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[...]... undergraduate and graduate real estateinvestment courses The CD-ROM included with the book contains spreadsheets for dataanalysis tailored specifically to realestate settings The major thrust is to bridge the gap between theory and practice by showing the student how to implement his realestate education in the real world The study of realestate follows long traditions grounded in Urban Economics and Finance... a much larger, and at times less sophisticated, audience It has been estimated that one-half of the world’s wealth is in realestate A book such as this offers tools to enhance decision- making for consumers and researchers in market economies of any country interested in land use andrealestateinvestment Empirical risk analysis improves the understanding of markets in general Realestate is not different... of spreadsheet modeling and the complexity such simplification overlooks A PRACTICAL GUIDE TO INVESTMENTREALESTATE Perhaps the first manual for the privaterealestate investor was William Nickerson’s How I Turned $1,000 into a Million in RealEstate in My Spare Time based on his realestate investments in the 1930s Despite the complexities of modern day life, thousands of realestate investors still... understanding of programming The assumption is that students have had at least a semester of calculus and have for reference a primary realestateinvestment text Graduate students with some background in statistics will take the sample data provided and exercise their empirical skills in the context of realestatedata limitations This will enhance understanding of how realestate adds to and fits... 2 Lenders and managers of large realestate portfolios, many of whom originate realestate data, will be able to incorporate these tools into their daily realestate risk management activities The most sophisticated investors and their advisors will use these tools for due diligence in an environment of professional liability and a rising standard of care 22 xv Preface 3 Investmentrealestate brokers... recently, data on realestate was available only for large, institutional grade properties and its use limited to those who work in that market Now, robust databases are available for many different types of realestate For the first time, databases covering privaterealestateinvestment have breadth (large number of observations in relatively small geographic areas) and depth (long histories of data covering... various homilies and truisms that have characterized private real estateinvestment for decades Second, at a time when the industry is digitizing and databases deliver more objective information about the privaterealestateinvestment market, it will incorporate appropriate yet innovative ways to use this new data Third, combining the first two, it will uncover a way of viewing risk in realestate that... Consider how the appropriate use of realestatedata permits us to confirm the actual shape of the rent gradient Reach conclusions about another commonly used term in real estate: the path of progress Discuss how the use of data improves the location decision 1 2 Private Real EstateInvestment CLASSICAL LOCATION THEORY Certain tenants, categorized by the way they use land, have certain needs Common... Economics and Finance There is, however an inherent conflict between the twin realities that the finance market is efficient and the real estate market is not Practitioners in the real world know, or at least act as if they know, that realestate is very different from finance No investment realestate broker gets up in the morning and does anything even remotely resembling what a stockbroker does While anecdotal... exhausted and/ or (b) because of institutional factors are inapplicable to realestate Hence, risk modeling using fast, numerically intensive simulation with bounded datasets offers a significant improvement over the present ad hoc realestate methods Considerable recent progress has been made in mathematical software and algorithms that permit one to access, combine, and integrate realestate databases . Date/Time: 22.12.2004/9:38pm Page: 3/22 Private Real Estate Investment Data Analysis and Decision Making Roger J. Brown, PhD Director of Research Real Estate and Land Use Institute San Diego State. consumers and researchers in market economies of any country interested in land use and real estate investment. Empirical risk analysis improves the under- standing of markets in general. Real estate. context of real estate data limitations. This will enhance understanding of how real estate adds to and fits into the overall economic picture. Practitioners 1. Lenders and managers of large real estate