Research Issues in Real Estate – serie

Sponsored by the American Real Estate Society (ARES), Indigenous Peoples and Real Estate Valuation addresses a wide variety of timely issues relating to property ownership, rights, and use, including: ancestral burial, historical record of occupancy, treaty implementation problems, eminent domain, the effects of large governmental change, financing projects under formal and informal title or deed document systems, exclusive ownership vs. non-exclusive use rights, public land ownership, tribal or family land claims, insurgency and war, legal systems of ownership, prior government expropriation of lands, moral obligation to indigenous peoples, colonial occupation, and common land leases. These issues can also be broadly grouped into topics, such as conflict between indigenous and western property rights, communal land ownership, land transfer by force, legacy issues related to past colonization and apartheid, and metaphysical/indigenous land value.

In recent years, growing attention has been focused on real estate education. The objective of this book is to document the status and perspectives of real estate education and the underlying research throughout the world. The intent is to inform students, academics and practitioners about the situation in the widest possible range of countries and to provide a foundation for the future of the real estate discipline. The structure of this monograph follows the organization of the world-wide network of real estate societies. In Part 1, Stephen E. Roulac sets the framework for the other contributions. Part 2 contains 20 chapters that examine real estate education in Europe. Part 3 consists of two articles covering North America. Part 4 includes two chapters dealing with Latin America. In Part 5, 8 countries in Asia are examined. Part 6 contains two chapters covering the Pacific Rim. Finally, part 7 focuses on Africa. Fifty authors have contributed to the monograph and 37 countries or regions in total are covered.

Is property appraisal evolving, or have all of the "big ideas" already been conceived? This question has been circulating among the leaders of the Appraisal Institute during the past several annual meetings, usually encountering little in the way of satisfying answers. This is not too surprising, because grand ideas and new knowledge do not typically evolve from off-hand conversation. They are the product of focused intellectual activity and hours of difficult work. This unquenched thirst for new knowledge is the primary reason for assembling this collection of manuscripts dealing with valuation theory, which was financially underwritten by the Appraisal Institute. Their generosity and willingness to partner with the American Real Estate Society made this collection of essays possible. They are the result of a global response to a worldwide call for papers, and demonstrate that real estate valuation is indeed an international discipline. The United States, Australia and New Zealand, Southeast Asia, the Pacific Rim and Europe are all represented by this impressive collection of authors.

As the title indicates, "Essays in Honor of James A. Graaskamp: Ten Years After", is a collection of essays written to honour Graaskamp's major contributions to the field of real estate education and practice over the course of three decades. Upon his death in 1988, the industry lost a major influence for advancing the real estate discipline, both as an academic field and a professional field. The authors in this volume seek to extend Graaskamp's contributions and move the real estate discipline forward. The papers address the challenges posed by the market to return our attention to real estate fundamentals, and to strike a proper balance between Main Street and Wall Street. The authors and editors hope that this book will influence the industry to incorporate many of Grasskamp's ideas into mainstream real estate education and practice. Over the course of his career, Graaskamp made many noteworthy contributions to real estate theory and practice, ideas that if resurrected could offset some of the pressure in the industry to move away from market fundamentals.The authors try to capture the essence of Graaskamp's messages, and intend that the papers serve as a point of departure for discussing the future role and nature of real estate education. Part I focuses on the major contributions to the real estate discipline made by Graaskamp and the Wisconsin Real Estate Program. Part II contains some personal recollections and photos of Graaskamp, and also a summary of the groups that make up the Wisconsin Real Estate Program, a major co-sponsor of this volume. The rest of the book's three main parts are structured around major topics that reflect the multidisciplinary nature of real estate as espoused by Graaskamp. Part III treats real estate feasibility and development, Part IV concentrates on real estate valuation, and Part V discusses institutional economics.

Seniors housing improves the quality of life for an increasingly significant segment of the population. The number of people in the United States over sixty-five years of age is projected to double in the next thirty years, and the number of people aged eighty-five and over - the ones most in need of seniors housing - is projected to increase three-fold. The business implications of this demographic change are significant. This volume provides an introduction to seniors housing, and an industry analysis, with the ultimate goal of expediting needed investment. It provides information for industry analysts on product lines, complementary products, and substitute products. In addition, it examines buyers and their behavior; the growth potential of the industry; the growth patterns and determinants of growth; the economics of the different product types; and the market analysis techniques. Finally, an article on health care REITs and health care stocks investigates the performance of the larger players in the industry.

