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1、DEVELOPMENT~COMPONENTSERIESFundamentalsofRealEstate.DevelopmentbyJamesA.GraaskampTherealestatedevelopmentprocessinvolvesthreeBasicConceptsmajorgroups-consumergroup,aproductiongroup,andapublicinfrastructuregroup.EachIntroductiongroupbenefitsfromcooperationandafullunder-Some
2、onerolledarocktotheentranceofacaveandstandingofthevalues,short-andlong-termobjec-createdanenclosedspaceforhisfamily—awarmer,tives,andmajorlimitationscontrollingtheothertwomoredefensibleshelter,distinctfromthesur-groups.Amajorlimitationsharedbyallgroupsisroundingenvironment
3、.Thiscanbecalledthefirstthefactthateachisacashcycleenterprisewhichrealestatedevelopment.Sincethenrealestateac-mustremainsolventtosurviveandwhichmusttivityhasevolvedandtakenmanyformstomeetthecreateasurplusovertimetomaintaincredibilityneedsofmanandhissociety.Oncebasedonneed.
4、withothers.Cashcycleenterprisesmustcontinuallyandcustom,realestateisnowbasedonsocialmakeassumptionsaboutfuturesocialnorms,economicsandstatute.technologies,andthedirectionofcomplexchanges.inpersonal,natural,andpoliticalconditions.TheRealestatecanbedefinedgenerallyasspacede-
5、degreeoferrorbetweenassumptionsandrealiza-lineatedbyman,relativetoafixedgeography,in-tionsiswhatistermedrisk,andinanenterprisetendedtocontainan~ctivityforaspecificperiodofeconomymostpartiesareattemptingtoshiftadis-time.Tothethreedimensionsofspace(length,proportionateshareo
6、ftherisktootherswhilere-width,andheight),then,realestatehasafourthtainingalargershareofthebenefits.Unlikemanydimensio-thqkf~f~ssessionandbenefit.Thismassproductionindustries,eachrealestateprojectcanbereferredtoas~space-timecharacteristic.isuniqueandthedevelopmentprocessiss
7、omuchThespace-timeconceptisillustratedbythetermsacreatureofthepoliticalprocessthatsocietyhasaapartmentpermonth,motelroomspernight,newopportunitywitheachmajorprojecttosquarefootageperyear,andtenniscourtsperhour.negotiate,debate,andreconsiderthebasicissuesAfundamentalelement
8、inrealestateisthatanyofanenterpriseeconomy,i.e.,whopays,whoben-space-timeunithasacorrespo
