)
Private Conduits
295(1)
Federal Home Loan Banks
295(1)
Other Secondary Market Purchasers
295(1)
The Big Picture of Home Mortgage Lending: Four Different Channels
295(2)
Where Does a Borrower Find a Home Loan?
297(1)
The Lender's Mortgage Loan Decisions
298(4)
Traditional Home Mortgage Underwriting
298(2)
Modern Home Mortgage Underwriting
300(1)
Cash Down Payment Requirement
301(1)
Recent Underwriting Failures
301(1)
Home Financing for Marginal Borrowers
302(2)
Affordable Housing Loans
302(1)
Subprime Lending
303(1)
Summary
304(4)
Part 5 BROKERING AND CLOSING THE TRANSACTION
308(73)
12 Real Estate Brokerage and Listing Contracts
308(35)
Introduction: Brokerage---The Best-Known Type of Real Estate Business
309(2)
Real Estate Brokers as Market Facilitators
309(1)
Economic Rationale for Employing a Broker
309(2)
Law of Agency
311(5)
Types of Agents
311(1)
Fiduciary Responsibilities
311(1)
Real Estate Agents
312(2)
Problems in Real Estate Agency Relationships and Disclosures
314(2)
Transaction Brokers
316(1)
Licensing of Real Estate Brokers and Salespersons
316(3)
Brokerage Licensing Administration
317(1)
How to Obtain a Real Estate License
318(1)
License Law Infractions
319(1)
Designations in Sales and Brokerage
319(1)
The Marketing Function
319(6)
Market Segmentation and Specialization and Service
319(1)
Commercial Brokerage
320(1)
Residential Brokerage
321(3)
International Aspects of Brokerage
324(1)
Listing Contracts
325(1)
Types of Listing Contracts
326(1)
Open Listing
326(1)
Exclusive Agency Listing
327(1)
Exclusive Right of Sale Listing
327(1)
Innovations in Brokerage
327(2)
Buyer Brokerage
327(1)
New Listing Services and "Discount" Brokerage
328(1)
Listing Contract Provisions
329(10)
Termination of a Listing Contract
329(1)
Splitting the Commission
329(10)
Summary
339(4)
13 Contracts for Sale and Closing
343(38)
Introduction: The Most Important Document in Real Estate
343(1)
Rights and Obligations of Sellers and Buyers
344(1)
Requirements of a Contract for Sale
344(3)
Competency of the Parties to Act
345(1)
Lawful Intent of the Parties
345(1)
An Offer and an Acceptance
345(1)
Consideration
346(1)
No Defects to Mutual Assent
346(1)
A Written Real Estate Contract
346(1)
Proper Description of the Property
347(1)
Legal Title versus Equitable Title
347(1)
The Form of the Contract for Sale
348(13)
Simple Contract
348(1)
Standard Form Contracts
348(2)
Components of a Form Contract
350(11)
Contracts with Contingencies
361(1)
Assignment
361(1)
Remedies for Nonperformance
362(1)
Escrow
362(1)
Closing and Closing Statements
363(4)
Role of the Brokers
363(1)
Role of the Lenders
363(1)
Real Estate Settlement Procedures Act
364(1)
Preparation of Closing Statements
364(3)
The Continuing Story of a Sale
367(11)
Good-Faith Estimate of Closing Costs
368(4)
Steps before Closing
372(1)
Steps at Closing
373(5)
Summary
378(3)
Part 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS
381(46)
14 The Effects of Time and Risk on Value
381(26)
Introduction
381(1)
The Time Value of Money
382(15)
The Timeline
383(1)
Terminology
384(1)
Equations, Calculators, and Spreadsheets
384(1)
Compounding Operations
385(5)
Discounting Operations
390(6)
Yields and Internal Rates of Return
396(1)
Value and Risk
397(2)
Determining Required Returns
399(2)
Comparing Investment Values to Acquisition Costs
401(1)
Summary
402(4)
Appendix: Solving Time-Value-of-Money Problems Using Excel
406(1)
15 Mortgage Calculations and Decisions
407(20)
Introduction
407(1)
Basic Computations
408(7)
Payments
408(1)
Loan Balance
409(1)
Lender's Yield
410(1)
Effective Borrowing Cost (EBC)
411(2)
Up-front Costs, Holding Period, and Effective Borrowing Cost
413(2)
Fixed-Rate Mortgages
415(3)
Level-Payment, Fully Amortized Mortgages
415(1)
The Choice of Loan Term: A Question of Present Value
415(2)
Alternative Amortization Schedules
417(1)
Adjustable Rate Mortgages
418(5)
The Mechanics of Adjustable Rate Mortgages
418(2)
Initial Adjustment Periods
420(1)
Rate Caps
420(2)
Other Options
422(1)
Summary
423(4)
Part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE
427(131)
16 Commercial Mortgage Types and Decisions
427(28)
Introduction
427(1)
