Verfügbarkeit: Real estate principles

Real estate principles: a value approach

Gespeichert in:

Bibliographische Detailangaben
Hauptverfasser:	Ling, David C. (VerfasserIn), Archer, Wayne R. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Boston, Mass. Irwin/McGraw-Hill 2008
Ausgabe:	2. ed., internat. student ed.
Schlagworte:	Immobilienbewertung Immobilienwirtschaft Einführung
Online-Zugang:	Inhaltsverzeichnis Inhaltsverzeichnis
Beschreibung:	XXVI, 661 S. Ill., graph. Darst., Kt.
ISBN:	0071101306 9780071101301

Internformat

MARC


LEADER	00000nam a2200000 c 4500
001	BV022947094
003	DE-604
005	20081204
007	t
008	071106s2008 abd\| \|\|\|\| 00\|\|\| eng d
020			\|a 0071101306 \|9 0-07-110130-6
020			\|a 9780071101301 \|9 978-0-07-110130-1
035			\|a (OCoLC)440666399
035			\|a (DE-599)HBZHT015275200
040			\|a DE-604 \|b ger \|e rakwb
041	0		\|a eng
049			\|a DE-11
080			\|a 332.2
084			\|a QT 340 \|0 (DE-625)142111: \|2 rvk
084			\|a QT 360 \|0 (DE-625)142113: \|2 rvk
100	1		\|a Ling, David C. \|e Verfasser \|0 (DE-588)130039942 \|4 aut
245	1	0	\|a Real estate principles \|b a value approach \|c David C. Ling ; Wayne R. Archer
250			\|a 2. ed., internat. student ed.
264		1	\|a Boston, Mass. \|b Irwin/McGraw-Hill \|c 2008
300			\|a XXVI, 661 S. \|b Ill., graph. Darst., Kt.
336			\|b txt \|2 rdacontent
337			\|b n \|2 rdamedia
338			\|b nc \|2 rdacarrier
650	0	7	\|a Immobilienbewertung \|0 (DE-588)4127531-7 \|2 gnd \|9 rswk-swf
650	0	7	\|a Immobilienwirtschaft \|0 (DE-588)4113997-5 \|2 gnd \|9 rswk-swf
655		7	\|0 (DE-588)4151278-9 \|a Einführung \|2 gnd-content
689	0	0	\|a Immobilienwirtschaft \|0 (DE-588)4113997-5 \|D s
689	0	1	\|a Immobilienbewertung \|0 (DE-588)4127531-7 \|D s
689	0		\|5 DE-604
700	1		\|a Archer, Wayne R. \|e Verfasser \|0 (DE-588)129786160 \|4 aut
856	4		\|u http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?pid=2164139&custom_att_2=simple_viewer \|y Real estate principles \|3 Inhaltsverzeichnis
856	4	2	\|m HBZ Datenaustausch \|q application/pdf \|u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016151636&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA \|3 Inhaltsverzeichnis
999			\|a oai:aleph.bib-bvb.de:BVB01-016151636

