Real Estate Principles for the New Economy (with CD-ROM) / Edition 1

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Real Estate Principles for the New Economy reflects the new perspectives and practice in both industry and the academic world and the new possibilities brought about by the information technology revolution. Miller/Geltner integrate the developments in the field of financial economics that have become basic to the understanding of, and professional practice within, the real estate field. These developments include capital markets equilibrium theory and portfolio theory. The authors discuss the implications of technology on both the specializations within the real estate industry and various property types. They utilize and demonstrate the importance of new data and tools such as those provided by Geographic Information Systems or through the resources of the Worldwide Web. Real Estate Principles provides new global perspectives, which require the reader to become sensitive to cultural differences that may influence business decisions, risk management and negotiation strategies. Miller/Geltner also consider the impact of new security and terrorism concerns since the tragic events of September 11, 2001.

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Product Details

  • ISBN-13: 9780324187403
  • Publisher: Oncourse Learning Publishing
  • Publication date: 2/19/2004
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 608
  • Lexile: 1420L (what's this?)
  • Product dimensions: 8.10 (w) x 10.10 (h) x 1.10 (d)

Meet the Author

Norman G. Miller has been the Director of the Real Estate Program at the University of Cincinnati since 1981 when he launched a new real estate program, and holder of the West Shell, Jr. Professorship in real estate since 1988. He received his Ph.D. from the Ohio State University in 1977, after which he was an Assistant Professor at the University of Georgia until 1981. During 1985-86 he was the Visiting Chairholder at the University of Hawaii. He is active on the Editorial Board of several nation/international, journals including The Journal of Real Estate Research, The Journal of Real Estate Literature, Journal of Property Finance, The Journal of Real Estate Education, and was Co-Managing Editor of Real Estate Finance for several years with David Geltner. Currently, he is the president-elect of the American Real Estate Society.

Dr. Miller is a prolific writer and scholar with numerous academic articles, books, and trade market publications. Aside from managing REIT mutual fund, he has consulted for developers, investors and with several national data firms on market analysis techniques and project feasibility. He is the primary instructor for the national NAIOP program on 'Developing in the 21st Century' and a Distinguished Fellow with NAIOP. He has worked extensively with various trade associations including the National Association of Realtors, the Urban Land Institute, BOMA, CCIM, NNCREW, AIREA, NACORE, NAIOP, and NAHB. As a Homer Hoyt Lan Use Institute Faculty member, he is involved with some premier though leaders among academics and industry professionals in a think tank setting for annual conferences on real estate issues and trends. Dr. Miller also developed the popular national and international web site free to students to post resumes for any commercial real estate are or to search for jobs.

David Geltner is a professor at MIT where he is also Director of the Real Estate Center. He received his Ph.D. in 1989 from the Massachusetts Institute of Technology and was a Professor of Real Estate at the University of Cincinnati from 1989 through Spring, 2002. He specializes in the areas of real estate investments, urban economics, and the financial economics of the real estate industry. He has published extensively in leading academic journals, including Real Estate Economics (formerly The AREUEA Journal), The Journal of Urban Economics, The Journal of Real Estate Finance and Economics, The Journal of Real Estate Research, The Journal of Housing Economics, and The Journal of Property Research, among others. He serves on the editorial boards of the three leading US academic real estate journals (Real Estate Economics, The Journal of Real Estate Finance and Economics, and The Journal of Real Estate Research) and of the leading British journal (The Journal of Property Research). He is a co-managing editor of a leading real estate research journal, Real Estate Economics for AREUEA. He serves on the Academic Advisory Board of the Real Estate Research Institute, a research promotion and funding agency sponsored by the leading real estate investment firms. Dr. Geltner has consulted for leading real estate investment advisory firms including serving on the Board of Ohio based STRS.

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Table of Contents

I. INTRODUCTION TO REAL ESTATE MARKETS. 1. Real Estate and Career Planning. 2. What Drives Real Estate Markets? 3. Central Cities and Regional Market Analysis. 4. Urban Land Values, Transportation Costs Impact and the Urban Form. II. FOCUSING ON PROPERTY MARKETS BY TYPE. 5. Residential Single Family Market Analysis. 6. Office and Industrial Property. III. LEGAL AND REGULATORY ENVIRONMENT. 7. Real Estate Property Rights, Fixtures and Ownership. 8. Contracts, Transferring Real Property Interests, and Leases. 9. Negotiation, Ethics and Risk Management in the Contracting Process. 10. Land Use Controls and Property Taxes. IV. REAL ESTATE FINANCIAL AND INVESTMENT ANALYSIS. 11. Introduction to Investment Concepts. 12. Value Theory, Highest and Best Use Analysis and the Cost Approach. Note: Extra Material on the Appraisal Industry on CD. 13. The Market Approach to Value. 14. Cash Flow Analysis. Note: Excel Spreadsheet for Cash Flow Analysis on CD. 15. Valuation Analysis: Income Discounting, Cap Rates and DCF Analysis. 16. Risk Analysis, Leverage and Due Diligence. 17. An Introduction to the Process of Real Estate Finance. 18. Real Estate Finance Tools: Present Value and Mortgage Mathematics. Note: Extra Mortgage Problems and Solutions on CD. 19. Residential Real Estate Finance: Mortgage Choices, Pricing and Risks. 20. Commercial Real Estate Finance. 21. Institutional Investment and REITs. V. REAL ESTATE BROKERAGE, LEASING, DEVELOPMENT AND TRENDS. 22. Residential Brokerage. 23. Commercial Brokerage and Leasing. 24. Real Estate Development and Property Trends. Appendix. Glossary. Index. CD TABLE OF CONTENTS: Brief Outline PowerPoint Files By Chapter. End of Chapter Questions and Answers: Separate files including extra mortgage math problems and solutions. Microsoft Excel Spreadsheets. Web Resources: Includes career assistance, trade associations, green design, sustainable development, terrorism and more. Supplemental Material. Profiles of Professionals and Advice to Students. Supplemental Chapter on Airports and Mixed Use Property. Supplemental Chapter on Development and Construction Finance. Supplemental Chapter on Site Analysis and GIS. Supplemental Chapter on Corporate Real Estate. Supplemental Chapter on Lodging and Convention Centers. Supplemental Chapter on Parking Facilities. Supplemental Chapter on Property Management. Supplemental Chapter on Recreation and Entertainment Property. Supplemental Chapter on Retail Property Analysis. Supplemental Chapter on the Appraisal Industry.

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