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 Stage 1. The Nature of Real Estate and Real Estate Markets 2. Value and Real Estate Decisions Part 2: Legal and Regulatory Determinants of Value 3. Legal Foundations to Value 4. Conveying Real Property Interests 5. Government Controls and Real Estate Markets Part 3: Market Analysis and Appraisal 6. Market Determinants of Value 7. Forecasting Ownership Benefits and Value: Market Research 8. Valuation Using the Sales Comparison and Cost Approaches 9. Valuation Using the Income Approach Part 4: Financing Home Ownership 10. Real Estate Finance: The Laws and Contracts 11. Residential Mortgage Types and Borrower Decisions 12. Sources of Funds for Residential Mortgages Part 5: Brokering and Closing the Transaction 13. Real Estate Brokerage and Listing Contracts 14. Contracts for Sale and Closing Part 6: Time, Opportunity Cost and Value Decisions 15. The Effects of Time and Risk on Value 16. Mortgage Calculations and Decisions Part 7: Financing and Investing in Commercial Real Estate 17. Commercial Mortgage Types and Decisions 18. Sources of Commercial Debt and Equity Capital 19. Investment Decisions: Ratios 20. Investment Decisions: NPV and IRR 21. Income Taxation and Value Part 8: Creating and Maintaining Value 22. Enhancing Value through Ongoing Management 23. Leases and Property Types 24. Development: The Dynamics of Creating Value