Datensatz im Suchindex

_version_	1804137188166729728
adam_text	Brief Content Preface ix part 1 SETTING THE STAGE 1 1 The Nature of Real Estate and Real Estate Markets 1 2 Value and Real Estate Decisions 18 part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE 41 3 Legal Foundations to Value 41 4 Conveying Real Property Interests 67 5 Government Controls and Real Estate Markets 90 p a r t 3 MARKET VALUATION AND APPRAISAL 119 6 Market Determinants of Value 119 1 Forecasting Ownership Benefits and Value: Market Research 149 8 Valuation Using the Sales Comparison and Cost Approaches 180 9 Valuation Using the Income Approach 205 p a r t 4 FINANCING HOME OWNERSHIP 229 10 Real Estate Finance: The Laws and Contracts 229 11 Residential Mortgage Types and Borrower Decisions 255 12 Sources of Funds for Residential Mortgages 284 s part 5 BROKERING AND CLOSING THE TRANSACTION 313 13 Real Estate Brokerage and Listing Contracts 313 14 Contracts for Sale and Closing 344 p a r t 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS 375 15 The Effects of Time and Risk on Value 375 16 Mortgage Calculations and Decisions 399 part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE 421 17 Commercial Mortgage Types and Decisions 421 18 Sources of Commercial Debt and Equity Capital 448 19 Investment Decisions: Ratios 476 20 Investment Decisions: NPV and IRR 495 21 Income Taxation and Value 516 p a r t 8 CREATING AND MAINTAINING VALUE 548 22 Enhancing Value through Ongoing Management 548 23 Leases and Property Types 574 24 Development: The Dynamics of Creating Value 600 Glossary 627 Photo Credits 642 Index 644 Contents Preface ix part 1 SETTING THE STAGE 1 1 The Nature of Real Estate and Real Estate Markets 1 Introduction 1 Real Estate: Some Basic Definitions 2 Real Estate: A Tangible Asset 2 Real Estate: A Bundle of Rights 4 Real Estate: An Industry and Profession 4 Real Estate and the Economy 5 Land Use in the United States 6 Real Estate and U.S. Wealth 7 Real Estate Markets and Participants 9 User Markets 9 Capital Markets 9 The Role of Government 10 The Interaction of Three Value Determining Sectors 11 The Production of Real Estate Assets 12 Characteristics of Real Estate Markets 13 Heterogeneous Products 13 Immobile Products 13 Localized Markets 14 Segmented Markets 14 Privately Negotiated Transactions with High Transaction Costs 14 Summary 15 2 Value and Real Estate Decisions 18 Introduction 18 The Idea of Investment 19 Investment Value in Real Estate 20 Investment Value and Time 20 Investment Value and Nonmonetary Effects 20 Investment Value and Risk 23 Uncertainty of Costs 25 Uncertainty of Value 26 Managing Risk 27 Revisiting Three Investment Risk Scenarios 29 Risk, Investment Value, and Investment Yield 29 A Portfolio Perspective on Real Estate Investment Value 30 Investment Value and Appraisal 31 Summary 38 part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE 41 3 Legal Foundations to Value 41 Introduction 41 The Nature of Property 42 The Nature of Rights 42 Real Property and Personal Property: The Problem of Fixtures 44 The Real Property Bundle of Rights 46 Possessory Interests (Estates) 47 Nonpossessory Interests 50 Forms of Co Ownerehip 55 Indirect Co Ownership through a Single Entity 55 Direct Co Ownership 56 Timeshare 60 Rights Related to Water 62 Rights to Oil, Gas, and Minerals 63 Summary 63 Appendix: Property Rights Relating to Water 66 4 Conveying Real Property Interests 67 Introduction 67 Deeds 68 Requirements of a Deed 69 Types of Deeds 71 Modes of Conveyance of Real Property 73 Voluntary Conveyance by a Deed 73 Involuntary Conveyance by a Deed 73 Voluntary Conveyance without a Deed 75 Involuntary Conveyance without a Deed 75 Real Property Complexity and Public Records 76 The Doctrine of Constructive Notice 76 Statute of Frauds 76 Recording Statutes 76 Actual Notice 77 Title 77 Title Search, Title Abstract, and Chain ofTitle 78 Evidence of Title 78 Land Descriptions 80 Metes and Bounds 80 Subdivision Plat Lot and Block Number 82 Government Rectangular Survey 82 Summary 86 Contents 5 Government Controls and Real Estate Markets 90 Introduction 90 The Power of Government to Regulate Land Use 91 Monopolies, Externalities, and Other Market Distortions 91 Public Planning for Land Use Control 94 Comprehensive Planning 95 Challenges in Public Land Use Planning 96 Zoning and Other Tools of Public Land Use Control 98 Building Codes 99 Zoning 99 Subdivision Regulations 100 Zoning and Planning Administration 101 Modern Tools of Land Use Control 102 Environmental Hazards 103 Types of Hazardous Materials 104 Implications for Real Estate Investors 107 The Government s Power of Eminent Domain 107 Public Use 108 Just Compensation 109 Inverse Condemnation and Regulatory Takings 109 The Power of Government to Tax Real Property 110 Mechanics of the Property Tax 111 Determining a Jurisdiction s Budget and Tax Rate 111 Tax Exempt Properties 112 Homestead and Other Exemptions 112 Calculating Tax Liability 112 Special Assessments 113 Nonpayment of Property Taxes 113 Criticisms of the Property Tax 114 Summary 115 p a r t 3 MARKET VALUATION AND APPRAISAL 119 6 Market Determinants of Value 119 Introduction 119 Market Misjudgments in Real Estate 119 Minimizing Market Errors 120 The Creation, Growth, and Decline of Cities 121 Where Cities Occur 121 The Economic Base of a City 122 Resources of a City: The Supply Side of Urban Growth 127 The Shape of a City 129 Demand for Proximity and Bid Rent Curves 129 Bid Rent Curves, Urban Land Uses, and Land Value Contours 134 Changing Transportation, Changing Technology, and Changing Urban Form 134 Differing Location Patterns of Urban Land Uses 139 Convenience Goods and Central Place Patterns 139 Comparison Goods and Clustering 142 Industry Economies of Scale and Clustering 142 The Role of Urban Analysis in Real Estate Decisions 144 Summary 145 1 Forecasting Ownership Benefits and Value: Market Research 149 Introduction 149 Market Research: Slipperiest Step in Real Estate Valuation 150 Market Segmentation 151 Real Estate Market Research as Storytelling 151 The Beginning Point: A Market Defining Story 152 Initial Collection of Data 153 First Analysis 153 Refining the Research 153 A Reverse to Conventional Market Research 153 Three Examples of Market Research 154 Market Research Example I: Elysian Forest, a Planned Unit Development 154 Market Research Example 2: Palm Grove Office Complex 160 Market Research Example 3: Plane Vista Apartments 162 Some Final Notes on the Process of Market Research 170 Improving One s Capacity in Real Estate Market Research 170 Market Projections and Real Estate Cycles 171 Some Tools of Market Research 172 Geographical Information Systems (GIS) 173 Psychographics 173 Survey Research 175 Summary 176 8 Valuation Using the Sales Comparison and Cost Approaches 180 Introduction 180 Market