This book provides readers with a basic understanding of the
principles that underlie real estate development. A brief
historical overview and an introduction to basic principles are
followed by examples from practice. Case studies focus on how
cities change and respond to the economic, technological, social,
and political forces that shape urban development in North America.
It is important to have a framework for understanding the risks and
rewards in real estate investing. In measuring return,
consideration must be given to both investment appreciation and the
cash flow generated over the life of a project. In addition,
metrics are presented that can be useful in assessing the financial
feasibility of a real estate development proposal. This book also
provides an overview of the forces of supply and demand that gauge
the potential market for a new project. In determining the size of
"residual demand", estimates for population growth, family
formation, and new development are important. All development
projects fall under the auspices of one or several jurisdictions.
Though every jurisdiction has different rules and procedures, basic
knowledge of the planning process is critical to the success of all
development projects regardless of location. Furthermore, all
projects have a legal component. Basic issues of land ownership,
property rights, property transfer, and land registration are
reviewed, all of which need to be considered when a property is
sold or purchased. This book also provides a primary on the design
and construction process. In constructing a building, a team of
experts is first required to design the architectural, structural,
and heating, ventilation, and air conditioning (HVAC) systems for a
building. An overview is provided of each building system: wood,
concrete, and steel. Critical to a successful real estate
development, project management principles for the processes of
design, bidding, and construction are explored, with close
attention given to budgeting, scheduling, and resource management.
Essential reading for anyone involved in the development of our
built environment, this is a must-read introduction for students
and professionals in architecture, urban planning, engineering or
real estate seeking an approachable and broad view of real estate
development and finance.
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