Click for larger image and other viewsCommercial Real Estate Analysis and Investments (with CD-ROM) [Hardcover]
Personal Review From Customer (Unbiased)
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Personal Review From Customer (Unbiased)
13 of thirteen folks found the subsequent review useful.
Great book, however you would like to go with it with others...
By Michael Rand
Overall, my favorite property book and also the one I consult most frequently.
At the chance of oversimplification, industrial property valuation is broken apart into three activities:
1) deciding what quantity money a property can generate (e.g. pro-forma property financials)
2) deciding a way to discount that money for time and risk (e.g. discount/cap rates)
3) deciding a way to slice this asset worth into numerous claims against it (e.g. mortgages/CMBS, most popular equity structures, etc.)
This book is superb at #2 and solely slightly less superb at #3. In fact, I notice its treatment of some materials (e.g. risk-neutral discounting because it relates to development properties) to be a superb complement to and in some ways in which a lot of informative than customary finance textbooks (e.g. Brealey / Myers). The authors do admit that their approach is slightly a lot of educational than rules-of-thumb employed in apply, however it never hurts to be a lot of informed than your peers. If you are involved concerning being too educational, conjointly develop the text by Peter Linneman property Finance & Investments: Risks and Opportunites; (2nd Edition), that covers similar material in an exceedingly less educational, though still logically sound manner.
I found, and lots of of you'll notice, the treatment of #1 (cash flow forecasting) somewhat restricted. The book will deal partially II with urban economics and partially IV with property-level pro-formas, however these topics fly well higher than the depth out there in different texts.
I recommend that you just compliment this text with one thing on market analysis...I own property Market Analysis: A Case Study Approach. A text like that gets you up the training curve on key supply-and-demand metrics for every collateral sort. There are books on property operations (e.g. property management and loan servicing) that would compliment the Geltner text if you are into that level of detail.
Side note: make certain to print out the appendices. they're a really helpful supplement to the text.
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Commercial Real Estate Analysis and Investments (with CD-ROM) [Hardcover]
Product Details Amazon Sales Rank: #49747 in Books Published on: 2006-12-01 Original language: English Number of items: one Dimensions: 1.39" h x 8.64" w x 10.26" l, 3.74 pounds Binding: Hardcover 848 pages
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