Loan Documents and Provisions
428(2)
The Note
428(2)
The Mortgage
430(1)
Common Types of Permanent Mortgages
430(4)
Balloon Mortgages
430(2)
Restrictions on Prepayments
432(2)
Alternative Financing Arrangements
434(4)
Floating-Rate Loans
434(1)
Installment Sale Financing
434(1)
Joint Ventures
435(1)
Sale-Leasebacks
435(1)
Second Mortgages and Mezzanine Financing
436(1)
Government-Sponsored Programs
437(1)
The Borrower's Decision-Making Process
438(6)
Typical Loan Terms
438(2)
Loan Size
440(1)
Financial Risk
440(1)
Increased Variability of Equity Returns from Leverage
441(1)
Choosing among Alternative Financing Structures
442(1)
The Prepayment and Default Decisions
443(1)
Requesting a Permanent Loan
444(1)
Loan Application Package
444(1)
Channels of Submission
445(1)
The Lender's Decision-Making Process
445(4)
The Property and the Borrower
445(1)
Maximum Loan Amount
446(2)
The Economic Justification
448(1)
From Application to Commitment
449(1)
Land Acquisition, Development, and Construction Financing
449(1)
Summary
450(5)
17 Sources of Commercial Debt and Equity Capital
455(28)
Introduction
455(2)
How Large Is the U.S. Commercial Real Estate Market?
456(1)
Sources of Commercial Real Estate Equity Capital
457(6)
Publicly Owned Commercial Real Estate
457(3)
Privately Owned Commercial Real Estate
460(3)
Forms of Ownership for Pooled Equity Investments
463(4)
C Corporation
463(1)
S Corporation
463(1)
General Partnership
464(1)
Limited Partnership
464(1)
Limited Liability Company
465(1)
Tenancies-in-Common
465(1)
Optimal Ownership Form
466(1)
Sources of Commercial Real Estate Debt
467(3)
Mortgage Originators versus Long-Term Holders
469(1)
Development and Construction Lending
470(1)
A Closer Look at Real Estate Syndications
470(3)
The Role of the Syndicator/Organizer
471(1)
Regulation
472(1)
Evaluating a Syndication Opportunity
472(1)
A Closer Look at Real Estate Investment Trusts
473(6)
The Growing Importance of Public Real Estate Markets
473(1)
REIT Management
474(2)
Measuring REIT Income
476(1)
REIT Valuation
476(1)
REIT Investment Performance
477(2)
Summary
479(4)
18 Investment Decisions: Ratios
483(19)
Introduction
483(1)
Investment Decision Making
484(2)
Centre Point Office Building Example
484(1)
Treatment of Capital Expenditures
485(1)
Effects of Debt Financing on Cash Flows
486(2)
Why Do Investors Borrow?
486(1)
Effect on Initial Investment
487(1)
Effect on Cash Flows from Operations
487(1)
Evaluating the Cash Flow Estimates
488(2)
Partnerships and Other Direct Forms of Ownership
490(1)
Effects of Income Taxes
491(1)
Single-Year Investment Criteria
492(3)
Profitability Ratios
492(2)
Multipliers
494(1)
Financial Risk Ratios
495(2)
Operating Expense Ratio
495(1)
Loan-to-Value Ratio
495(1)
Debt Coverage Ratio
495(2)
Limitations of Ratio Analyses
497(1)
Summary
498(4)
19 Investment Decisions: NPV and IRR
502(22)
Introduction
502(1)
Investment Valuation versus Market Valuation
503(1)
Investment Valuation Using Discounted Cash Flow Models
504(7)
Centre Point Office Building Example
504(1)
Levered versus Unlevered Cash Flows
505(1)
Effect of Leverage on Cash Flow from Sale
506(1)
Net Present Value
507(1)
Internal Rate of Return
508(2)
Comparing Net Present Value and the Internal Rate of Return
510(1)
The Impact of Leverage on Expected Returns
511(1)
The Impact of Leverage on Risk
512(2)
Income Taxes and Investor Cash Flows
514(2)
Effect of Taxes on Discount Rate
515(1)
Effect of Taxes on Net Present Value and the Internal Rate of Return
515(1)
More Detailed Cash Flow Projections
516(2)
Varying the Assumptions
518(1)
Summary
519(5)
20 Income Taxation and Value
524(34)
Introduction
524(1)
Objectives and Implementation of United States Tax Law
525(1)
Comparing the Taxation of Individuals and Corporations
525(1)
Four Classes of Real Property
525(2)
Income Subject to Taxation
527(1)
Income Tax Rates
528(1)
Estimating Tax Liabilities from Operations
529(11)
Cash Calculation versus Tax Calculation
530(1)
Operating Expenses versus Capital Improvements
530(1)
Costs of Mortgage Financing
531(1)
Depreciation Deductions
532(4)
Tax Credits
536(1)
Centre Point Office Building: Taxes from Operations
537(2)
What Is a Tax Shelter?
