Fundamentals of Real Estate Development

by James A. Graaskamp

جیمز آ.گراسکمپ

The real estate development process involves three major groups- consumer group, a production group, and a public infrastructure group. Each group benefits from cooperation and a full under standing of the values, short- and long-term objec tives, and major limitations controlling the other two groups. A major limitation shared by all groups is the fact that each is a cash cycle enterprise which must remain solvent to survive and which must create a surplus over time to maintain credibility with others.

make assumptions about future social norms, technologies, and the direction of Cash cycle enterprises must continuallycomplex changes . in personal, natural, and political conditions. The degree of error between assumptions and realiza tions is what is termed risk, and in an enterprise economy most parties are attempting to shift a dis proportionate share of the risk to others while re taining a larger share of the benefits. Unlike many

برای دریافت فایل با ایمیلinfo@soroushbazazanlotfi.com تماس حاصل فرمائید.

Unlike  many mass production industries,  each  real  estate  project is unique and  the  development  process  is  so  much a creature of the political process that society has a new opportunity  with  each  major  project  to negotiate, debate,  and  reconsider  the  basic  issues of an enterprise economy, i.e., who pays, who ben- efits, who risks, and who has standing to participate    in the decision process. Thus the development pro- cess remains a high  silhouette  topic  for  an  articu- late and politically  sophisticated  society.  The  best risk management device for  the  producer  group, which is usually the lead group in the initiation of a project, is thorough research so that the develop-

ment product fits as closely as possible the needs of the tenant or purchaser, the values of the politically active collective consumers, and  the  land  use  ethic of the society

James A. “Jim” Graaskamp was a professor and department chairman of real estate at the University of Wisconsin–Madison who helped establish his field within the realm of academia. He is credited with creating a multi-faceted ethics-based curriculum now widely used in teaching real estate