Geographic Technology in Real Estate: A Technology Assessment Report Introduction Real estate is defined by the Barron’s Dictionary of Real Estate Terms as the “land and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens.” This definition clearly conveys the geographically fixed nature of real estate and the inherent risk associated with this characteristic that is not found in other financial assets such as stocks and bonds. It is the identification and quantification of these risks that dominates the real estate decision. Regardless of whether a large insurance company is determining if it will insure a “trophy” office property in New York City or Starbucks debating the financial feasibility of a store in a new shopping center, identification of risk is central to the decision-making process. The advent of geographic information systems (GIS) has allowed these decision-makers to better analyze various risk components and draw more informed conclusions. The purpose of this assignment is to provide an analysis of GIS applications in the real estate industry. The primary focus is on the two most widely used applications of the technology in commercial real estate sector; (1) commercial lending and (2) site selection; however a review of the residential real estate sector, which is in the early stages of implementing GIS, is also included. Commercial Lending Institutions Commercial real estate lenders are extremely concerned with the physical stability and health of a property serving as collateral for a loan they have originated. Should the collateral be destroyed in some manner through either Acts of God (hurricanes, tornados, floods, etc.) or by ... ... middle of paper ... ...l estate industry. From the decision to lend money for the construction of a new skyscraper in Chicago, to the choice between the corners of a highway intersection for a new gas station, GIS plays a crucial role in allowing the key participants to make more informed decisions. Judging from the incorporation of GIS applications by today’s real estate companies, the importance of this tool will only continue to expand. Works Cited Castle, Gilbert H. GIS in Real Estate: Integrating, Analyzing, and Presenting Locational Information, Appraisal Institute, 1998. Friedman, J.P., J.C. Harris and J.B. Lindeman, Barron’s Dictionary of Real Estate Terms, Fifth Edition, Hauppauge, NY, Barron’s Educational Services, Inc., 2000. Thrall, Grant Ian, Business Geography and New Real Estate Market Analysis, New York, Oxford University Press, Inc., 2002.
The chart above paints a solid picture of the five-number summary, mean, mode, range, and standard deviation for the 40-gulf view condominiums sampled for our analysis. When looking at our analysis of golf view condominiums we can see that a large price range exists with one unit selling for $189,000 on the low end and another selling for $935,100 on the high end with an average selling price of $606,590. Gulf view condominiums have a range of 276 days on the market with units selling in as little as 22 days and others taking as long 298 days. According to the Interquartile Range Rule for...
“The purpose of an interval estimate is to provide information about how close the point estimate, provided by the sample, is to the value of the population parameter” (p. 306). The sample data is provided by Multiple Listing Service, which provides data for 40 Gulf View condominiums and 18 No Gulf view Condominiums. This sample data will be used to provide the appropriate descriptive statistics to summarize each of the three variables and determine outliers for both Gulf view Condominiums and No Gulf View Condominiums. Once this information is provided specific statistical results that would help a real estate agent understand the condominium market will be discussed. Then a 95% interval estimate for the population mean sales price and the population mean number of days to sell will be calculated with an interpretation of the results found for both condominiums. Next we will consider margin of error of the mean selling price using a 95% confidence to determine how large the sample size should be for each. Finally an estimate of the final selling price (based off of the percent difference for the sale and list price) and number of days required to sell each of the units.
"Real Estate Agents and Brokers." Encyclopedia of Careers and Vocational Guidance. 15th ed. Vol. 5. Chicago: Ferguson's, 2010. 235-44. Print. Ferguson's.
Assuming we attain success with the real estate investment firms across the nation, we would then reach out to realtors so that they would have this information when selling property to clients. Lastly, the homeowners themselves. This last market would have a “dumbed-down” software that wouldn’t contain the technical info that would come with the previous 2
dealings in rights or access to land and structures. It structures the spine of the urban economy being a settled variable business; thus a productive Real Estate business is generally critical for a well working urban environment. An effective Real Estate business is one that empowers fast improvement and exchange of area, gives sensible access to all wage bunches, earth sound and the framework overseeing the area markets ought to be incorporated with different laws
Simply put, a GIS combines layers of information about a place to give you a better understanding of that place. What layers of information you combine depends on your purpose—finding the best location for a new store, analyzing environmental damage, viewing similar crimes in a city to detect a pattern, and so on.
