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This document provides an overview of an MGT 374 Real Estate Analysis course. It includes the syllabus, textbook information, and contact information for the professor, Gale Pooley. It also summarizes several key concepts in real estate, including the definition of real estate as land and permanent improvements to land, as well as the three markets (user, capital, and property) that determine real estate values. Real estate is a major component of wealth and investment in the United States.
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- 1. MGT 374 Real Estate Analysis College of Business AlfaisalUNIVERSITY
- 2. Gale L. Pooley, Ph.D., MAI, FRICS, CCIM, SRA gpooley@alfaisal.edu
- 18. Textbook Real Estate Principles:AValue Approach David C. Ling Wayne R.Archer College of Business AlfaisalUNIVERSITY
- 25. Half of Wealth is Real Estate
- 29. All decisions depend on an estimate of value
- 30. Price Cost Value
- 31. 1- Property Anything you can own
- 32. Property Tangible - Touch Intangible - Cannot Touch
- 37. 2 - Bundle of Rights What I can do with real property
- 38. Bundle of Rights More rights = more value
- 40. Is real property tangible or intangible? Both
- 42. brokerage management appraisal consulting site selection - development construction financing investment government
- 61. Real Estate in U.S. 23%
- 65. Three Markets User Market Capital Market Property Market
- 66. User Market owner occupants tenants or renters
- 67. U.S. Ownership homes - 67% commercial - 33%
- 68. Saudi Ownership homes - 27%
- 71. Capital Market provide money to the real estate market
- 74. Return on your money of your money
- 75. Debt lenders return of principal and interest
- 77. Private Public Equity Owners Individuals Partnerships Corporations Private equity funds Hedge funds Real Estate Investment Trusts (REITS) Real Estate Companies Debt Lenders Banks, insurance companies, finance companies, private lenders Commercial mortgage backed securities (CMBS)
- 80. IRV I = Income R = Rate V =Value
- 81. IRV I = R xV R = I ÷V V = I ÷ R
- 82. IRV If you know two you can solve for third
- 83. IRV I = 50,000 V = 750,000 R = ?
- 84. IRV I = R xV R = I ÷V V = I ÷ R
- 85. R = I ÷V R = 50,000 ÷ 750,000 R = .0667 or 6.67%
- 86. I = 500,000 R = .08 or 8% V = ? V = I ÷ R V = 500,000 ÷ .08 V = 6,250,000
- 87. V = 5,000,000 R = .07 or 7% I = ? I =V x R I = 5,000,000 x .07 I = 350,000
- 88. Government zoning and land use fees building codes property taxes
- 90. User Market Capital Market Property Market supply and demand determine rental rates which determines property cash flow savers and borrowers determine required rates of return NOI and required rates of return determine values I RV
- 91. What affects value? all kinds of factors
- 92. risks and rates location risk property type risk management risk other risk
- 93. new construction if cost is less than value
- 94. supply and demand supply is long demand can be short
- 95. Volatile good can turn bad and bad can turn good
- 96. Real Estate Markets differ from all other markets
- 97. heterogeneous no two properties are exactly the same
- 102. Localized the closer the more effect