Private real estate investment : data analysis and decision making / / Roger J. Brown

• Record Nr.: UNINA9910811453303321
• Autore: Brown Roger James
• Pubbl/distr/stampa: Amsterdam ; ; Boston, : Elsevier Academic Press, c2005
• ISBN: 1-281-00812-5; 9786611008123; 1-4237-0829-6; 0-08-048036-5
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (307 p.)
• Collana: Academic Press advanced finance series
• Disciplina: 332.63/24; 333.33
• Soggetti: Real estate investment - Decision making; Real estate investment - Planning
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Front Cover; Private Real Estate Investment: Data Analysis and Decision Making; Copyright Page; CONTENTS; Preface; Acknowledgments; Chapter 1. Why Location Matters: The Bid Rent Surface and Theory of Rent Determination; Introduction; The Model; Is the Bid Rent Curve Linear?; Empirical Verification; An Economic Topographical Map; Relaxing the Assumptions; A Window to the Future; References; Chapter 2. Land Use Regulation; Introduction; The Idea of Utility; The Model; Optimization and Comparative Statics; A Graphic Illustration; Implications; A Case Study in Aesthetic Regulation; Conclusion; ReferencesAppendix: Comparative Statics for Chapter 2; Chapter 3. The ""Rules of Thumb"": Threshold Performance Measures for Real Estate Investment; Introduction; The Gross Rent Multiplier (GRM); Capitalization Rate (CR); Cash-on-Cash Return (C/C); Price Per Unit (PPU); Other Data Issues; References; Chapter 4. Fundamental Real Estate Analysis; Introduction; Deterministic Variables of Discounted Cash Flow Analysis; Single Year Relationships and Project Data; Multi-Year Relationships; Sale Variables Relationships; The Net Present Value; Insight into the Analysis; An Illustration of Bargaining; Another Growth FunctionData Issues; Conclusion; References; Chapter 5. Chance: Risk in General; Introduction; Games of Chance And Risk Bearing; The Utility Function Revisited; The ""Certainty Equivalent"" Approach; Multiple (More than Two) outcomes; The Continuous Normal Case; Conclusion; References; Chapter 6. Uncertainty: Risk in Real Estate; Introduction; The Continuous Stable Case; Enter Real Estate; Determinism; Determinism and House Prices; Determinism and Real Estate Investment; Risk and Uncertainty; Rolling the Dice; Real Estate-The ""Have it Your Way"" Game; The Payoff; Data Issues; ConclusionReferences; Chapter 7. The Tax Deferred Exchange; Introduction; The Base Case: Purchase-Hold-Sell; Example 1-Modifying the Growth Projection; Example 2-The Tax Deferred Exchange Strategy; Example 3-Exchanging and The Plodder; Data Issues; Conclusion; References; Chapter 8. The Management Problem; Introduction; The Property Manager's Dilemma; The Property Owner's Dilemma; Reconciling the Two Problems; Data Issues; Conclusion; References; Appendix: A Caution On the Use of Data to Construct Theories; Chapter 9. The Lender's Dilemma; Appraisal Techniques; Irrational Exuberance and the Madness of CrowdsBubble Theory-How High is Up?; Data Issues; Conclusion; References; Chapter 10. The Private Lender; Introduction; The ""Hard Money"" Loan Versus the ""Purchase Money"" Loan; The Installment Sale; The Buyer; The Seller; Is the Seller's Financing a Good Deal for the Buyer?; Conclusion; Reference; Chapter 11. Creative Financing; Introduction; A Life Estate; A Zero Coupon Bond; The Retiree's Dilemma; Intra-Family Alternatives; The Remainderman's Position; Conclusion; References; Index; Color Plate Section
• Sommario/riassunto: Fiduciary responsibilities and related court-imposed liabilities have forced investors to assess market conditions beyond gut level, resulting in the development of sophisticated decision-making tools. Roger Brown's use of historical real estate data enables him to develop tools for gauging the impact of circumstances on relative risk. His application of higher level statistical modeling to various aspects of real estate makes this book an essential partner in real estate research. Offering tools to enhance decision-making for consumers and researchers in market economies of any country intere