Value, Investment Value, and Transaction Prices 182 The Appraisal Process 183 Definition of the Problem 184 Data Selection and Collection 184 Highest and Best Use Concepts 185 Three Conventional Approaches to Estimating Market Value 185 C^xxjO ContMits Reconciliation and a Final Estimate of Market Value 186 The Appraisal Report 187 Traditional Sales Comparison Approach 187 Comparable Sales Data 188 Sources of Market Data 189 Adjustments to Comparable Property Transaction Prices 189 Types of Adjustments 192 Sequence of Adjustments 192 A Note on the Selection of Comparables and Adjustments 195 Reconciliation to an Indicated Value Estimate 195 The Cost Approach 195 Accrued Depreciation 1% Final Reconciliation 198 Summary 201 Appendix: Multivariate Regression Analysis 204 9 Valuation Using the Income Approach 205 Introduction 205 Direct Capitalization versus Discounted Cash Flow 206 Estimating Net Operating Income 207 Potential Gross Income 209 Effective Gross Income 210 Operating Expenses 211 Capital Expenditures 211 Net Operating Income 213 Using Direct Capitalization for Valuation 213 Abstracting Cap Rates from the Market 214 Understanding Capitalization Rates 216 Gross Income Multiplier 217 Using Discounted Cash Flow Analysis for Valuation 218 A Word of Caution 220 Estimating Future Sale Proceeds 220 Valuing Future Cash Flows 221 Other Approaches 222 Final Reconciliation 222 Valuing Partial and Other Interests 223 Summary 224 Appendix: Other Methods of Estimating Cap Rates 228 part 4 FINANCING HOME OWNERSHIP 229 10 Real Estate Finance: The Laws and Contracts 229 Introduction 229 The Note 230 Interest Rate and Interest Charges 230 Adjustable Rates 231 Payments 233 Term 233 Right of Prepayment 234 Prepayment Penalties 235 Late Fees 235 Personal Liability 235 Demand Clause 235 Inclusion of Mortgage Covenants by Reference 236 The Mortgage 236 Description of the Property 236 Insurance Clause 237 Escrow Clause 237 Acceleration Clause 237 Due on Sale Clause 237 Hazardous Substances Clause and Preservation and Maintenance Clause 238 Deed of Trust 238 When Things Go Wrong 239 Defcu/f 239 Nonforeclosure Responses to Default 239 Foreclosure 240 Deficiency Judgment 241 Judicial Foreclosure versus Power of Sale 242 Bankruptcy and Foreclosure 242 Acquiring a Property with an Existing Debt 244 Real Estate Debt without a Mortgage 244 Regulation of Home Mortgage Lending 247 Equal Credit Opportunity Act 247 Truth in Lending Act 247 Real Estate Settlement Procedures Act 248 Home Ownership and Equity Protection Act 249 Other Laws Regulating Discrimination in Home Mortgage Lending 249 Summary 251 11 Residential Mortgage Types and Borrower Decisions 255 Introduction 255 The Primary and Secondary Mortgage Markets 256 Conventional Mortgage Loans 257 Forms of Conventional Mortgages 257 Adjustable Rate Mortgages 258 Private Mortgage Insurance 259 Government Sponsored Mortgage Programs 261 FHA lnsured Loans 261 VA Guaranteed Loans 263 Other Mortgage Types and Uses 264 Purchase Money Mortgage 265 Package Mortgage 265 Home Equity Loan 265 Reverse Mortgage 266 Recent Mortgage Forms 268 Interest Only (I O) Mortgage 268 HybridARM 270 Option ARM 270 Contents The Borrower s Mortgage Loan Decisions 271 Mortgage Choice 271 Loan Size 275 The Refinancing Decision 275 The Default Decision 279 Summary 280 Appendix: Refinancing as a Problem of Net Present Value 283 12 Sources of Funds for Residential Mortgages 284 Introduction 285 The Market for Residential Finance 285 Depository Lenders in the Primary Market 286 Savings Institutions (Thrifts) and Their Decline 286 Credit Unions 290 Commercial Banks 290 Nondepository Lenders in the Primary Market 291 Mortgage Bankers 292 Mortgage Brokers 296 The Secondary Market for Residential Mortgages 297 Mortgage Backed Securities 298 Purchasers of Residential Mortgages in the Secondary Market 299 Ginnie Mae (GNMA) 299 Fannie Mae 301 Freddie Mac 301 The Importance of Fannie Mae and Freddie Mac 302 Private Conduits 303 Federal Home Loan Banks 303 Life Insurance Companies 304 Other Secondary Market Purchasers 304 The Lender s Mortgage Loan Decisions 304 Traditional Home Mortgage Underwriting 304 Modern Home Mortgage Underwriting 306 Cash Down Payment Requirement 307 Home Financing for Marginal Borrowers 307 Affordable Housing Loans 307 Subprime Lending 308 Summary 309 part 5 BROKERING AND CLOSING THE TRANSACTION 313 13 Real Estate Brokerage and Listing Contracts 313 Introduction: Brokerage—The Best Known Type of Real Estate Business 313 Real Estate Brokers as Market Facilitators 314 Economic Rationale for Employing a Broker 314 Law of Agency 315 Types of Agents 316 Qodip Fiduciary Responsibilities 316 Real Estate Agents 316 Problems in Real Estate Agency Relationships and Disclosures 319 Transaction Brokers 320 Licensing of Real Estate Brokers and Salespersons 321 Brokerage Licensing Administration 321 How to Obtain a Real Estate License ill License Law Infractions 323 Certification of Real Estate Occupations 323 The Marketing Function 324 Market Segmentation and Specialization and Service 324 Commercial Brokerage 324 Residential Brokerage 325 International Aspects of Brokerage 328 Listing Contracts 329 Types of Listing Contracts 330 Open Listing 330 Exclusive Agency Listing 331 Exclusive Right of Sale Listing 331 Innovations in Brokerage 331 Buyer Brokerage 331 New Listing Services and Discount Brokerage 332 Listing Contract Provisions 333 Termination of a Listing Contract 333 Splitting the Commission 333 Summary 340 14 Contracts for Sale and Closing 344 Introduction: The Most Important Document in Real Estate 344 Rights and Obligations of Sellers and Buyers 345 Requirements of a Contract for Sale 345 Competency of the Parties to Act 346 Lawful Intent of the Parties 346 An Offer and an Acceptance 346 Consideration 347 No Defects to Mutual Assent 347 A Written Real Estate Contract 347 Proper Description of the Property 348 Legal Title versus Equitable Title 348 The Form of the Contract for Sale 348 Simple Contract 349 Standard Form Contracts 349 Components of a Form Contract 351 Contracts with Contingencies 358 Assignment 358 Remedies for Nonperformance 359 Escrow 359 Closing and Closing Statements 359 Role of the Brokers 359 Role of the Lenders 360 Real Estate Settlement Procedures Act 360 Preparation of Closing Statements 361 (^xxlvj Contents The Continuing Story of a Sale 364 Good Faith Estimate of Closing Costs 364 Steps before Closing 366 Steps at Closing 370 Summary 371 part 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS 375 15 The Effects of Time and Risk on Value 375 Introduction 375 The Time Value of Money 376 The Timeline 377 Terminology 378 Equations, Calculators, and Spreadsheets 378 Compounding Operations 379 Discounting Operations 384 Yields and Internal Rates of Return 389 Determining Required Returns 391 Comparing