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Ch 11Residential Land Uses
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Outline
I. Types of Residential DevelopmentII. The Real Estate Development ProcessIII. Millford Hills Case StudyIV. US Assets Group
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I. Types of Residential Development single-family detached houses single-family attached houses
row houses/townhouses plexes patio or zero-lot-line houses
multifamily residences (rentals, condos or coop) garden apartments (2-3 floors) mid-rise apartments (4-8 floors) high-rise apartments (> 8 floors)
manufactured homes second homes (timeshare concept)
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II. The Real Estate Development Process
I. concept development II. feasibility analysis
- legal analysis (zoning compliance) - market analysis:
delineation of the market areaanalysis of demand & supply factors:
employment
disposable income
population
household characteristics
absorption rate competing projects
other
- financial analysis III. development of land & building or improvements IV. marketing/selling
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III. Millford Hills Case Study
Real Estate Today Feature p. 236Milford Hills Project involves the purchase of a piece of land and a house for $ and the sale of lots at $30,000 each.- What are some important observations from the financial analysis? 1. Is this a good analysis? Why?2. When do cash inflows start?3. What is the largest cumulative negative CF and when does it occur?4. What are 2 characteristics of the real estate development industry?
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V. US Assets Group Developers vs. Builders US Assets Group – Background Information Projects:
- Hunters Green (Tampa)- Vizcaya (LBK)- En Provence (LBK)- Beau Ciel (Sarasota)- Orchid Beach Club (Lido Key)- Founders Club (Sarasota)
Important Factors for Success- Market knowledge and experience is very important- Stay in your geographic area of expertise
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Ch 12 Commercial and Industrial Land Uses
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Outline
I. Shopping Centers II. Office BuildingsIII. Industrial FacilitiesIV. Lodging FacilitiesV. Special-Use Properties
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I. Shopping Centers
Shopping Centers grew after the advent of which invention?
Types of Shopping Centers: → neighborhood shopping center
(30,000-100,000 SF leasable area, on 4-6 acres)
→ community shopping center (discount or junior department store: 100,000-300,000 SF leasable area, on 10-30 acres)
→ regional shopping center (1-3 full-line department stores:300,000-750,000 SF, on over 30 acres)
→ super-regional shopping center (4 or more full-line department stores: 750,000-1,000,000 SF)
→ other types of shopping centers- factory outlet centers- specialty shopping centers
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Shopping Center Development
Important factors in the feasibility analysis: trade areas (primary and secondary) market size competitive survey site location tenant selection
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II. Office Buildings
Office buildings are categorized by:→ quality and amenities (class A, B, C, D)
→ location central business districts (CBD) secondary office nodes office parks
→ single vs. multi-tenant buildings
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III. Industrial Facilities Types of businesses:
- manufacturing - warehousing- distribution - garage space - research & development
Important Issue: PollutionCERCLA (Comprehensive Environmental Response Compensation & Liabilities Act of 1980)Includes:
National list of polluted properties Innocent landowner act
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IV. Lodging Facilities
Types of Lodging Facilities:→ commercial/convention hotels→ highway or airport hotels and motels→ resort hotels → extended stay hotels Risk level of hotels Ownership of Marriott and Ritz Carlton
hotels
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V. Special-Use Properties Examples:→ hospitals→ nursing homes→ schools→ marinas→ power plants→ sports complexes
Key variables for a market analysis of a baseball stadium