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Course Criteria
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3.00 Credits
Wachter. Prerequisite(s): MGEC 621, Managerial Economics. Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam.
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3.00 Credits
Inman. Prerequisite(s): MGEC 621. The purpose of this course is to examine the financing of governments in the urban economy. Topics to be covered include the causes and consequences of the urban fiscal crisis, the design of optimal tax and spending policies for local governments, funding of public infrastructures and the workings of the municipal bond market, privatization of government services, and public financial systems for emerging economies. Applications include analyses of recent fiscal crises, local services and taxes as important determinants of real estate prices, the infrastructure crises, financing and the provision of public education, and fiscal constitutions for new democracies using South Africa as an example.
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3.00 Credits
Pack, Voith. This course considers the pervasive interactions between real estate developers and government. Governments influence real estate development in many ways: through zoning laws, taxes, public expenditures, impact fees, infrastructure, building codes, environmental regulations, to name just a few. Much of the time in the course is spent understanding the effect on residential and commercial real estate development of these government interventions. There are lectures, formal class discussion, visitors from private developers and policy officials. Prerequisite: Microeconomics course with a grade of B or better.
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3.00 Credits
Phillips. This course examines the fundamentals of real estate finance and development from a legal perspective. The course serves as a foundation course for real estate majors and provides an introduction to real estate for other students. It attempts to develop skills in using legal concepts in a real estate transactional setting. The course will be of interest to students contemplating careers in accounting, real estate development, real estate finance, city planning, or banking. The main topics covered may include the following: land acquisition, finance; choice of entity; tax aspects; management (leasing, environmental); disposition of real property (sale of mortgaged property, foreclosures, wraparound mortgages, sale-leasebacks); and recent legal developments.
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3.00 Credits
Nakahara. Prerequisite(s): REAL/FNCE 721 & REAL/LGST 804. This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process.
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3.00 Credits
Gyourko. Prerequisite(s): REAL/FNCE721. This course, is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL/FNCE 721. The class will contain a mixture of lectures, guest speakers and case discussions. Academic research is paired with recent industry analysis of key issues in order to marry sound theory and empirical results with current events and practices. Several classes will include lectures outlining what economics and finance tell us about a number of topics. Generally, these will be followed by guest lectures from industry professionals who will focus on a specific application of the principles introduced in the lectures.
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3.00 Credits
Linneman. As a truly non-U.S. focused course, we explore the differences and similarities in real estate markets in a variety of countries. These real estate markets are examined against their investment structures, risk, financial markets, and economic, political, social and cultural backdrops. The course particularly explores international investment risks and opportunities. Countries examined include France, Germany, the United Kingdom, Latin America, Eastern Europe, Japan and Southeast Asia. Format: This course requires the interaction of faculty lectures, student presentations, case analyses, and leading industry speakers. Students must read the Economist each week and the Financial Times daily.
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3.00 Credits
Linneman. This half semester mini-course exposes MBA students (and approved undergraduates) to the entrepreneurial opportunities, structures, investment decision making, and risks which are present in commercial real estate markets. Commercial real estate had historically represented a fertile area for young entrepreneurs as its asset base and relatively predictable cash flows allowed for substantial debt financing for entrepreneurs possessing limited equity. While this remains true, structural changes in the real estate industry are combining with emerging new technologies to eliminate some entrepreneurial opportunities while creating others. This course focuses on identifying realistic opportunities, how to develop the concept, identifying and mitigating risks, raising capital, and exiting. The course consists of lectures by the professor, case discussions, and guest lectures by leading entrepreneurs. The course readings are comprised of articles, real estate business plans, and offering documents.
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3.00 Credits
Staff. All independent studies must be arranged and approved by a Real Estate Department faculty member with the exception of the Seevak Research Competition. Seevak Student Research Seminar: This class meets in the Spring semester to analyze how to conduct research in the real estate market, where to find data, how to critique research, how to frame research questions, how to write a business research report, how to present a business research report. Topics are provided each year. For further information regarding the Annual Seevak Research Competition see the Real Estate department's website: http://real.wharton.upenn.edu
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3.00 Credits
Staff. Real estate is a rapidly changing and evolving field. Traditional course offerings are not always able to incorporate the most recent advances in the many areas that make up the field of real estate. In this course, the participants - both faculty and students - research and present current topics and recent advances in real estate. The content will vary depending on the participants' interests and areas of expertise, but will typically cover urban economics, spatial issues, the economics of housing and commercial real estate markets, and real estate finance and investment. This course is intended to expand students' awareness of current topics in real estate and to prepare them to conduct their own academic quality research. The proseminar is organized as a series of lectures by faculty and students on topics of their own choosing. These lectures may involve well-known areas of knowledge, research, and methodology, as well as subjects currently under study. The main course requirements are preparing and presenting a series of lectures on a real estate topic (subject to the organizing faculty member's approval) and writing a research proposal that describes a workable project building upon or extending one of the topics covered in the course.
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