While ethical issues have been examined in conjunction with many business contexts, the area of real estate and ethics has, at best, received only minimal treatment. Given that real estate transactions represent one of the largest single expenditures by businesses and households, and recognizing that real estate holdings represent a major portion of wealth portfolios worldwide, this lack of coverage is conspicuous by its absence. The goal of this book is to begin rectifying this situation. By offering 15 essays addressing the central issue of ethics and real estate from a wide variety of perspectives, the contributors seek to encourage a dialogue that is, at times, provocative. The authors include academics and professional practitioners, and collectively represent five countries and many diverse disciplines. Drawing from both empirical and conceptual frameworks, the chapters are divided into five main sections: policy issues; industry practice; environmental issues; ethical issues involving transactions; and ethical issues involving tenants.Taken together these essays offer a challenging point of departure for considering the important interaction of ethical issues in real estate theory and practice.

This book is organized into four functional areas which reflect the multi-disciplinary approach to real estate studies influenced by James A. Graaskamp. The first section focuses on theoretical and philosophical issues. The second section explores real estate appraisal, feasibility and special use analysis. The third section reviews market analysis and trade area delineation that is critical to spatial analysis of real estate. The final section considers some of the important public policy issues as they relate to real estate.

Retail real estate properties and their marketplaces are in a constant state of change. The emergence of such new and growing value formats as warehouse clubs, factory outlet malls, and other powerful discount formats provide traditional shopping centres and malls with increasingly competitive challenges. These value and discount retail formats generate higher sales per square foot and have lower construction costs than many traditional retail properties. Combined with the slow growth in retail sales and the increasing alternatives to in-store retailing, a question mark hangs over the future of retail marketplaces and the retail formats that will be the leaders of the future. This text aids the reader in analyzing and forecasting changes in the retail marketplace. The book presents a simple model to analyze and predict mall and shopping centre investment returns. It then examines the financing of retail properties and securitization of their mortgages, as well as the operations of retail properties. Finally, the book analyzes new retail marketplaces and the international retail arena.

The first section of the book contains seven original essays, arranged in order to coincide with Bill's (chronological) professional career. These essays cover a wide variety of real estate topics, including valuation theory, definition of market value, market analysis, the appraisal process, role of the appraiser as an expert witness, valuation under environmental contamination, and international real estate issues. The second section of the book reprints eleven of Bill's most influential papers, selected with the help of forty of his colleagues. These articles, written by Bill and various co-authors, represent only a portion of his contributions to real estate theory and practice. They are "classics" in real estate education. The final section contains personal reflections by colleagues, family and friends of Bill. One of Bill's most influential publications is his classic text, "Income Property Valuation", and is frequently cited in the testimonials. These testimonials provide clear evidence that Bill was an excellent teacher and real estate professional. He truly cared about his students and colleagues and worked hard to move the real estate profession forward.

Sponsored by the American Real Estate Society (ARES), Indigenous Peoples and Real Estate Valuation addresses a wide variety of timely issues relating to property ownership, rights, and use, including: ancestral burial, historical record of occupancy, treaty implementation problems, eminent domain, the effects of large governmental change, financing projects under formal and informal title or deed document systems, exclusive ownership vs. non-exclusive use rights, public land ownership, tribal or family land claims, insurgency and war, legal systems of ownership, prior government expropriation of lands, moral obligation to indigenous peoples, colonial occupation, and common land leases. These issues can also be broadly grouped into topics, such as conflict between indigenous and western property rights, communal land ownership, land transfer by force, legacy issues related to past colonization and apartheid, and metaphysical/indigenous land value.

While ethical issues have been examined in conjunction with many business contexts, the area of real estate and ethics has, at best, received only minimal treatment. Given that real estate transactions represent one of the largest single expenditures by businesses and households, and recognizing that real estate holdings represent a major portion of wealth portfolios worldwide, this lack of coverage is conspicuous by its absence. The goal of this book is to begin rectifying this situation. By offering fifteen essays addressing the central issue of ethics and real estate from a wide variety of perspectives, the contributors seek to encourage a dialogue that is lively and, at times, provocative. The authors include academics and professional practitioners, and collectively represent five countries and many diverse disciplines. Drawing from both empirical and conceptual frameworks, the chapters are divided into five main sections: 1) policy issues, 2) industry practice, 3) environmental issues, 4) ethical issues involving transactions, and 5) ethical issues involving tenants.Taken together these essays offer a challenging point of departure for considering the important interaction of ethical issues in real estate theory and practice.

The first section of the book contains seven original essays, arranged in order to coincide with Bill's (chronological) professional career. These essays cover a wide variety of real estate topics, including valuation theory, definition of market value, market analysis, the appraisal process, role of the appraiser as an expert witness, valuation under environmental contamination, and international real estate issues. The second section of the book reprints eleven of Bill's most influential papers, selected with the help of forty of his colleagues. These articles, written by Bill and various co-authors, represent only a portion of his contributions to real estate theory and practice. They are "classics" in real estate education. The final section contains personal reflections by colleagues, family and friends of Bill. One of Bill's most influential publications is his classic text, "Income Property Valuation", and is frequently cited in the testimonials. These testimonials provide clear evidence that Bill was an excellent teacher and real estate professional. He truly cared about his students and colleagues and worked hard to move the real estate profession forward.

