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Chapter 1 Introduction to Real Estate Decision Making

Chapter 1 Introduction to Real Estate Decision Making. Real Estate - Physical Land and Attached Structures Real Property - Legal Interest in land and structures attached to the land Personal property - Movable property Fixtures - Movable property that is attached permanently to the land.

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Chapter 1 Introduction to Real Estate Decision Making

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  1. Chapter 1 Introduction to Real Estate Decision Making • Real Estate - Physical Land and Attached Structures • Real Property - Legal Interest in land and structures attached to the land • Personal property - Movable property • Fixtures - Movable property that is attached permanently to the land

  2. Chapter 1 Introduction to Real Estate Decision Making • Characteristic Attributes of Real Estate • Fixed location • Uniqueness • Interdependence of land uses • Long life • Long-term commitments • Large transactions • Long gestation period

  3. Chapter 1 Introduction to Real Estate Decision Making • The Economic Impact of Real Estate • Land and structures • Make up approximately 2/3 of material wealth in the U.S. • Mortgage debt • Totals approximately $5 trillion • Expenditures, Investments • 12% of gross domestic product • 26% of personal consumption • 49% of gross private domestic investment

  4. Chapter 1 Introduction to Real Estate Decision Making • Real Estate Industry - Private Sector • Real estate brokerage • owner-occupied residential • renter-occupied residential • commercial • industrial • farm and open land

  5. Chapter 1 Introduction to Real Estate Decision Making • Real Estate Industry - Private Sector • Property management (value added) • Real estate finance (bankers v. brokers) • Appraisal (mortgage, tax, ROW, estate) • Counseling (zoning, investment) • Development/construction (corp., spec/fee) • Asset management (restaurants, discount) • Investment Analysis & Portfolio Mgt. • Land-use planning

  6. Chapter 1 Introduction to Real Estate Decision Making • Real Estate Industry - Public Sector • Public Housing Admin. • Property Tax • ROW (highway and utility) • Land Use Planning (Stay Green?)

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