Core Real Estate Courses
Fall 2009
PHYSICAL DESIGN & CONSTRUCTION
(includes site planning, design typologies/standards, construction management, design lab)
- GSD 5212. Field Studies in Real Estate, Planning, and Urban Design
Richard Peiser (Fall)- GSD 7411. Design and Development: from Concept to Implementation.
Andreas Georgoulias, Spiro Pollalis (Fall)
URBAN ANALYSIS
(includes land use/planning, housing, law, transactions, approvals, and negotiation)
- GSD 5201. Urban Politics, Planning & Development.
Alan Altshuler (Fall)- GSD 5203A. Markets and Market Failures.
Joseph Kalt (Fall)- GSD 5203B. Markets and Market Failure.
Jose Gomez-Ibanez (Fall)- MIT 11.433J. Real Estate Economics.
Wheaton (Fall)- LAW 43500A. Local Government Law.
David Barron (Fall)
FINANCE & DEAL STRUCTURING
(includes real estate finance, capital markets, and deal-structuring)
- GSD 5204.* Real Estate Development and Finance.
Richard Peiser (Fall)- HBS 1684.* Real Property.
Arthur I. Segel (Fall)- KSG HUT-265.* Real Estate Finance & Development Fundamentals.
Marchant (Fall)* indicates that these three courses are interchangeable. Students should take one of these courses.
COURSE DESCRIPTIONS
GSD 5212. Field Studies in Real Estate, Planning, and Urban Design
Richard Peiser
Fall. W 2:00 - 5:00 (Gund Hall 109)
This course is intended to provide students an understanding of the dynamics and complexities of reality that create contemporary urban physical environments. The course emphasizes the integration of design and development aspects of projects that respond to realistic market demand, political, financial and other regulatory constraints. It is designed for real estate professionals, planners, and designers to broaden their understanding of urban issues and problems, as well as to improve the applicability of their skills in either design or financial analysis in the context of real estate developments.
The pedagogical objectives of the course are as following:
1. To introduce students to the intrinsic linkage between financial soundness and design creativity required in the process of real estate development
2. To introduce students to the framework of capital market mechanisms and the broad range of activities involved in achieving the success of real estate development with special attention to the various roles played by professional service providers
3. To expose students to as many aspects of real estate issues and decision-making challenges, as possible, both from the private developer's perspective and the public sector.
Students will work in teams of three members undertaking field study projects sponsored by property owners, non-profit organizations and public agencies. Under the guidance of the professors and in cooperation with the sponsor, students will act as professional consultants to the owners/investors of the project. Students will visit the sites in late February or early March.
The course is one of 'learning through doing.' The cases are designed to place students in decision-making situations commonly faced by real estate, planning, and design professionals in reality.
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GSD 7411. Design and Development: from Concept to Implementation
Andreas Georgoulias, Spiro Pollalis
Fall. TuTh 11:30 - 1:00 (Gund Hall 109)
This course examin-es the real estate design and development process, from the first idea and the original conceptual sketch to the creation of building and infrastructure assets. During this complex but fascinating process, the designer is placed within a system of other agencies, each one having specific roles, expertise and capabilities but sometimes different incentives and goals. The course provides students with a thorough understanding of the role of each entity and describes how risks and rewards are created and distributed amongst people and organizations.
Centering on the needs of the developer-owner, this year's topics include strategies for successful design implementation, selection of the architect, consultants and contractors, and selection of the appropriate project delivery method. In addition, there is a focus on when and how designers should invest in the projects they design, mega-projects spanning multiple countries, project and firm risks, and assessing and implementing sustainability requirements and technological innovations.
Case studies provide the framework for the course, and together with lectures, guest speakers, and the assigned readings constitute the basis for class discussions. During the course, students will build specific skills on negotiations, budgeting, scheduling, and financial return calculations through short assignments and in-class simulations. The course welcomes students with non-design backgrounds and expertise.
