Real Estate Market Feasibility Study Syllabus



Real Estate Market Feasibility Study2 CreditsBU.242.601.XX [NOTE: Each section must have a separate syllabus.][Day & Time / ex: Monday, 6pm-9pm][Start & End Dates / ex: 8/20/18–10/15/18][Semester / ex: Fall 2018][Location / ex: Washington, DC]Instructor[Full Name]Contact Information[Email Address][Phone Number, ###- ###-#### (Optional)]Office Hours[Specify the day and time of the 2 hours that will be dedicated to office hours each week. For evening classes, faculty may wish to hold their office hours by phone or email. While faculty are permitted to state “and by appointment,” office hours should not be held exclusively by appointment.]Required Texts & Learning MaterialsFanning, Stephen F., Market Analysis for Real Estate, Appraisal Institute, 2014Elliott, Elliot, Wang. “Highest and Best Use and Most Probable Use in Multifunctional Agricultural Land Markets.”’ (is provided in the course materials)Course DescriptionUnderstanding the urban environment is the key to understanding the marketability of real estate. Likewise, understanding the marketability of real estate is the key to making wise investment decisions. In this course, students will examine the forces that form, shape, and influence the growth of cities with the goal of understanding how real estate benefits and suffers from these dynamics. Students will explore the techniques for forecasting demand and supply in specific markets, as well as evaluating sites based on product criteria. Products include residential, commercial, and retail properties. Final sessions deal with feasibility analysis.Prerequisite(s)NoneLearning ObjectivesBy the end of this course, students will be able to:Apply urban economic theory to the real estate development process to guide strategies and projects.Develop background, meta, and working knowledge of cities or urban places required to evaluate and select a site for your real estate development project.Understand the market forces and government policies that determine land use patterns within metropolitan areas.Employ tools of competitive market analysis to understand how land is allocated to its various potential uses in cities.Understand the rationale of economic activities in the metropolitan regions.Identify and demonstrate analysis methods and processes associated with the valuation of real estate.Identify the various methods of market analysis.Identify physical, legal and locational factors that influence the value of retail, multifamily and office properties.Demonstrate how market analysis is used in financial feasibility and highest and best use decisions.Identify types and uses of market data.Research and possibly present to class market analysis for a specific use on a specific property.To view the complete list of the Carey Business School’s general learning goals and objectives, visit the Carey website.Attendance Attendance and class participation are part of each student’s course grade and will count for 15% of the final grade. Students are expected to attend all scheduled class sessions. Failure to attend class will result in an inability to achieve the objectives of the course. Regular attendance and active participation are required for students to successfully complete the course.Assignments The assignments for this course include two individual written assignments in Weeks 2 and 3 and four group presentations in Weeks 5 through 8. The individual assignments address urban structure and growth while the group presentations address the steps of the feasibility analysis process. These assignments and presentations will require significant research and observation of real estate properties and application of real estate market data.?The final presentation in Week 8 is longer and covers the full feasibility analysis process. Each group prepares a written report of three to five pages to accompany the presentation. This written report is due 48 hours before the in-class presentation.AssignmentLearning ObjectivesWeightAttendance & Class Participation1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 1115%Midterm Exam1, 2, 3, 4, 530%Homework1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 1130%Final Presentation and Final Report1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 1125%Total100%Note: The instructor can revise the evaluation and weighting system as she/he deems appropriate.The grading criteria for in-class presentations and final report is summarized in the table below:Grading CriteriaBelow expectationMeets expectationExceeds expectationBusiness with humanity in mindDiscussion of business with humanity was included (0 points)Discussion of business with humanity was included (1 point)Timeliness and formatBoth time limit was exceeded, slides were hard to read/understand, slides not sent by email 2 hours before class (0 points)Time limit was exceeded or slides were hard to read or understand or slides not sent by email 2 hours before class (1 point)Time limit was not exceeded; slides were easy to read and understand; slides sent by email 2 hours before class (2 points)AccuracyOnly some of the calculations and conclusions were correct (0 points)Most of the calculations and conclusions were correct (1 point)All calculations and conclusions were correct (2 points)CompletenessOnly some of the required information was not included (1 point)Most of the required information was included (2 points)All the required information was included (3 points)PresentationPresentation was not effective, the report was not easy to read and understand (0 points)Presentation was effective or the report was easy to read and understand (1 point)Presentation was extremely effective, the report was easy to read and understand (2 points)GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance as determined by the instructor. The grade of A- is awarded only for excellent performance. The grades of B+, B, and B- are awarded for good performance. The grades of C+, C, and C- are awarded for adequate but substandard performance.?The grades of D+, D, and D- are not awarded at the graduate level (undergraduate only). The grade of F indicates the student’s failure to satisfactorily complete the course work.Please note that for Core and Foundation courses, a maximum of 25% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.3. For Elective courses, a maximum of 35% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.4. (For classes with 15 students or fewer, the class GPA cap is waived.)Tentative Course CalendarThe instructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.WeekDateTopicReading 1Lecture: Why Cities ExistFanning: Chapters 5 & 62Lecture: Why and How Cities GrowAssignment 1 is dueFanning: Chapters 1 & 23Lecture: Market Analysis & Property ProductivityAssignment 2 is dueFanning: Chapters 3 & 44Midterm ExamLecture: Market Delineation & Measuring & Forecasting DemandAssignment of Case Study GroupsFanning: Chapters 7 & 125Case Study 1 PresentationsLecture: Supply & Marginal Demand AnalysisFanning: Chapters 8 & 106Case Study 2 PresentationsLecture: Property Capture & AbsorptionFanning: Chapters 9 & 117Case Study 3 PresentationsLecture: Financial Feasibility & Highest and Best Use AnalysisFanning: Chapter 16 & 178Final Case Study Report due 48 hours before final classFinal Case Study PresentationsLecture: Financial Feasibility & Highest and Best Use AnalysisFanning: Chapter 18Elliott, Elliot, WangCarey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Disability Support ServicesAll students with disabilities who require accommodations for this course should contact Disability Support Services at their earliest convenience to discuss their specific needs. If you have a documented disability, you must be registered with Disability Support Services (carey.disability@jhu.edu or 410-234-9243) to receive accommodations. For more information, please visit the Disability Support Services webpage.Academic Ethics PolicyCarey expects graduates to be innovative business leaders and exemplary global citizens. The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an exemplary citizen. The objective of the Academic Ethics Policy (AEP) is to create an environment of trust and respect among all members of the Carey academic community and hold Carey students accountable to the highest standards of academic integrity and excellence.It is the responsibility of every Carey student, faculty member, and staff member to familiarize themselves with the AEP and its procedures. Failure to become acquainted with this information will not excuse any student, faculty, or staff from the responsibility to abide by the AEP. Please contact the Student Services office if you have any questions. For the full policy, please visit the Academic Ethics Policy webpage.Student Conduct CodeThe fundamental purpose of the Johns Hopkins University’s regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically. Please contact the Student Services office if you have any questions. For the full policy, please visit the Student Conduct Code webpage.Student Success CenterThe Student Success Center offers free online and in-person one-on-one and group coaching in writing, presenting, and quantitative courses. For more information on these services and others, or to book an appointment, please visit the Student Success Center website.Other Important Policies and ServicesStudents are encouraged to consult the Student Handbook and Academic Catalog and Student Services and Resources for information regarding other policies and services.Copyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Academic Ethics Policy. ................
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