The real estate sequence is designed to improve an individual’s ability to make real estate acquisition, management, and disposition decisions. The study of real estate is divided into the areas of real estate analysis and real estate practice. Topics in these broad areas include cash flow analysis, the role of real estate in increasing shareholder value, site selection, financing alternatives, control and disposition, negotiations, mortgage financing, mortgage backed securities, valuation techniques and problems, and computer methods of valuation. The courses are designed to challenge the student by combining a rigorous theoretical foundation with applications such as case studies and market simulations. Upon completing the program, the student should possess the ability to analyze the complex real estate environment using their strong technical skills and increased understanding of real estate markets.

This course is designed for any graduate student with an interest in real estate decision making as well as a basis for more advanced courses. The class emphasizes a conceptual framework for decision making in the uncertain and ambiguous environment of real estate markets. Students are also exposed to the lease analysis and issues realted to the valuation of income producing real estate. The issues covered provide an opportunity to develop quantitative tools necessary for investment analysis in businesses.

This course is designed to provide the student with an understanding of modern real estate investment. The first half of the course extends the basic principles and methods of real estate valuation to address investment analysis at the owner-level, yet while still retaining an individual property focus. After examination of alternative measures of investment performance and, more generally, the concept of returns, follows coverage of the effects of leverage and income taxes on real estate investment returns. The course emphasis then turns to investment analysis at the aggregate property level. Specific topics addressed in the latter half of the course include portfolio theory, asset pricing theory, REIT valuation, and issues related to real estate investment management.

The mission of this course is to apply financial economic theory to real estate financial institutions and markets to explain how changes in the economic or financial environment affect real estate financial decision making. The course concentrates on residential and commercial real estate finance. First, basic discounting as it relates to present value, annuities, yield, and bond pricing are discussed. Second, basic residential real estate finance focuses first on fixed and adjustable rate mortgages and the mortgage choice decision. Next, the refinancing decision is examined with an extended discussion on creative financing methods such as wraparounds, buy-downs and second mortgages. The secondary mortgage and the use of mortgages as derivative assets are discussed. Commercial real estate issues center on leveraging, the impact of tax laws, and the financing of properties using equity participation and sale lease-back agreements. The course closes with the flexible opportunity to explore current relevant topics that are of special interest.

The real estate development process is analyzed. The main topics in the course include site selection and evaluation, using real estate market analysis to generate and evaluate development ideas, and the financing options for various development projects.