✓ ~~~ generate risk-adjusted returns that create value and are able to manage risk
development process/timeline
✓ ~~~ find the opportunity
land control/acquisition
design&public approvals
financing
construction
,leasing
payday
responsibilities of the real estate developer
✓ ~~~ building users
construction
community/public sector
lenders and investors
entrepreneur
development starting points
✓ ~~~ site in search of a use
use in search of a site
value creation
✓ ~~~ a. sales price-total project cost
b. return on investment
components of total project costs
✓ ~~~ land purchase price
cost of construction (hard costs)
secondary cost (soft costs)
, cash flow drivers
✓ ~~~ revenue
operating expenses
recurring capital expenditures
real estate's economic impact
✓ ~~~ 25% of GDP
70% of local gov revenue through RE taxes
developed land is 6% of US land
RE value is $31 trillion, a slight more than stock market equity at $30 trillion
the term real estate
✓ ~~~ physical asset, rights from owning property, a profession and an industry
formal definition of real estate
✓ ~~~ land, buildings, and structures permanently affixed to the land
real property
✓ ~~~ real estate plus the bundle of rights
personal property
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