Real Estate Perspectives: An Introduction to Real Estate

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This text provides a clear presentation of the numerous investment decisions involved in real estate such as whether and how to lease, buy, sell, or mortgage a property; how to analyze and predict the forces in the market that determine real estate values; whether and when to renovate, rehabilitate, or demolish; and when and how to divest a property. The authors use Value as a unifying theme, supporting their view that students best understand and appreciate the importance of the complex economic, social, and legal processes that affect real estate markets after they have developed an understanding of how real estate valuation and investment decisions are made. The text provides a decision-making framework through a greater use of technology and quantitative decision-making tools. It is organized into five perspectives: Investment, Market, Value, Mortgage Finance and Legal.

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Contents

Real Estate Perspectives
2
Ideas about Property Rights and Contracts
9
Real Estate Relative to Worldwide Wealth in 1991
16
Copyright

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About the author (1998)

Professor Jack Corgel has been a member of the Cornell Hotel School faculty for seven years. He served as the first Director of the Center of Hospitality Research from 1992-1994. After receiving undergraduate and Ph.D. (1979) degrees from the University of Georgia in real estate and corporate finance, he taught at the University of Florida, Georgia State University, and the University of Connecticut. During the academic year 1985-1986, he was a visiting scholar at the Federal Home Loan Bank Board in Washington, D.C. He is a fellow of the Homer Hoyt Institute. Professor Corgel has published over 50 articles in the most prestigious academic and professional journals, mainly on the subjects of real estate finance, investment, valuation, and hospitality real estate.

Halbert C. Smith is a professor in the Department of Finance, Insurance and Real Estate in the Warrington College of Business Administration and the Graduate School of Business at the University of Florida. He has also served as Chairman of the Department and was the founding Director of the Real Estate Research Center. He received his B.S. degree from Purdue University, his MBA from Indiana University, and his DBA from the University of Illinois. Professor Smith has served on the faculties of several U.S. universities, and in 1995 was named a Fellow of the International Center for Economic Research in Turin, Italy. Professor Smith is also a director and officer of the Homer Hoyt Insittute and affiliated organizations. He was a founding member of the American Real Estate and Urban Economics, and in 1970 he served as that organization's President. In addition to publishing numerous articles in professional and academic journals and several other books dealing with real estate subjects, he is Editor-in-Chief of Real Estate Issues.

David C. Ling (Ph.D, 1984, and MBA, 1977, The Ohio State University) is the William D. Hussey Professor of Real Estate and the Director of the Real Estate Research Center in the Warrington College of Business Adminstration and Graduate School of Business at the University of Florida. Professor Ling serves on numerous editorial boards including the Journal of Housing Economics, Real Estate Economics, The Journal of Real Estate Research, and Real Estate Finance. He has provided research and consulting services to several state and national organizations including the Federal National Mortgage Association, the National Association of Home Builders, the National Association of Realtors, and the Florida Association of Realtors. He is a Fellow of the Homer Hoyt Institute and board member of the Real Estate Research Institute.

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