In recent years, growing attention has been focussed on real estate education. The objective of Real Estate Education Throughout The World: Past, Present and Future is to document the current status and perspectives of real estate education and the underlying research throughout the world. The intent is to inform students, academics and practitioners about the situation in the widest possible range of countries and to provide a foundation for the future of the real estate discipline. The structure of this monograph follows the organisation of the world-wide network of real estate societies. In Part 1, Stephen E. Roulac sets the framework for the other contributions. Part 2 contains 20 chapters that examine real estate education in Europe. Part 3 consists of two articles covering North America. Part 4 includes two chapters dealing with Latin America. In Part 5, 8 countries in Asia are examined. Part 6 contains two chapters covering the Pacific Rim. Finally, Part 7 focuses on Africa. This collection of papers is unique, in the sense that 50 authors have contributed to the monograph and 37 countries or regions in total are covered. The editor does not know of any comparable book.

Real Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance grid method, appraising contaminated property, ad valorem tax assessment, and new perspectives on traditional appraisal methods. One common thread is that all of the papers are exceptionally well written and thought provoking.

As the title indicates, Essays in Honor of James A. Graaskamp: Ten Years After, is a collection of essays written to honor Graaskamp's major contributions to the field of real estate education and practice over the course of three decades. Upon his death in 1988, the industry lost a major influence for advancing the real estate discipline, both as an academic field and a professional field. The authors in this volume seek to extend Graaskamp's contributions and move the real estate discipline forward. The papers address the challenges posed by the market to return our attention to real estate fundamentals, and to strike a proper balance between Main Street and Wall Street. The authors and editors hope that this book will influence the industry to incorporate many of Grasskamp's ideas into mainstream real estate education and practice. Over the course of his career, Graaskamp made many noteworthy contributions to real estate theory and practice, ideas that if resurrected could offset some of the pressure in the industry to move away from market fundamentals. The authors try to capture the essence of Graaskamp's messages, and intend that the papers serve as a point of departure for discussing the future role and nature of real estate education. Part I focuses on the major contributions to the real estate discipline made by Graaskamp and the Wisconsin Real Estate Program. Part II contains some personal recollections and photos of Graaskamp, and also a summary of the groups that make up the Wisconsin Real Estate Program, a major co-sponsor of this volume. The rest of the book's three main parts are structured around major topics that reflect the multidisciplinary nature of real estate as espoused by Graaskamp. Part III treats real estate feasibility and development, Part IV concentrates on real estate valuation, and Part V discusses institutional economics.

Seniors housing improves the quality of life for an increasingly significant segment of the population. The number of people in the United States over sixty-five years of age is projected to double in the next thirty years, and the number of people aged eighty-five and over - the ones most in need of seniors housing - is projected to increase three-fold. The business implications of this demographic change are significant. This volume provides an introduction to seniors housing, and an industry analysis, with the ultimate goal of expediting needed investment. It provides information for industry analysts on product lines, complementary products, and substitute products. In addition, it examines buyers and their behavior; the growth potential of the industry; the growth patterns and determinants of growth; the economics of the different product types; and the market analysis techniques. Finally, an article on health care REITs and health care stocks investigates the performance of the larger players in the industry.

Arthur L. Schwartz, Jr. and Steven D. Kapplin The focus of this volume of the ARES Monograph Series is new ideas in real estate investment. Within this volume, empiricial studies, literature reviews, and tutorials examine a broad range of important investment issues. Many new and innovative ideas are presented. This volume should be a rich source of real estate investment ideas for many years to come. Kapplin and Schwartz examine the returns of two types of REITs, as well as that of Master Limited Partnerships (MLP), over the 1987-1989 time period. Their sample consisted of 54 real estate securities; they conclude that these entities did not provide an effective inflation hedge. MLP returns exceeded that of the overall stock market, but the two REIT types did not provide rates-of-return in excess of the marked. An extensive review of the commercial real estate return literature is presented by Fletcher. He focuses upon studies that utilize commingled real estate fund (CREF) data. His detailed overview of the subject provides a much needed synthesis of the current literature. Roulac presents an extensive discussion of the differences in the per­ spectives of individual versus institutional investors. In his essay, he considers such factors as scale, diversification, and related issues. Addi­ tionally, he examines a wide range of literature from within academia, 1 INTRODUCTION 2 as well as the opinions of various real estate gurus. He concludes that behavioral factors override economic considerations.