539(1)
Estimating Tax Liabilities from Sale
540(9)
Fully Taxable Sale
540(5)
Centre Point Office Building: Taxes Due on Sale
545(1)
Net Benefits of Tax Depreciation
546(1)
Effect of Taxes on Values and Returns
547(2)
Complications Caused by Alternative Ownership Forms
549(1)
Methods of Deferring Taxes on Disposition
549(1)
Installment Sale
549(1)
Like-Kind Exchanges
550(1)
Tax Factors Affecting Homeowners
550(2)
Summary
552(6)
Part 8 CREATING AND MAINTAINING VALUE
558(81)
21 Enhancing Value through Ongoing Management
558(26)
Introduction
558(2)
Owners as Managers
559(1)
Functions of a Property Manager
560(9)
Marketing the Property
560(2)
Selecting Tenants
562(1)
Signing Leases
563(2)
Collecting Rent
565(1)
Complying with Landlord-Tenant Laws
565(1)
Maintaining Tenant Relations
566(1)
Communicating with Owners
566(1)
Repairing and Maintaining the Premises
566(3)
Property Management Agreements
569(3)
Management Fees
571(1)
Professional Associations and Designations
572(1)
Asset Management
572(6)
The Development of a Profession
572(3)
Asset Management Functions
575(1)
Performance Evaluation and Compensation
575(1)
A Closer Look at the Decision to Improve or Alter a Property
576(1)
Abandonment, Demolition, and Reuse
577(1)
Managing Corporate Real Estate Assets
578(2)
Summary
580(4)
22 Leases and Property Types
584(27)
Introduction
584(1)
Essential Elements of a Lease
585(1)
Negotiated Lease Provisions
585(8)
Use of the Premises
586(1)
Lease Term
586(1)
Rental Payments
587(1)
Responsibility for Operating Expenses
588(2)
Concessions
590(1)
Alterations and Improvements
590(1)
Assignment and Subletting
591(1)
Lease Options
591(2)
Other Common Clauses
593(1)
Effective Rent
593(3)
Broader Lease Considerations
594(2)
Residential Rental Properties and Leases
596(1)
Common Lease Provisions of Residential Rental Properties
596(1)
Office Properties and Leases
597(4)
Defining Rentable Space in Office Properties
598(1)
Common Lease Provisions of Office Properties
599(2)
Retail Properties and Leases
601(4)
Defining Leasable Area in Retail Properties
602(1)
Common Lease Provisions of Retail Properties
603(2)
Industrial Properties and Leases
605(1)
Common Lease Provisions of Industrial Properties
606(1)
Hospitality Properties
606(1)
Summary
607(4)
23 Development: The Dynamics of Creating Value
611(28)
Introduction
611(1)
The Process of Development
612(18)
Establishing Site Control
613(1)
Feasibility Analysis, Refinement, and Testing
614(2)
Obtaining Permits
616(2)
Design
618(4)
Financing
622(3)
Construction
625(3)
Marketing and Leasing
628(1)
Operation
629(1)
The "Numbers" of Development
630(3)
What Is It Like to Be a Developer?
633(1)
What Does It Take to Enter Development?
634(1)
Summary
635(4)
Glossary 639(16)
Photo Credits 655(2)
Index 657
David C. Ling (Ph.D, 1984, and MBA, 1977, The Ohio State University) is the William D. Hussey Professor of Real Estate and the Director of the Real Estate Research Center in the Warrington College of Business Adminstration and Graduate School of Business at the University of Florida. Professor Ling serves on numerous editorial boards including the Journal of Housing Economics, Real Estate Economics, The Journal of Real Estate Research, and Real Estate Finance. He has provided research and consulting services to several state and national organizations including the Federal National Mortgage Association, the National Association of Home Builders, the National Association of Realtors, and the Florida Association of Realtors. He is a Fellow of the Homer Hoyt Institute and board member of the Real Estate Research Institute.





Wayne R. Archer is the William D. Hussey Professor at the Warrington College of Business, University of Florida. He is 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 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. Additional information on Professor Archer is available at http://warrington.ufl.edu/departments/fire.