Investment Values to Acquisition Costs 393 Summary 395 Appendix: Solving Time Value of Money Problems Using Excel 398 16 Mortgage Calculations and Decisions 399 Introduction 399 Basic Computations 400 Payments 400 Loan Balance 401 Lender s Yield 402 Effective Borrowing Cost (EBC) 403 Up front Costs, Holding Period, and Effective Borrowing Cost 405 Fixed Rate Mortgages 407 Level Payment, Fully Amortized Mortgages 407 The Choice of Loan Term: A Question of Present Value 408 30 Year Loan 409 15 Year Loan 410 Alternative Amortization Schedules 410 Adjustable Rate Mortgages 412 The Mechanics of Adjustable Rate Mortgages 412 Initial Adjustment Periods, Rate Caps, and Other Options 414 Summary 417 part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE 421 17 Commercial Mortgage Types and Decisions 421 Introduction 421 Loan Documents and Provisions 422 The Note 422 The Mortgage 423 Common Types of Permanent Mortgages 424 Balloon Mortgages 424 Restrictions on Prepayments 425 Alternative Financing Arrangements 427 Floating Rate Loans 427 Installment Sale Financing 427 Joint Ventures 428 Sale Leasebacks 428 The Increasing Popularity of Mezzanine Financing 429 Government Sponsored Programs 431 The Borrower s Decision Making Process 432 Typical Loan Terms 432 Loan Size 434 Financial Risk 434 Increased Variability of Equity Returns from Leverage 434 Choosing among Alternative Financing Structures 435 The Prepayment and Default Decisions 436 Requesting a Permanent Loan 437 Loan Application Package 437 Channels of Submission 438 The Lender s Decision Making Process 439 The Property and the Borrower 439 Maximum Loan Amount 440 The Economic Justification 442 From Application to Commitment 442 Land Acquisition, Development, and Construction Financing 443 Summary 443 18 Sources of Commercial Debt and Equity Capital 448 Introduction 448 How Large Is the U.S. Commercial Real Estate Market? 449 Sources of Commercial Real Estate Equity Capital 449 Publicly Owned Commercial Real Estate 451 Privately Owned Commercial Real Estate 453 Forms of Ownership for Pooled Equity Investments 456 C Corporation 456 S Corporation 457 General Partnership 457 Limited Partnership 457 Limited Liability Company 458 Tenancies in Common 458 Optimal Ownership Form 459 Sources of Commercial Real Estate Debt 460 Mortgage Originators versus Long Term Holders 462 Development and Construction Lending 463 Contents How Information Standards Help Attract More Capital 463 A Closer Look at Real Estate Syndications 464 The Role of the Syndicator/Organizer 464 Regulation 465 Evaluating a Syndication Opportunity 465 A Closer Look at Real Estate Investment Trusts 466 The Growing Importance of Public Real Estate Markets 466 RE1T Management 467 Measuring REU Income 469 RETT Valuation 469 REIT Investment Performance 470 Summary 472 19 Investment Decisions: Ratios 476 Introduction 476 Investment Decision Making 477 Centre Point Office Building Example 477 Treatment of Capital Expenditures 478 Evaluating the Cash Flow Estimates 479 Effects of Debt Financing on Cash Flows 481 Why Do Investors Borrow? 481 Effect on Initial Investment 481 Effect on Cash Flows from Operations 482 Partnerships and Other Direct Forms of Ownership 483 Effects of Income Taxes 483 Single Year Investment Criteria 485 Profitability Ratios 485 Multipliers 487 Financial Risk Ratios 487 Operating Expense Ratio 487 Loan to Value Ratio 488 Debt Coverage Ratio 488 Limitations of Ratio Analyses 490 Summary 491 20 Investment Decisions: NPV and IRR 495 Introduction 495 Investment Valuation versus Market Valuation 496 Investment Valuation Using Discounted Cash Flow Models 497 Centre Point Office Building Example 497 Levered versus Vnlevered Cash Flows 498 Effect of Leverage on Cash Flow from Sale 499 Net Present Value 500 Internal Rate of Return 502 Comparing Net Present Value and the Internal Rate of Return 503 The Impact of Leverage on Expected Returns 504 The Impact of Leverage on Risk 505 Income Taxes and Investor Cash Flows 507 Effect of Taxes on Discount Rales 508 Effect of Taxes on Net Present Value and the Internal Rate of Return 509 More Detailed Cash Row Projections 510 Varying the Assumptions 510 Summary 512 21 Income Taxation and Value 516 Introduction 516 Objectives and Implementation of United States Tax Law 517 Comparing the Taxation of Individuals and Corporations 517 Four Classes of Real Property 517 Income Subject to Taxation 518 Tax Rates 520 Estimating Tax Liabilities from Operations 521 Cash Calculation versus Tax Calculation 522 Operating Expenses versus Capital Improvements 522 Costs of Mortgage Financing 523 Depreciation Deductions 523 Tax Credits 528 Centre Point Office Building: Taxes from Operations 529 What Is a Tax Shelter? 531 Estimating Tax Liabilities from Sale 532 Fully Taxable Sale 532 Centre Point Office Building: Taxes Due on Sale 536 Net Benefits of Tax Depreciation 537 Effect of Taxes on Values and Returns 538 Complications Caused by Alternative Ownership Forms 540 Methods of Deferring Taxes on Disposition 540 Installment Sale 540 Like Kind Exchanges 541 Tax Factors Affecting Homeowners 541 Summary 543 p a r i 8 CREATING AND MAINTAINING VALUE 548 22 Enhancing Value through Ongoing Management 548 Introduction 548 Owners as Managers 549 Functions of a Property Manager 550 Marketing the Property 550 Selecting Tenants 552 Signing Leases 553 Collecting Rent 555 Complying with Landlord Tenant Laws 555 Maintaining Tenant Relations 556 (^jnml^ Contents Communicating with Owners 556 Repairing and Maintaining the Premises 556 Property Management Agreements SS6 Management Fees 561 Professional Associations and Designations 562 Asset Management 562 The Development of a Profession 562 Asset Management Functions 564 Performance Evaluation and Compensation 565 A Closer Look at the Decision to Improve or Alter a Property 566 Demolition and Reuse 568 Managing Corporate Real Estate Assets 568 Summary 570 23 Leases and Property Types 574 Introduction 574 Essential Elements of a Lease 575 Negotiated Lease Provisions 575 Use of the Premises 576 Lease Term 576 Rental Payments 577 Responsibility for Operating Expenses 578 Concessions 579 Alterations and Improvements 580 Assignment and Subletting 580 Lease Options 581 Other Common Clauses 582 Effective Rent 583 Broader Lease Considerations 584 Residential Rental Properties and Leases 585 Common Lease Provisions of Residential Rental Properties 585 Office Properties and Leases 586 Defining Rentable Space in Office Properties 587 Common Lease Provisions of Office Properties 588 Retail Properties and Leases S89 Defining Leasable Ana in Rental Properties 591 Common Lease Provisions of Rental Properties 591 Industrial Properties and Leases 594 Common Lease Provisions of Industrial Properties 595 Hospitality Properties 595 Summary S9S 24 Development: The Dynamics of Creating Value 600 Introduction 600 The Process of Development 601 Establishing Site Control 602 Feasibility Analysis, Refinement, and Testing 603 Obtaining Permits 604 Design 607 Financing 610 Construction 613 Marketing and Leasing 615 Operation 617 The Numbers of Development 618 What Is It Like to Be a Developer? 618 What Does It Take to Enter Development? 621 Summary 622 Glossary 627 Photo Credits 642 Index 644
