Tài liệu tham khảo về Bất động sản Kinh tế và Tài chính (Tài liệu bằng tiếng anh. Đây là một trong số những tài liệu giúp các bạn sinh viên chuyên ngành kinh tế, tài chính, kế toán. có thêm tài liệu để học tập và nghiên cứu. chúng các bạn đạt kết quả học tập tốt. | Spring 2005 Real Estate Economics and Finance Starring Erik Hurst In the Beginning, there was land . Why Should We Study Real Estate? Real estate is an asset If we take finance classes, don’t we know how to price this or any asset? The answer: Not Exactly Real Estate is different in many respects from stocks and bonds in regards to its: Function Size (which creates different financing options) The asset structure itself (the real option) Institutions Differences in Function Real Estate has multiple functions 1. Consumption: Real Estate is Used as Shelter (a place to live) Real Estate is Used as “Great Outdoors” 2. Production: Real Estate is Used as a Direct Input into Production (vineyard) Real Estate is Used as an Indirect Input into Production (place to build the factory). 3. Asset: Real Estate gives expected returns to those who own the assets or liabilities. Differences in Magnitudes: Total Differences in Magnitudes: Households Differences in Magnitudes: Firms Differences in Magnitudes: Investors Value of . Commercial Real Estate by Type of Property (end of 1999) Type of Property Value (trillions) Apartments Office Retail Industrial/Manufacturing Hotels Total Total (excluding apartments) Case (2000) Differences in Magnitudes: Investors Differences in Asset Structure Real Estate is Inherently A Different Asset There are, at times, large fixed costs in certain real estate transactions. Developing Initiating a Mortgage Defaulting There are, at times, irreversible decisions in real estate. Defaulting Refinancing These characteristics, as we will see, make investment decisions in real estate inherently different: “Real Option Analysis” The Institutions We will be discussing these throughout the course. Lenders: Most innovations in lending markets started in the mortgage market. Government: The government tends to take an interest in ‘housing’ and as a result is active in mortgage markets. . | Spring 2005 Real Estate Economics and Finance Starring Erik Hurst In the Beginning, there was land . Why Should We Study Real Estate? Real estate is an asset If we take finance classes, don’t we know how to price this or any asset? The answer: Not Exactly Real Estate is different in many respects from stocks and bonds in regards to its: Function Size (which creates different financing options) The asset structure itself (the real option) Institutions Differences in Function Real Estate has multiple functions 1. Consumption: Real Estate is Used as Shelter (a place to live) Real Estate is Used as “Great Outdoors” 2. Production: Real Estate is Used as a Direct Input into Production (vineyard) Real Estate is Used as an Indirect Input into Production (place to build the factory). 3. Asset: Real Estate gives expected returns to those who own the assets or liabilities. Differences in Magnitudes: Total Differences in Magnitudes: Households Differences in Magnitudes: .
