Class 8 Investment Analysis of Development Projects

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1、REALESTATEFINANCEClass8:InvestmentAnalysisofDevelopmentProjects2OBJECTIVESOFTHISCLASS•REALESTATEDEVELOPMENT•ForecastingDevelopmentDemand&Supply•RiskandReturnintheDevelopmentProcess•FINANCIALFEASIBILITYOFDEVELOPMENTPROJECTSCopyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholt

2、z,2e,modifiedbyDrPDerringtonWhatistheDevelopmentProcess?3“Theimprovementofrawlandandpropertythroughthedevelopmentprocess…..isahighlycreativeandcomplexprocessinwhich….physicalingredientssuchaslandandbuildingsareeffectivelycombinedwithfinancial,planning&design,andmarketingSKILLStocreateanenvironmenti

3、nwhichpeoplelive,work,shop,andplay.”…..thatprovidesyouwithafinancialreturn.Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerringtonPropertyDevelopmentIndustry4FinancialResourcesNewDevelopmentActivityBuiltPhysicalSpaceResourcesCopyright©2007Thomson/So

4、uth-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerringtonWHOAREDEVELOPERS?5Adeveloper’sJobDescriptioniscreator,ANDMAKESMONEY!!!!promoter,negotiator,manager,leader,cashgatherer,riskmanagerandinvestoraddinguptoamuchmorecomplexvisionofanentrepreneurthanapersonwhomerelybuyslowa

5、ndsellshigh.Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerringtonEMBARCADEROCENTER,S.F.6Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerringtonEMBARCADEROCENTER,S.F.7Copyright©2007Thomson/South-Wes

6、tern,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerringtonPLANNING,DESIGN,CONSTRUCTION8Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerrington=>BUILDINGS&SPACESBETWEEN9Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clay

7、ton/Eichholtz,2e,modifiedbyDrPDerringtonReferringtohisfather’sRockCenter10Copyright©2007Thomson/South-Western,Geltner/10/29/2013Miller/Clayton/Eichholtz,2e,modifiedbyDrPDerrington+PeoplePlaces11Copyright©20