adam_txt	Brief Content Preface ix part 1 SETTING THE STAGE 1 1 The Nature of Real Estate and Real Estate Markets 1 2 Value and Real Estate Decisions 18 part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE 41 3 Legal Foundations to Value 41 4 Conveying Real Property Interests 67 5 Government Controls and Real Estate Markets 90 p a r t 3 MARKET VALUATION AND APPRAISAL 119 6 Market Determinants of Value 119 1 Forecasting Ownership Benefits and Value: Market Research 149 8 Valuation Using the Sales Comparison and Cost Approaches 180 9 Valuation Using the Income Approach 205 p a r t 4 FINANCING HOME OWNERSHIP 229 10 Real Estate Finance: The Laws and Contracts 229 11 Residential Mortgage Types and Borrower Decisions 255 12 Sources of Funds for Residential Mortgages 284 s part 5 BROKERING AND CLOSING THE TRANSACTION 313 13 Real Estate Brokerage and Listing Contracts 313 14 Contracts for Sale and Closing 344 p a r t 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS 375 15 The Effects of Time and Risk on Value 375 16 Mortgage Calculations and Decisions 399 part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE 421 17 Commercial Mortgage Types and Decisions 421 18 Sources of Commercial Debt and Equity Capital 448 19 Investment Decisions: Ratios 476 20 Investment Decisions: NPV and IRR 495 21 Income Taxation and Value 516 p a r t 8 CREATING AND MAINTAINING VALUE 548 22 Enhancing Value through Ongoing Management 548 23 Leases and Property Types 574 24 Development: The Dynamics of Creating Value 600 Glossary 627 Photo Credits 642 Index 644 Contents Preface ix part 1 SETTING THE STAGE 1 1 The Nature of Real Estate and Real Estate Markets 1 Introduction 1 Real Estate: Some Basic Definitions 2 Real Estate: A Tangible Asset 2 Real Estate: A Bundle of Rights 4 Real Estate: An Industry and Profession 4 Real Estate and the Economy 5 Land Use in the United States 6 Real Estate and U.S. Wealth 7 Real Estate Markets and Participants 9 User Markets 9 Capital Markets 9 The Role of Government 10 The Interaction of Three Value Determining Sectors 11 The Production of Real Estate Assets 12 Characteristics of Real Estate Markets 13 Heterogeneous Products 13 Immobile Products 13 Localized Markets 14 Segmented Markets 14 Privately Negotiated Transactions with High Transaction Costs 14 Summary 15 2 Value and Real Estate Decisions 18 Introduction 18 The Idea of Investment 19 Investment Value in Real Estate 20 Investment Value and Time 20 Investment Value and Nonmonetary Effects 20 Investment Value and Risk 23 Uncertainty of Costs 25 Uncertainty of Value 26 Managing Risk 27 Revisiting Three Investment Risk Scenarios 29 Risk, Investment Value, and Investment Yield 29 A Portfolio Perspective on Real Estate Investment Value 30 Investment Value and Appraisal 31 Summary 38 part 2 LEGAL AND REGULATORY DETERMINANTS OF VALUE 41 3 Legal Foundations to Value 41 Introduction 41 The Nature of Property 42 The Nature of Rights 42 Real Property and Personal Property: The Problem of Fixtures 44 The Real Property Bundle of Rights 46 Possessory Interests (Estates) 47 Nonpossessory Interests 50 Forms of Co Ownerehip 55 Indirect Co Ownership through a Single Entity 55 Direct Co Ownership 56 Timeshare 60 Rights Related to Water 62 Rights to Oil, Gas, and Minerals 63 Summary 63 Appendix: Property Rights Relating to Water 66 4 Conveying Real Property Interests 67 Introduction 67 Deeds 68 Requirements of a Deed 69 Types of Deeds 71 Modes of Conveyance of Real Property 73 Voluntary Conveyance by a Deed 73 Involuntary Conveyance by a Deed 73 Voluntary Conveyance without a Deed 75 Involuntary Conveyance without a Deed 75 Real Property Complexity and Public Records 76 The Doctrine of Constructive Notice 76 Statute of Frauds 76 Recording Statutes 76 Actual Notice 77 Title 77 Title Search, Title Abstract, and Chain ofTitle 78 Evidence of Title 78 Land Descriptions 80 Metes and Bounds 80 Subdivision Plat Lot and Block Number 82 Government Rectangular Survey 82 Summary 86 Contents 5 Government Controls and Real Estate Markets 90 Introduction 90 The Power of Government to Regulate Land Use 91 Monopolies, Externalities, and Other Market Distortions 91 Public Planning for Land Use Control 94 Comprehensive Planning 95 Challenges in Public Land Use Planning 96 Zoning and Other Tools of Public Land Use Control 98 Building Codes 99 Zoning 99 Subdivision Regulations 100 Zoning and Planning Administration 101 Modern Tools of Land Use Control 102 Environmental Hazards 103 Types of Hazardous Materials 104 Implications for Real Estate Investors 107 The Government's Power of Eminent Domain 107 Public Use 108 Just Compensation 109 Inverse Condemnation and Regulatory Takings 109 The Power of Government to Tax Real Property 110 Mechanics of the Property Tax 111 Determining a Jurisdiction's Budget and Tax Rate 111 Tax Exempt Properties 112 Homestead and Other Exemptions 112 Calculating Tax Liability 112 Special Assessments 113 Nonpayment of Property Taxes 113 Criticisms of the Property Tax 114 Summary 115 p a r t 3 MARKET VALUATION AND APPRAISAL 119 6 Market Determinants of Value 119 Introduction 119 Market Misjudgments in Real Estate 119 Minimizing Market Errors 120 The Creation, Growth, and Decline of Cities 121 Where Cities Occur 121 The Economic Base of a City 122 Resources of a City: The Supply Side of Urban Growth 127 The Shape of a City 129 Demand for Proximity and Bid Rent Curves 129 Bid Rent Curves, Urban Land Uses, and Land Value Contours 134 Changing Transportation, Changing Technology, and Changing Urban Form 134 Differing Location Patterns of Urban Land Uses 139 Convenience "Goods " and Central Place Patterns 139 Comparison Goods and Clustering 142 Industry Economies of Scale and Clustering 142 The Role of Urban Analysis in Real Estate Decisions 144 Summary 145 1 Forecasting Ownership Benefits and Value: Market Research 149 Introduction 149 Market Research: Slipperiest Step in Real Estate Valuation 150 Market Segmentation 151 Real Estate Market Research as Storytelling 151 The Beginning Point: A Market Defining Story 152 Initial Collection of Data 153 First Analysis 153 Refining the Research 153 A Reverse to Conventional Market Research 153 Three Examples of Market Research 154 Market Research Example I: Elysian Forest, a Planned Unit Development 154 Market Research Example 2: Palm Grove Office Complex 160 Market Research Example 3: Plane Vista Apartments 162 Some Final Notes on