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GSD 5201. Urban Politics, Planning, and Development
Alan Altshuler
Fall. TuTh 8:40 - 10:00 AM (KSG)
The course views cities and urban regions as political constructs. Its purpose is to help students think strategically about major urban problems and controversies, particularly those that involve shaping the physical character of urban places. Substantive content includes an overview of U.S. urban governance, policy, and politics and some international comparative material, including a section on Chinese cities. The course will examine the ways in which political activities-such as planning, regulation, and public investment contribute to shaping the urban built environment.
Examines the politics of urban planning, land use, environmental regulation, and economic development. Principal aim is to help students think strategically about the roles of government and of politics in shaping the physical, social, and economic character of urban places. Focuses mainly on U.S. experience, but with attention as well to international comparisons. Policy topics include land use planning, zoning, downtown revitalization, transportation and other types of infrastructure investment; public-private partnerships for economic development; and efforts to move from urban sprawl to "smart growth." Cross-cutting topics include the causes and consequences of sprawl and racial-class segregation in U.S. metropolitan areas; business-government relations; and contending ideas about the balance of forces in U.S. urban politics. Emphasis placed throughout on the special roles of business and of grass-roots democracy in U.S. urban governance; on tensions among the core values of capitalism, democracy, and planning; and on strategies that politicians and planners employ to ameliorate these tensions.
GSD 5203A. Markets and Market Failure
Joseph Kalt
Fall. MW 8:40 - 10:00 AM (KSG)
The first half of the course covers skills for predicting market behavior, including supply and demand and the behavior of firms and consumers. The second half examines the rationale for government intervention in markets, including problems of information, monopoly, externalities, and collective or public goods. GSD 5203A covers similar topics to the KSG course, API-101, but uses case discussions as well as lectures. The A section emphasizes market regulation and economic development applications. The first half of the course covers skills for predicting market behavior, including supply and demand and the behavior of firms and consumers. The second half examines the rationale for government intervention in markets, including problems of information, monopoly, externalities, and collective or public goods. GSD 5203A covers similar topics to the KSG course, API-101, but uses case discussions as well as lectures. The A section emphasizes market regulation and economic development applications.
GSD 5203B. Markets and Market Failure
Jose Gomez-Ibanez
Fall. MWF 10:00 - 11:30 (Gund Hall 111)
This course introduces economics to students who have had little previous exposure to the subject. Basic tools are covered, including supply, demand, and market equilibrium; analysis of market structure and performance; and production, pricing, and investment decisions of the firm. Applications to design and development problems are stressed, particularly economic evaluation of projects and the economics of choosing household and business locations.
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MIT 11.433J. Real Estate Economics
William C. Wheaton
Fall. TuTh 12.30-2:00, Rec Tu 5:30-7:00 (Building 31, Room 301)
This course focuses on developing an understanding of the macroeconomic factors that shape and influence markets for real property. We will develop the theory of land markets and locational choice. The material covered includes studies of changing economic activities, demographic trends, transportation and local government behavior as they affect real estate.
This course applies the latest economic thinking and research to the task of analyzing real estate market fundamentals, forecasting supply and demand, and choosing locations. In addition to the two weekly lectures and assigned readings, the course involves 5 largely computer-based exercises (30% of grade), and a midterm and final exam (each 35% of grade). The exams are 1.5 hours each and cover material in each half of the course.
LAW-43500A. Local Government Law
David Barron
Fall. ThF 10:00 - 11:30 AM (Fall)
This course examines the possibility and desirability of decentralization of power in America. In the process of doing so, it focuses on issues such as federal and state control of city decision-making, the conflict between central cities and suburbs and among the suburbs themselves, alternatives to city-delivered services and to city taxation as a source of local revenue, and the ways in which racial and ethnic division fracture American metropolitan areas. Above all, this is a course about local democracy. For that reason, among others, active class participation is an integral part of the course and will be expected of every student enrolled in it. Text: Frug, Ford and Barron, Local Government Law (4th ed. 2006).
