LEADER 05495nam 2200673Ia 450 001 9910784644003321 005 20230120004742.0 010 $a1-281-00812-5 010 $a9786611008123 010 $a1-4237-0829-6 010 $a0-08-048036-5 035 $a(CKB)1000000000364606 035 $a(EBL)232118 035 $a(OCoLC)171114344 035 $a(SSID)ssj0000227661 035 $a(PQKBManifestationID)11200559 035 $a(PQKBTitleCode)TC0000227661 035 $a(PQKBWorkID)10269343 035 $a(PQKB)11766706 035 $a(MiAaPQ)EBC232118 035 $a(Au-PeEL)EBL232118 035 $a(CaPaEBR)ebr10127937 035 $a(CaONFJC)MIL100812 035 $a(OCoLC)936898128 035 $a(EXLCZ)991000000000364606 100 $a20050331d2005 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPrivate real estate investment$b[electronic resource] $edata analysis and decision making /$fRoger J. Brown 210 $aAmsterdam ;$aBoston $cElsevier Academic Press$dc2005 215 $a1 online resource (307 p.) 225 1 $aAcademic Press advanced finance series 300 $aDescription based upon print version of record. 311 $a0-12-137751-2 320 $aIncludes bibliographical references and index. 327 $aFront 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 327 $aReferencesAppendix: 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 327 $aAnother 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 327 $aConclusionReferences; 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 327 $aIrrational 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 330 $aFiduciary responsibilities and related court-imposed liabilities have forced investors to assess market conditions beyond gut level, resulting in the development of sophisticated decision-making tools. Roger Brown's use of historical real estate data enables him to develop tools for gauging the impact of circumstances on relative risk. His application of higher level statistical modeling to various aspects of real estate makes this book an essential partner in real estate research. Offering tools to enhance decision-making for consumers and researchers in market economies of any country intere 410 0$aAcademic Press advanced finance series. 606 $aReal estate investment$xDecision making 606 $aReal estate investment$xPlanning 615 0$aReal estate investment$xDecision making. 615 0$aReal estate investment$xPlanning. 676 $a332.63/24 676 $a333.33 700 $aBrown$b Roger James$01570148 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910784644003321 996 $aPrivate real estate investment$93843593 997 $aUNINA