REAE 5327.531: SEMINAR in REAL ESTATE MARKET ANALYSIS
Fall 2003
Tuesday, 7:00-9:50 PM
Room 102 Pickard Hall (PKH)
Instructor J. Andrew Hansz Ph.D., CFA
Office 619 Business Building
Office Hours Monday and Tuesdays from 10:00 to 10:45 PM and by appointment.
Phone (817) 272-5843 E-mail hansz@uta.edu
Website https://websites.uta.edu/hanszja/ (Please check several times per week for announcements.)
Course Description
Examines the traditional topics of location and land use theory with emphasis on economic analysis to determine and forecast demand and supply in real estate markets. Market analysis techniques and tools are presented that can be used to increase the reliability of real estate valuation, development, and investment models.
Prerequisites
See graduate bulletin.
Course Format
- Discussion/Seminar – Specific text readings and cases will be assigned for each class period. Class will be conducted in a seminar format and it is expected that each assignment will be read prior to class and you will be ready to discuss the materials.
- Lectures and Assignments
- Problems and quizzes
- Examinations (Mid-term and comprehensive final)
- Group Market Analysis Project/Paper/Presentation – Students are responsible for writing a market analysis report.
Required Textbook
- Market Analysis for Commercial Investment Real Estate, CCIM Institute, 2002.
Recommended Reading
- Real Estate Market Analysis: A Case Study Approach, Adrienne Schmitz and Deborah L. Brett, Urban Land Institute, 2001. (ULI telephone number: 1 (800) 321-5011)
Calculators and Spreadsheet
A financial calculator (HP 10-B or equivalent) and a spreadsheet (Excel or equivalent) are required. The calculator must be able to calculate Internal Rate of Return (IRR) and Net Present Value (NPV). This means that the calculator must be able to deal with entry of uneven cash flows. Check the manual before you buy a calculator. You are responsible for learning the keystrokes. Please, do not use any electronic devises with memory during quizzes or exams. I also assume that you have basic spreadsheet skills.
Grading
| Percent | |
|---|---|
| Mid-term and Final Exam | 30 |
| Market Analysis Paper/Presentation | 60 |
| Class Grade (homework, preparation, presentation, attitude & class contribution) | 10 |
| Total | 100 |
Generally, the grading scale used by the Instructor can be:
| 90 – 100% | A |
| 80 – 89% | B |
| 70 – 79% | C |
| 60 – 69% | D |
| Below 60% | F |
The instructor can apply a “curve” which could lower these ranges.
Make-up Examination Policy
No make-up exams.
Policy on Handing in Assignments Late
Several assignments will be made during the quarter. A penalty per class period will be assessed for all assignments turned in late. Absence from class is not a valid excuse for handing in an assignment late.
Policy on Disruptive Classroom Behavior
This course will be conducted in a professional manner. Unprofessional behavior of any form in the classroom will not be tolerated. Students can be withdrawn at the discretion of the instructor for unacceptable behavior. Additionally, a portion of the final grade is attributed to class attitude/contribution. This grade, made at the instructor discretion, is based on attendance and attitude during class.
Academic Dishonesty
All students are expected to pursue their scholastic careers with honesty and integrity. It is the philosophy of this Department, this instructor, and the University of Texas at Arlington that academic dishonesty is a completely unacceptable mode of conduct and will not be tolerated in any form. All persons involved in academic dishonesty will be disciplined in accordance with University regulations and procedures. Discipline may include suspension or expulsion from the University.
“Academic dishonesty includes, but is not limited to, cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in part to another person, taking an examination for another person, or any act designed to give unfair advantage to a student or the attempt to commit such acts.” (Regents Rules and Regulations, Part One, Chapter VI, Section 3, Subsection 3.2, Subdivision 3.22)
Institutional procedures regarding charges of academic dishonesty are outlined in Part II, Chapter 2, of the Handbook of Operating Procedures of The University of Texas at Arlington. Copies of the Handbook are available at more than 75 locations on campus, including the Student Congress office, the Library, and the Finance/Real Estate Department office.
Americans with Disabilities Act (ADA)
The University of Texas at Arlington is on record as being committed to both the spirit and letter of the ADA to make reasonable adjustments in the classroom necessary to eliminate discrimination on the basis of disability. Students requesting an accommodation based on disability should meet privately with the instructor during the first week of class to discuss their special needs and advise the instructor of any special needs, abilities or limitations and to discuss the instructor’s expectations in class participation, performance and work standards. Any disclosure by the students of their need for accommodations is recognized to be extremely sensitive and all conversations and other communications will be kept protected and confidential and disclosed on a need-to-know basis only.
Students are responsible for contacting and consulting with the University’s Office for Students with Disabilities prior to contacting the instructor about any disabilities. The student should provide the instructor with some form of written documentation of the disability from an acceptable, external source (such as a doctor, psychiatrist, etc.) and from the Office for Students with Disabilities.
