Labor Day Weekend is quickly approaching, which means the summer is winding down and fall semester classes are getting underway. These last few weeks have been somewhat slow; I’ve spent my days working on miscellaneous projects, meandering around the city watching the last of the building boom condos take shape, and working on my slowly-improving golf game. I’ve been adding my scores and brief notes to my post on the importance of golf in real estate. While I’ve enjoyed the unusual amount of free time, I’m excited and eager to get back to work. In the coming months I plan to officially launch my closed social network for young real estate entrepreneurs, improve the usability my blog, overhaul my personal blog, and join a fund working on a part-time basis.
In addition, this fall I will be taking the first two of the four Tier II courses:
Real Estate Valuation and Feasibility Analysis - This course provides an introduction to the income, market, and cost approaches with extensive treatment of the highest and best use concept and applications of discounted cash flow, income capitalization, and residual techniques. It emphasizes investment, risk, and lease valuation models and looks at their role in providing essential income and cash flow measurements used in arriving at sound value based decisions. Feasibility analysis, realistically grounded in market analysis and featuring the cost versus value creation equation, is also treated.
Required Text – Appraisal of Real Estate by Airea
The Development Process – This course provides a step by step analysis of the phases utilized in the real estate development process including conceptualization, site acquisition, zoning and permits, planning and design, the construction process, financing, and financial reporting and evaluation. The key components of construction contracts and subcontracts are covered including lump sum, unit price, and cost-plus delivery methods are examined. Leadership, management and control of the development team are featured issues.
Required Text – The Development Process by William Poorvu and Real Estate Development by ULI
I cannot wait for the upcoming semester to get going and to engulf myself in my coursework and various side projects. It’s such an exciting time to be in the business, with so many signs that opportunity in real estate is on the horizon. The Sage of Omaha himself has increased his real estate holdings with the purchase of Capmark Financial’s loan-servicing and mortgage business and many funds have been raised including the $625 million fund put together by Sam Zell to buy distressed securities backed by commercial real estate assets. It’s undoubtedly going to be an exciting few months.
Do you think distressed asset and distressed debt opportunities will emerge over the next few months or are the opportunities further down the road?
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- NYU Schack Institute of Real Estate Program Overview and my Spring Semester Schedule
