tailieunhanh - Private Real Estate Investment

This book is designed as a supplementary text for upper division under- graduate and graduate real estate investment courses. The CD-ROM included with the book contains spreadsheets for data analysis tailored specifically to real estate settings. The major thrust is to bridge the gap between theory and practice by showing the student how to implement his real estate education in the real world. The study of real estate follows long traditions grounded in Urban 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. | 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 University San Diego California ELSEVIER ACADEMIC PRESS Amsterdam Boston Heidelberg London New York Oxford Paris San Diego San Francisco Singapore Sydney Tokyo Elsevier Academic Press 200 Wheeler Road 6th Floor Burlington MA 01803 USA 525 B Street Suite 1900 San Diego California 92101-4495 USA 84 Theobald s Road London WC1X 8RR UK This book is printed on acid-free paper. Copyright 2005 Elsevier Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical including photocopy recording or any information storage and retrieval system without permission in writing from the publisher. Permissions may be sought directly from Elsevier s Science Technology Rights Department in Oxford UK phone 44 1865 843830 fax 44 1865 853333 e-mail permissions@. You may also complete your request on-line via the Elsevier homepage http by selecting Customer Support and then Obtaining Permissions. Library of Congress Cataloging-in-Publication Data British Library Cataloguing in Publication Data ISBN 0-12-137751-2 ISBN 0-12-088532-8 CD-ROM For all information on all Academic Press publications visit our Web site at Printed in the United States of America 04 05 06 07 08 09 9 8 7 6 5 4 3 2 1 CONTENTS Preface xiii Acknowledgements xix 1. Why Location Matters The Bid Rent Surface and Theory of Rent Determination Introduction 1 Classical Location Theory 2 Notation Guide 2 The Model 3 Example 1 Two Competing Users in the Same Industry 3 Example 2 Several Competing Users in Different Industries 5 Is the Bid Rent Curve Linear 7 Empirical Verification 8 An Economic Topographical Map 12 Relaxing the Assumptions 13 A Window to the Future 16 References 17 2. Land Use Regulation Introduction 19 Who Shall Decide The Problem