the Process of Market Research 170 Improving One's Capacity in Real Estate Market Research 170 Market Projections and Real Estate Cycles 171 Some Tools of Market Research 172 Geographical Information Systems (GIS) 173 Psychographics 173 Survey Research 175 Summary 176 8 Valuation Using the Sales Comparison and Cost Approaches 180 Introduction 180 Market Value, Investment Value, and Transaction Prices 182 The Appraisal Process 183 Definition of the Problem 184 Data Selection and Collection 184 Highest and Best Use Concepts 185 Three Conventional Approaches to Estimating Market Value 185 C^xxjO ContMits Reconciliation and a Final Estimate of Market Value 186 The Appraisal Report 187 Traditional Sales Comparison Approach 187 Comparable Sales Data 188 Sources of Market Data 189 Adjustments to Comparable Property Transaction Prices 189 Types of Adjustments 192 Sequence of Adjustments 192 A Note on the Selection of Comparables and Adjustments 195 Reconciliation to an Indicated Value Estimate 195 The Cost Approach 195 Accrued Depreciation 1% Final Reconciliation 198 Summary 201 Appendix: Multivariate Regression Analysis 204 9 Valuation Using the Income Approach 205 Introduction 205 Direct Capitalization versus Discounted Cash Flow 206 Estimating Net Operating Income 207 Potential Gross Income 209 Effective Gross Income 210 Operating Expenses 211 Capital Expenditures 211 Net Operating Income 213 Using Direct Capitalization for Valuation 213 Abstracting Cap Rates from the Market 214 Understanding Capitalization Rates 216 Gross Income Multiplier 217 Using Discounted Cash Flow Analysis for Valuation 218 A Word of Caution 220 Estimating Future Sale Proceeds 220 Valuing Future Cash Flows 221 Other Approaches 222 Final Reconciliation 222 Valuing Partial and Other Interests 223 Summary 224 Appendix: Other Methods of Estimating Cap Rates 228 part 4 FINANCING HOME OWNERSHIP 229 10 Real Estate Finance: The Laws and Contracts 229 Introduction 229 The Note 230 Interest Rate and Interest Charges 230 Adjustable Rates 231 Payments 233 Term 233 Right of Prepayment 234 Prepayment Penalties 235 Late Fees 235 Personal Liability 235 Demand Clause 235 Inclusion of Mortgage Covenants by Reference 236 The Mortgage 236 Description of the Property 236 Insurance Clause 237 Escrow Clause 237 Acceleration Clause 237 Due on Sale Clause 237 Hazardous Substances Clause and Preservation and Maintenance Clause 238 Deed of Trust 238 When Things Go Wrong 239 Defcu/f 239 Nonforeclosure Responses to Default 239 Foreclosure 240 Deficiency Judgment 241 Judicial Foreclosure versus Power of Sale 242 Bankruptcy and Foreclosure 242 Acquiring a Property with an Existing Debt 244 Real Estate Debt without a Mortgage 244 Regulation of Home Mortgage Lending 247 Equal Credit Opportunity Act 247 Truth in Lending Act 247 Real Estate Settlement Procedures Act 248 Home Ownership and Equity Protection Act 249 Other Laws Regulating Discrimination in Home Mortgage Lending 249 Summary 251 11 Residential Mortgage Types and Borrower Decisions 255 Introduction 255 The Primary and Secondary Mortgage Markets 256 Conventional Mortgage Loans 257 Forms of Conventional Mortgages 257 Adjustable Rate Mortgages 258 Private Mortgage Insurance 259 Government Sponsored Mortgage Programs 261 FHA lnsured Loans 261 VA Guaranteed Loans 263 Other Mortgage Types and Uses 264 Purchase Money Mortgage 265 Package Mortgage 265 Home Equity Loan 265 Reverse Mortgage 266 Recent Mortgage Forms 268 Interest Only (I O) Mortgage 268 HybridARM 270 Option ARM 270 Contents The Borrower's Mortgage Loan Decisions 271 Mortgage Choice 271 Loan Size 275 The Refinancing Decision 275 The Default Decision 279 Summary 280 Appendix: Refinancing as a Problem of Net Present Value 283 12 Sources of Funds for Residential Mortgages 284 Introduction 285 The Market for Residential Finance 285 Depository Lenders in the Primary Market 286 Savings Institutions (Thrifts) and Their Decline 286 Credit Unions 290 Commercial Banks 290 Nondepository Lenders in the Primary Market 291 Mortgage Bankers 292 Mortgage Brokers 296 The Secondary Market for Residential Mortgages 297 Mortgage Backed Securities 298 Purchasers of Residential Mortgages in the Secondary Market 299 Ginnie Mae (GNMA) 299 Fannie Mae 301 Freddie Mac 301 The Importance of Fannie Mae and Freddie Mac 302 Private Conduits 303 Federal Home Loan Banks 303 Life Insurance Companies 304 Other Secondary Market Purchasers 304 The Lender's Mortgage Loan Decisions 304 Traditional Home Mortgage Underwriting 304 Modern Home Mortgage Underwriting 306 Cash Down Payment Requirement 307 Home Financing for Marginal Borrowers 307 Affordable Housing Loans 307 Subprime Lending 308 Summary 309 part 5 BROKERING AND CLOSING THE TRANSACTION 313 13 Real Estate Brokerage and Listing Contracts 313 Introduction: Brokerage—The Best Known Type of Real Estate Business 313 Real Estate Brokers as Market Facilitators 314 Economic Rationale for Employing a Broker 314 Law of Agency 315 Types of Agents 316 Qodip Fiduciary Responsibilities 316 Real Estate Agents 316 Problems in Real Estate Agency Relationships and Disclosures 319 Transaction Brokers 320 Licensing of Real Estate Brokers and Salespersons 321 Brokerage Licensing Administration 321 How to Obtain a Real Estate License "ill License Law Infractions 323 Certification of Real Estate Occupations 323 The Marketing Function 324 Market Segmentation and Specialization and Service 324 Commercial Brokerage 324 Residential Brokerage 325 International Aspects of Brokerage 328 Listing Contracts 329 Types of Listing Contracts 330 Open Listing 330 Exclusive Agency Listing 331 Exclusive Right of Sale Listing 331 Innovations in Brokerage 331 Buyer Brokerage 331 New Listing Services and "Discount" Brokerage 332 Listing Contract Provisions 333 Termination of a Listing Contract 333 Splitting the Commission 333 Summary 340 14 Contracts for Sale and Closing 344 Introduction: The Most Important Document in Real Estate 344 Rights and Obligations of Sellers and Buyers 345 Requirements of a Contract for Sale 345 Competency of the Parties to Act 346 Lawful Intent of the Parties 346 An Offer and an Acceptance 346 Consideration 347 No Defects to Mutual Assent 347 A Written Real Estate Contract 347 Proper Description of the Property 348 Legal Title versus Equitable Title 348 The Form of the Contract for Sale 348 Simple Contract 349 Standard Form Contracts 349 Components of a Form Contract 351 Contracts with Contingencies 358 Assignment 358 Remedies for Nonperformance 359 Escrow 359 Closing and Closing Statements 359 Role of the Brokers 359 Role of the Lenders 360 Real Estate Settlement Procedures Act 360 Preparation of Closing Statements 361 (^xxlvj Contents The Continuing Story of a Sale 364 Good Faith Estimate of Closing Costs 364 Steps before Closing 366 Steps at Closing 370 Summary 371 part 6 