As applications of geospatial technologies continuously break the disciplinary barrier, the need for books on these technologies to reach diverse audiences is greater than ever. The challenge, however, is to write a book on this complicated subject that incorporates the knowledge of multiple disciplines and makes it valuable for those who may or may not have diverse educational backgrounds, but require using these technologies. Most books on geospatial technologies target a specific audience. Contrary to this, Geographical Information Science tries to target three different audiences (users, students, and engineers) by using formats and languages comfortable to them. While this effort is laudable, maintaining the balance and attractiveness to all the three audiences is challenging. The author, Narayan Panigrahi, has accomplished this balancing act but with mixed outcomes. His computer science background is clearly seen in the structure and contents of the chapters.
J B Harley, 1989, Deconstructing The Map, Ann Arbor, Michigan: MPublishing, University of Michigan Library.
GIS is an emerging method of data storage and interpretation. GIS is, simply put a database. It is many tables of data organized by one common denominator, location. The data in a GIS system is organized spatially, or by its physical location on the base map. The information that is stored in the database is the location and attributes that exist in that base map, such as streets, highways, water lines, sewers, manholes, properties, and buildings, etc. each of these items don’t just exist in the database, the attributes associated with the item is also stored. A good example of this would be a specific sewer line, from and arbitrary point A to a point B. Ideally, the sewer line would be represented graphically, with a line connecting the two points or something of the like. When one retrieves the information for that line in particular, the attribute data would be shown. This data would include the size of pipe, the pipe material, the upper invert elevation, the downstream invert elevation, the date installed, and any problem history associated with that line. This is the very gist of what a GIS system is.
Geographic Information Systems (G.I.S.) is one of the fastest growing technologies today. This field covers anything and everything that can be mapped, anything from weeds to urban sprawl, if it can be mapped, G.I.S. can be used. G.I.S. uses computers to store, analyze, and show data collected about a given topic(Kennedy 1), (Zimmerman 5-9, 73-91). G.I.S. basically turns a computer into an atlas(Kennedy 1). With all this information available, how can it help the field of agriculture? G.I.S. has been used to track the spread of noxious weeds, grasshoppers, soil types, and various other factors, which help in agriculture.
Geographical information system (or GIS) is a type of information system used for collecting data to analyze and to generate maps. In a sense, data is collected from different regions to be placed on a map to study and learn the results. This data can be a tax assessor's office that produces land use map for appraisers and planners to another part of the spectrum, where a wastewater department decides the most important areas of repair of the water system after a natural disaster. Different types of businesses from marketing to the police department will use GIS to track different information but perhaps in the same map.
Being a GIS program with a reduced GIS functionality and interactive Geographic User Interface (GUI), desktop GIS is used mainly for visualization of GIS data. (Buhmann & Wiesel, 2007)
In order to better understand economic geography, a review of the existing literature on the topic is necessary. The first consideration of geography in economic models was made in 1885 when Launhardt introduced a strategic model of spatial competition. This model highlights the arbitrage firms face with regards to location: they wish to locate as close to the core market as possible while keeping a distance from their competitors in order to be profitable. In 1929, Hotteling further developed this model by adding the hypothesis of a market in imperfect competition.
The real estate can provide owners with a positive income through tenant’s contributions for the flat and can make losses as well. The value of the real estate depends on several factors, those are the demand, supply, specifics of the real estate and process of transferring rights. Under the meaning of demand lies the readiness and ability of society to buy or rent a real estate. Supply includes all the possible real estates which people can buy or rent. Specifics of the real estate includes the location of the real estate and the process of transferring rights contains of bringing the real estate to the market and the negotiations of conditions of the sell or rent contract. According to Kahr and Thomsett (2005, pp. 37-41) the location of the real estate is valued on different levels. It means that the location is divided into countries, districts, cities and towns. Further the value of the real estate depends on the buildings and infrastructures which are nearby. Francis and Ruskuls and Roze (2000, p. 32) stressed out that in Latvia the real estate can be purchased either by inhabitants of Latvia or by any foreign
Introduction Real estate is a fixed, tangible and immovable asset in the form of houses or commercial property (Seldin & Richard 1985). Real estate market involves developing, renting, selling/purchasing and renovating of these assets (houses). Market participants include developers (contractors, engineers, and so on), facilitators (mortgage companies, real estate brokers, banks, management agents and so on), owners, renters (leasers) and renovators (Seldin & Richard 1985). Like other economic markets, real estate markets have internal and external forces that impact the market (Seldin & Richard 1985). Demand and supply forces have the major impact on the industry as they determine growth or decline in the market (Seldin & Richard 1985).