"Real Estate Principles: A Value Approach" demonstrates how value is central to virtually all real estate decision-making. Students using Ling and Archer should finish the course with a value-oriented framework, and a set of valuation and decision making tools that can be applied in a variety of real-world situations. The key to making sound investment decision is to understand how property values are created, maintained, increased or destroyed. Since the launch of "Real Estate Principals: A Value Approach, 2e" significant and lasting changes have come upon the world of real estate. This is very true in real estate finance and capital sources where most of the traditional lenders have been transformed or displace, giving way to a radically different set of player in mortgage finance. There has been change as well with profound and far-reaching implications in a world where it is understandable that property values can go down as well as up. This realization will color every aspect of real estate investment, finance and transactions for the foreseeable future.

About the Author

David C. Ling (Ph.D, 1984, and MBA, 1977, The Ohio State University) is the William D. Hussey Professor of Real Estate and the Director of the Real Estate Research Center in the Warrington College of Business Adminstration and Graduate School of Business at the University of Florida. Professor Ling serves on numerous editorial boards including the Journal of Housing Economics, Real Estate Economics, The Journal of Real Estate Research, and Real Estate Finance. He has provided research and consulting services to several state and national organizations including the Federal National Mortgage Association, the National Association of Home Builders, the National Association of Realtors, and the Florida Association of Realtors. He is a Fellow of the Homer Hoyt Institute and board member of the Real Estate Research Institute.

Table of Contents

Part 1: Setting the Stage Chapter 1: The Nature of Real Estate and Real Estate Markets Part 1: Setting the Stage Chapter 1: The Nature of Real Estate and Real Estate Markets Chapter 2: Value and Real Estate Decisions Part 2: Legal and Regulatory Determinants of Value Chapter 3: Legal Foundations to Value Chapter 4: Conveying Real Property Interests Chapter 5: Government Controls and Real Estate Markets Part 3: Market Analysis and Appraisal Chapter 6: Market Determinants of Value Chapter 7: Forecasting Ownership Benefits and Value: Market Research Chapter 8: Valuation Using the Sales Comparison and Cost Approaches Chapter 9: Valuation Using the Income Approach Part 4: Financing Home Ownership Chapter 10: Real Estate Finance: The Laws and Contracts Chapter 11: Residential Mortgage Types and Borrower Decisions Chapter 12: Sources of Funds for Residential Mortgages Part 5: Brokering and Closing the Transaction Chapter 13: Real Estate Brokerage and Listing Contracts Chapter 14: Contracts for Sale and Closing Part 6: Time, Opportunity Cost and Value Decisions Chapter 15: The Effects of Time and Risk on Value Chapter 16: Mortgage Calculations and Decisions Part 7: Financing and Investing in Commercial Real Estate Chapter 17: Commercial Mortgage Types and Decisions Chapter 18: Sources of Commercial Debt and Equity Capital Chapter 19: Investment Decisions: Ratios Chapter 20: Investment Decisions: NPV and IRR Chapter 21: Income Taxation and Value Part 8: Creating and Maintaining Value Chapter 22: Enhancing Value through Ongoing Management Chapter 23: Leases and Property Types Chapter 24: Development: The Dynamics of Creating Value