Modern Real Estate

by Wurtzebach, Charles H.; Miles, Mike E.

• ISBN13: 9780471309512
• ISBN10: 0471309516
• Edition: 5th
• Format: Hardcover
• Copyright: 1994-10-28
• Publisher: Wiley

Summary

Written by real estate professionals, this book assembles the most comprehensive overview of real estate principles available. It uses an array of intriguing topics which covers the numerous issues that give real estate its distinctive flavor. In this edition all exhibits, tables and boxes have been updated or replaced with current material. Contains a thorough treatment of the growing implications of institutional (pension fund) investment in commercial real estate. Also discusses Clinton economics and the new tax law.

Author Biography

Charles H. Wurtzebach and Mike E. Miles are the authors of Modern Real Estate, 5th Edition, published by Wiley.

Table of Contents

Part 1 The Analytical Framework
The American Real Estate Industry: An Overview	3	(31)
Regional and Urban Economics	34	(31)
Spatial Economics: Rent, Situs, and Succession Theory	65	(24)
Part 2 The Legal Environment
Real Estate Interests and Forms of Ownership	89	(33)
Transferring Real Estate Interests	122	(39)
Part 3 Valuation and the Appraisal Process
Principles of Valuation	161	(20)
The Sales Comparison Approach and the Cost Approach	181	(24)
The Income Capitalization Approach to Valuation	205	(26)
Part 4 Marketing, Brokerage, and Management
Marketing	231	(27)
Brokerage	258	(44)
Appendix 10A. The Closing Process	285	(12)
Appendix 10B. Realtor® Code of Ethics	297	(5)
Asset Management: The Property Management Perspective	302	(27)
Asset Management: The Institutional and Corporate Perspectives	329	(38)
Appendix 12. Corporate Valuation of Real Estate	345	(22)
Part 5 Real Estate Finance
The Financial System and Real Estate Finance	367	(41)
Appendix 13. Finance's Contribution to the Basic Real Estate Valuation Model	405	(3)
Financing Mechanics: The Borrower's Perspective	408	(20)
Mortgage Underwriting: The Lender's Perspective	428	(35)
The Secondary Mortgage Markets	463	(34)
Part 6 Taxation
Income and Property Taxation	497	(23)
Real Estate Income Tax Deductions	520	(22)
Tax Credits, Installment Sales, Like-Kind Exchanges, and Other Considerations	542	(19)
Part 7 Investment Analysis
Principles of Investment	561	(15)
The Discounted Cash-Flow Model	576	(20)
Real Estate and Modern Portfolio Theory	596	(23)
Institutional Real Estate Investment	619	(20)
Part 8 Real Estate Development
Development: the Process, the Players, and the Atmosphere	639	(24)
The Development Process	663	(14)
Land Use Feasibility Analysis	677	(32)
Part 9 Public Policy and Prospects for the Future
Government Involvement	709	(36)
Long-Term Trends in Urban Structure and Land Use	745	(19)
New Ways to Play the Real Estate Game	764	(9)
Appendix 29. Looking to the Future for Your Future	773	(1)
Compound Interest Tables	A-1	(1)
Glossary	G-1	(1)
Index	I-1