Attendance Policy
Students are expected to attend each class and students are expected to come to each class with their assignments completed. Any student who must miss a class is responsible for securing any and all assignments for coursework missed.
Drop Policy
These policies include by reference all provisions for grade adjustment or drop policies included in the applicable Graduate or Undergraduate Catalog in effect at the start of the semester. It is the student’s responsibility to complete the course or withdraw from the course in accordance with University regulations. No student will be dropped from the class rolls for absences. Students are strongly encouraged to verify their grade status before dropping a course after the first withdrawal date. A student who drops a course after the first withdrawal date may receive an “F” in the course if the student is failing at the time the course is dropped.
Drop for Non-Payment
It is the policy of the University of Texas at Arlington that students who have not paid by the census date and are dropped for non-payment cannot, under any circumstances, receive a grade for the course. Therefore, a student dropped for non-payment who continues to attend the course will notreceive a grade for that course. Emergency loans are available to help students pay tuition and fees. Students can apply for emergency loans by going to the Emergency Tuition Loan Distribution Center at E. H. Hereford University Center (near the southwest entrance).
Distribution of Grades
The distribution of grades for the semester will normally adhere to the guidelines of the Department of Finance and Real Estate. These guidelines are generally based on College of Business Administration averages for similar courses.
Student Evaluation of Teaching
The following appears in Administrative Memorandum No. 98-5, dated August 21, 1997, from the President to academic and administrative offices: “Beginning in Fall 1997, teaching evaluations will be conducted in every class every semester for every instructor of record.”
College of Business Bomb Threat Policy
Effective April 8, 1996, the College of Business Administration adopted a policy to deal with the classroom disruption caused by bomb threats in the building. Section 22.07 of the Texas Criminal law states that a Class A misdemeanor is punishable by (1) a fine not to exceed $4,000, (2) a jail term of not more than one year, or (3) both such a fine and confinement. If anyone is tempted to call in a bomb threat, be aware that UTA has the technology to trace such phone calls.
Every effort will be made to avoid cancellation of presentations/tests caused by bomb threats to the Business Building. Unannounced alternate sites will be available for these classes. If a student who has a class with a scheduled test or presentation arrives and the building has been closed due to a bomb threat, the student should immediately check for the alternate class site notice which will be posted on/near the main doors on the south side of the Business Building. If the bomb threat is received while class is in session, your instructor will ask you to leave the building and reconvene at another location.
Students who provide information leading to the successful prosecution of anyone making a bomb threat will receive one semester’s free parking in the Maverick Garage across from the Business Building. UTA’s Crimestoppers will provide a reward to anyone providing information leading to an arrest. To make an anonymous report, call 817/272-5245.
Food/Drink in Classrooms
College policy prohibits food and/or drinks in classrooms and labs. Anyone bringing food and/or drinks into a classroom or lab will be required to remove such items, as directed by the class instructor or lab instructor.
UTA Student Success Programs
The University of Texas at Arlington supports a variety of student success programs to help you connect with the University and achieve academic success. They include learning assistance, developmental education, advising and mentoring, admission and transition, and federally funded programs. Students requiring assistance academically, personally, or socially should contact the Office of Student Success Programs at 817/272-6107 for more information and appropriate referrals.
Important Dates
| Classes Begin | August 25 |
| Late Registration | August 25-29 |
| Labor Day Holiday | September 1 |
| Census Date | September 10 |
| Last Date to Drop a Course | November 14 |
| Thanksgiving Holiday | November 27-30 |
| Last Day of Class | December 5 |
| Final Exam Date | December 9 (8:15-10:45 PM) |
Schedule: You will be responsible for the following material.
Part 1: Introduction to Market Analysis
Part 2: The Aggregate Market
Part 3: Market Research
Part 4: Forecasting Demand
Part 5: Supply Factors
Part 6: Supply and Demand Dynamics
Part 7: Gap (Residual) Analysis
Part 8: Disaggregation
Part 9: Location and Site Feasibility
Part 10: Modeling Different Property Types
- Residential
- Retail
- Industrial/Warehouse
- Office
Part 11: Financial Feasibility
GIS Material: Learning ArcGIS I (for ArcView 8, ArcEditor 8, and ArcInfo 8)
- (I also encourage you to try Introduction to ArcView 3.x)
Important Dates:
| Site Inspection | TBA |
| GIS Lab | Tuesday, September 23, 2003 Joshua Been, GIS Librarian (Location TBA) |
| Mid-term Exam | Tuesday, November 4, 2003 |
| Project Presentations | Tuesday, November 25, 2003 |
| Papers Due | Tuesday, December 2, 2003 |
| Final Examination | Tuesday, December 9, 2003 (8:15 to 10:45 PM) |