TIME, OPPORTUNITY COST, AND VALUE DECISIONS 375 15 The Effects of Time and Risk on Value 375 Introduction 375 The Time Value of Money 376 The Timeline 377 Terminology 378 Equations, Calculators, and Spreadsheets 378 Compounding Operations 379 Discounting Operations 384 Yields and Internal Rates of Return 389 Determining Required Returns 391 Comparing Investment Values to Acquisition Costs 393 Summary 395 Appendix: Solving Time Value of Money Problems Using Excel 398 16 Mortgage Calculations and Decisions 399 Introduction 399 Basic Computations 400 Payments 400 Loan Balance 401 Lender's Yield 402 Effective Borrowing Cost (EBC) 403 Up front Costs, Holding Period, and Effective Borrowing Cost 405 Fixed Rate Mortgages 407 Level Payment, Fully Amortized Mortgages 407 The Choice of Loan Term: A Question of Present Value 408 30 Year Loan 409 15 Year Loan 410 Alternative Amortization Schedules 410 Adjustable Rate Mortgages 412 The Mechanics of Adjustable Rate Mortgages 412 Initial Adjustment Periods, Rate Caps, and Other Options 414 Summary 417 part 7 FINANCING AND INVESTING IN COMMERCIAL REAL ESTATE 421 17 Commercial Mortgage Types and Decisions 421 Introduction 421 Loan Documents and Provisions 422 The Note 422 The Mortgage 423 Common Types of Permanent Mortgages 424 Balloon Mortgages 424 Restrictions on Prepayments 425 Alternative Financing Arrangements 427 Floating Rate Loans 427 Installment Sale Financing 427 Joint Ventures 428 Sale Leasebacks 428 The Increasing Popularity of Mezzanine Financing 429 Government Sponsored Programs 431 The Borrower's Decision Making Process 432 Typical Loan Terms 432 Loan Size 434 Financial Risk 434 Increased Variability of Equity Returns from Leverage 434 Choosing among Alternative Financing Structures 435 The Prepayment and Default Decisions 436 Requesting a Permanent Loan 437 Loan Application Package 437 Channels of Submission 438 The Lender's Decision Making Process 439 The Property and the Borrower 439 Maximum Loan Amount 440 The Economic Justification 442 From Application to Commitment 442 Land Acquisition, Development, and Construction Financing 443 Summary 443 18 Sources of Commercial Debt and Equity Capital 448 Introduction 448 How Large Is the U.S. Commercial Real Estate Market? 449 Sources of Commercial Real Estate Equity Capital 449 Publicly Owned Commercial Real Estate 451 Privately Owned Commercial Real Estate 453 Forms of Ownership for Pooled Equity Investments 456 C Corporation 456 S Corporation 457 General Partnership 457 Limited Partnership 457 Limited Liability Company 458 Tenancies in Common 458 Optimal Ownership Form 459 Sources of Commercial Real Estate Debt 460 Mortgage Originators versus Long Term Holders 462 Development and Construction Lending 463 Contents How Information Standards Help Attract More Capital 463 A Closer Look at Real Estate Syndications 464 The Role of the Syndicator/Organizer 464 Regulation 465 Evaluating a Syndication Opportunity 465 A Closer Look at Real Estate Investment Trusts 466 The Growing Importance of Public Real Estate Markets 466 RE1T Management 467 Measuring REU Income 469 RETT Valuation 469 REIT'Investment Performance 470 Summary 472 19 Investment Decisions: Ratios 476 Introduction 476 Investment Decision Making 477 Centre Point Office Building Example 477 Treatment of Capital Expenditures 478 Evaluating the Cash Flow Estimates 479 Effects of Debt Financing on Cash Flows 481 Why Do Investors Borrow? 481 Effect on Initial Investment 481 Effect on Cash Flows from Operations 482 Partnerships and Other Direct Forms of Ownership 483 Effects of Income Taxes 483 Single Year Investment Criteria 485 Profitability Ratios 485 Multipliers 487 Financial Risk Ratios 487 Operating Expense Ratio 487 Loan to Value Ratio 488 Debt Coverage Ratio 488 Limitations of Ratio Analyses 490 Summary 491 20 Investment Decisions: NPV and IRR 495 Introduction 495 Investment Valuation versus Market Valuation 496 Investment Valuation Using Discounted Cash Flow Models 497 Centre Point Office Building Example 497 Levered versus Vnlevered Cash Flows 498 Effect of Leverage on Cash Flow from Sale 499 Net Present Value 500 Internal Rate of Return 502 Comparing Net Present Value and the Internal Rate of Return 503 The Impact of Leverage on Expected Returns 504 The Impact of Leverage on Risk 505 Income Taxes and Investor Cash Flows 507 Effect of Taxes on Discount Rales 508 Effect of Taxes on Net Present Value and the Internal Rate of Return 509 More Detailed Cash Row Projections 510 Varying the Assumptions 510 Summary 512 21 Income Taxation and Value 516 Introduction 516 Objectives and Implementation of United States Tax Law 517 Comparing the Taxation of Individuals and Corporations 517 Four Classes of Real Property 517 Income Subject to Taxation 518 Tax Rates 520 Estimating Tax Liabilities from Operations 521 Cash Calculation versus Tax Calculation 522 Operating Expenses versus Capital Improvements 522 Costs of Mortgage Financing 523 Depreciation Deductions 523 Tax Credits 528 Centre Point Office Building: Taxes from Operations 529 What Is a Tax Shelter? 531 Estimating Tax Liabilities from Sale 532 Fully Taxable Sale 532 Centre Point Office Building: Taxes Due on Sale 536 Net Benefits of Tax Depreciation 537 Effect of Taxes on Values and Returns 538 Complications Caused by Alternative Ownership Forms 540 Methods of Deferring Taxes on Disposition 540 Installment Sale 540 Like Kind Exchanges 541 Tax Factors Affecting Homeowners 541 Summary 543 p a r i 8 CREATING AND MAINTAINING VALUE 548 22 Enhancing Value through Ongoing Management 548 Introduction 548 Owners as Managers 549 Functions of a Property Manager 550 Marketing the Property 550 Selecting Tenants 552 Signing Leases 553 Collecting Rent 555 Complying with Landlord Tenant Laws 555 Maintaining Tenant Relations 556 (^jnml^ Contents Communicating with Owners 556 Repairing and Maintaining the Premises 556 Property Management Agreements SS6 Management Fees 561 Professional Associations and Designations 562 Asset Management 562 The Development of a Profession 562 Asset Management Functions 564 Performance Evaluation and Compensation 565 A Closer Look at the Decision to Improve or Alter a Property 566 Demolition and Reuse 568 Managing Corporate Real Estate Assets 568 Summary 570 23 Leases and Property Types 574 Introduction 574 Essential Elements of a Lease 575 Negotiated Lease Provisions 575 Use of the Premises 576 Lease Term 576 Rental Payments 577 Responsibility for Operating Expenses 578 Concessions 579 Alterations and Improvements 580 Assignment and Subletting 580 Lease Options 581 Other Common Clauses 582 Effective Rent 583 Broader Lease Considerations 584 Residential Rental Properties and Leases 585 Common Lease Provisions of Residential Rental Properties 585 Office Properties and Leases 586 Defining Rentable Space in Office Properties 587 Common Lease Provisions of Office Properties 588 Retail Properties and Leases S89 Defining Leasable Ana in Rental Properties 591 Common Lease Provisions of Rental Properties 591 Industrial Properties and Leases 594 Common Lease Provisions of Industrial Properties 595 Hospitality Properties 595 Summary S9S 24 Development: The Dynamics of Creating Value 600 Introduction 600 The Process of Development 601 Establishing Site Control 602 Feasibility Analysis, Refinement, and Testing 603 Obtaining Permits 604 Design 607 Financing 610 Construction 613 Marketing and Leasing 615 Operation 617 The "Numbers" of Development 618 What Is It Like to Be a Developer? 618 What Does It Take to Enter Development? 621 Summary 622 Glossary 627 Photo Credits 642 Index 644