GSD 5204. Real Estate Development and Finance
Richard Peiser
Fall. TuTh 10:00 - 11:30 (Gund Hall 111)
This course teaches the fundamentals of real estate finance and development. Lectures and case studies introduce students to the full range of financial analysis skills and analytical processes for evaluating private and public development and investment in real estate. All major property types and land uses are covered as well as all stages of the development process, including site selection, market analysis, financial feasibility, design and legal considerations, construction, lease-up, operations, and sale of the final product. The cases are designed to place students in a number of decision-making situations commonly faced by real estate professionals. Prior or supplementary study of microeconomics is useful. Students studying business, law, and government, as well as selected undergraduates will be admitted, space permitting.
HBS 1684. Real Property
Arthur I. Segel
Fall.
This course is intended for any student serious about a career in managing, developing, or investing in real estate. Course objectives include how to analyze a real estate project, how to assess the risks in projects and portfolios, how to be a better deal maker, how to manage a project, and how to be a leader in the industry.
The course is divided into six modules with special emphasis on international real estate. The first module covers the analytic framework for real property development and investing, market analysis, the elements of joint ventures and partnerships, basic financial analysis, and introduces the students to the general vocabulary of the business. The second module examines each of the main commercial property types (office, hotel, industrial, retail, multifamily). The third module reviews capital markets including private equity syndications and deal making, mortgages and real estate investment trusts (REITs). The fourth module is on negotiations and will include discussions on buying and selling assets, distressed properties, and debt. The fifth module covers real estate development. Discussions will cover development in emerging markets, entrepreneurial projects, construction management, and development regulation and approvals. The final module discusses important trends in the industry including sustainability, globalization and opportunities in emerging markets, affordable housing, and infrastructure.
KSG HUT-265. Real Estate Finance and Development Fundamentals
Edward Marchant
Fall. MW 4:40 – 6:00 (L130)
This course provides an analytical framework for understanding the real estate finance and development process from both quantitative and non-quantitative perspectives. Topics addressed include: establishing investment/development objectives; structuring ownership entities including joint venture entities; identifying and evaluating prospective development sites; creating sound development plans; understanding the public entitlement process; preparing market and feasibility studies; securing debt and equity financing; coordinating the design and construction process; and marketing and managing real estate assets. Includes preparation of income statements; sources and uses of funds statements; federal tax impact analyses; and discounted cash flow analyses. Lectures, cases, exercises, site visits, guest lectures, and class discussions will involve a variety of real property asset types, including several structured as public-private partnerships.
MIT 11.433J. Real Estate Economics
William C. Wheaton
Fall. TuTh 12.30-2:00, Rec Tu 5:30-7:00 (Building 31, Room 301)
This course focuses on developing an understanding of the macroeconomic factors that shape and influence markets for real property. We will develop the theory of land markets and locational choice. The material covered includes studies of changing economic activities, demographic trends, transportation and local government behavior as they affect real estate.
This course applies the latest economic thinking and research to the task of analyzing real estate market fundamentals, forecasting supply and demand, and choosing locations. In addition to the two weekly lectures and assigned readings, the course involves 5 largely computer-based exercises (30% of grade), and a midterm and final exam (each 35% of grade). The exams are 1.5 hours each and cover material in each half of the course.
LAW-43500A. Local Government Law
David Barron
Fall. ThF 10:00 - 11:30 AM (Fall)
This course examines the possibility and desirability of decentralization of power in America. In the process of doing so, it focuses on issues such as federal and state control of city decision-making, the conflict between central cities and suburbs and among the suburbs themselves, alternatives to city-delivered services and to city taxation as a source of local revenue, and the ways in which racial and ethnic division fracture American metropolitan areas. Above all, this is a course about local democracy. For that reason, among others, active class participation is an integral part of the course and will be expected of every student enrolled in it. Text: Frug, Ford and Barron, Local Government Law (4th ed. 2006).
