Real Estate Development

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AUTHORS Moses Baridi Baridoma Dept of Estate Management Rivers State University of Science and Technology, Port Harcourt Nigeria , +234-

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Presentation transcript:

Real Estate Development Lecture 01 The real estate development process Reading: Chapter 1 - REDPP 23 August 2011

Outline Background Introduction to RED Knowledge needed The developer The RED Process Going to be interactive... Pardon me. The real estate development process

Background: Maslow’s Hierarchy: Self-fulfilment (development of one’s potential) Esteem (self-respect and the esteem of others) Relationship (affection for people/ belonging to a social group etc) Safety (security/ predictability/ order) Shelter for people, for their businesses, for their recreation etc Physiological needs (basic needs for food/ drink/ shelter/ air etc) The real estate development process

Background What is shelter? Structure providing protection against the external environment (www.dictionary.com) History - followed the development of man/ society.... From tree trunks and caves to contemporary complex structures The real estate development process

The real estate development process

Introduction to RED Real Estate Development is the continual reconfiguration of the built environment to meet society’s needs. Examples: Residential dwellings Roads Sewer systems Commercial centres Industrial centres Entertainment centres etc Constant need due to: Population growth Evolution of technology Changing taste Life style choices Revolving immigrant groupings Economic changes Each person says what they will want to live in The real estate development process

Background What informs REDs? Need of developer User requirements Comfort Purpose Demographics Etc.... Given unlimited funds to put up a development what will they put up and why? The real estate development process

Knowledge needed Public Policy Real Estate Development Elements of building design Infrastructure Financing Risk Control Time Management Real Estate Development Marketing Conveyance & contracts Urban development Legal requirements Local regulation The real estate development process

Components Is RED and Art or a Science? Why?? Components: ARCHITECTURE – conceptualization, schemes, design FINANCE – Economics, Funding, Lending MARKETING – Research, Analysis, Conclusions MANAGEMENT – Consultants, Firm, Project Management CONSTRUCTION – Engineering, Building More??? The real estate development process

The Developer Owner, Manager, Consultants or Partner Should have a good reputation because: Held in high esteem by general public Work has great impact on community Work is visible for criticism Creates/Provides shelter, innovation and attractive contributions to the built environment Communities grow with or without developers but growth need to be managed to create positive effect on Community The real estate development process

The 8 stage model (P. 7) Contract Negotiations Formal Contract Feasibility Construction Refinement of the Idea Completion & Formal Opening Inception of an idea Property, Asset & Portfolio Management The real estate development process

The RED Process IDEAS SPACE REALITY VALUE/ CURRENCY The RED Process The real estate development process