any_adam_object	1
any_adam_object_boolean	1
author	Ling, David C. Archer, Wayne R.
author_GND	(DE-588)130039942 (DE-588)129786160
author_facet	Ling, David C. Archer, Wayne R.
author_role	aut aut
author_sort	Ling, David C.
author_variant	d c l dc dcl w r a wr wra
building	Verbundindex
bvnumber	BV022947094
classification_rvk	QT 340 QT 360
ctrlnum	(OCoLC)440666399 (DE-599)HBZHT015275200
discipline	Wirtschaftswissenschaften
discipline_str_mv	Wirtschaftswissenschaften
edition	2. ed., internat. student ed.
format	Book
fullrecord	<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01784nam a2200421 c 4500</leader><controlfield tag="001">BV022947094</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20081204 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">071106s2008 abd\| \|\|\|\| 00\|\|\| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0071101306</subfield><subfield code="9">0-07-110130-6</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780071101301</subfield><subfield code="9">978-0-07-110130-1</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)440666399</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)HBZHT015275200</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-11</subfield></datafield><datafield tag="080" ind1=" " ind2=" "><subfield code="a">332.2</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QT 340</subfield><subfield code="0">(DE-625)142111:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QT 360</subfield><subfield code="0">(DE-625)142113:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ling, David C.</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)130039942</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Real estate principles</subfield><subfield code="b">a value approach</subfield><subfield code="c">David C. Ling ; Wayne R. Archer</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">2. ed., internat. student ed.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Boston, Mass.</subfield><subfield code="b">Irwin/McGraw-Hill</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XXVI, 661 S.</subfield><subfield code="b">Ill., graph. Darst., Kt.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Immobilienbewertung</subfield><subfield code="0">(DE-588)4127531-7</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Immobilienwirtschaft</subfield><subfield code="0">(DE-588)4113997-5</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4151278-9</subfield><subfield code="a">Einführung</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Immobilienwirtschaft</subfield><subfield code="0">(DE-588)4113997-5</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Immobilienbewertung</subfield><subfield code="0">(DE-588)4127531-7</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Archer, Wayne R.</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129786160</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2=" "><subfield code="u">http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?pid=2164139&custom_att_2=simple_viewer</subfield><subfield code="y">Real estate principles</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016151636&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016151636</subfield></datafield></record></collection>
genre	(DE-588)4151278-9 Einführung gnd-content
genre_facet	Einführung
id	DE-604.BV022947094
illustrated	Illustrated
index_date	2024-07-02T19:00:14Z
indexdate	2024-07-09T21:08:19Z
institution	BVB
isbn	0071101306 9780071101301
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-016151636
oclc_num	440666399
open_access_boolean
owner	DE-11
owner_facet	DE-11
physical	XXVI, 661 S. Ill., graph. Darst., Kt.
publishDate	2008
publishDateSearch	2008
publishDateSort	2008
publisher	Irwin/McGraw-Hill
record_format	marc
spelling	Ling, David C. Verfasser (DE-588)130039942 aut Real estate principles a value approach David C. Ling ; Wayne R. Archer 2. ed., internat. student ed. Boston, Mass. Irwin/McGraw-Hill 2008 XXVI, 661 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Immobilienbewertung (DE-588)4127531-7 gnd rswk-swf Immobilienwirtschaft (DE-588)4113997-5 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Immobilienwirtschaft (DE-588)4113997-5 s Immobilienbewertung (DE-588)4127531-7 s DE-604 Archer, Wayne R. Verfasser (DE-588)129786160 aut http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?pid=2164139&custom_att_2=simple_viewer Real estate principles Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016151636&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Ling, David C. Archer, Wayne R. Real estate principles a value approach Immobilienbewertung (DE-588)4127531-7 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd
subject_GND	(DE-588)4127531-7 (DE-588)4113997-5 (DE-588)4151278-9
title	Real estate principles a value approach
title_auth	Real estate principles a value approach
title_exact_search	Real estate principles a value approach
title_exact_search_txtP	Real estate principles a value approach
title_full	Real estate principles a value approach David C. Ling ; Wayne R. Archer
title_fullStr	Real estate principles a value approach David C. Ling ; Wayne R. Archer
title_full_unstemmed	Real estate principles a value approach David C. Ling ; Wayne R. Archer
title_short	Real estate principles
title_sort	real estate principles a value approach
title_sub	a value approach
topic	Immobilienbewertung (DE-588)4127531-7 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd
topic_facet	Immobilienbewertung Immobilienwirtschaft Einführung
url	http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?pid=2164139&custom_att_2=simple_viewer http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016151636&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT lingdavidc realestateprinciplesavalueapproach AT archerwayner realestateprinciplesavalueapproach

Verfügbarkeit

Es ist kein Print-Exemplar vorhanden.

Fernleihe Bestellen Achtung: Nicht im THWS-Bestand! Inhaltsverzeichnis
Inhaltsverzeichnis

MARC

Datensatz im Suchindex

Es ist kein Print-Exemplar vorhanden.

Ähnliche Einträge