Course Descriptions
The ASU MRED program produces real estate development industry leaders who are knowledgeable, skilled, thoughtful, ethical and critical thinkers. Combining theories and practices from business, law, construction, and design, the MRED provides core knowledge and advanced application skills vital to locating and analyzing property, as well as weighing the physical, legal, economic, political and financial conditions impacting the use and development of property.
2012-2013 Course Curriculum
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Course
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Course Description
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RED 501
Urban Economic and Real Estate Development Principles
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This course explores the basic principles of urban economics and their application to real estate decision making. The course addresses urban economic theory, location analysis, and the impact of location on use and land value. In addition the course discusses what real estate developers do, how they manage the development process, the various participants and their roles in the real estate development and investment process. Students learn about due diligence and conversion of information into decision making methods. This course is the foundation for many of the other courses taught in the program.
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RED 502
Real Estate Valuation, Finance and Capital Markets
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This course addresses the concepts of valuation applied to real estate and teaches students how to apply these principals. Students learn how to create detailed financial models used to analyze real estate development and investment opportunities. The basic theories of real estate valuation are taught and applied including methods of valuation, decision making, risk analysis and measures of financial performance used for evaluation of opportunities. In addition, students are taught real estate capital markets, how they function, and their impact on individual real estate opportunities and how underwriting is performed.
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RED 503
Real Estate Market Analysis
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This course focuses on market analysis and market data gathering methods, means and techniques necessary in identifying market opportunities and developing specific market strategies for successful real estate development. Special attention will be placed on the art and science of market segmentation and the resultant strategies of for market positioning, competition, imitation and innovation. Students learn how market analysis applies to evaluation of opportunities, determining market demand and supply balance and predicting market movements as part of risk analysis.
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RED 504
Real Estate Site Analysis, Master Planning and Design
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This course investigates methodologies of business management issues in real estate development projects and companies. Subject matter will include organization, structure, balance sheets, intro to managerial accounting, project reporting, contracts, corporate tax issues.
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RED 505
Land Use Law and Public Entitlement Process
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This course teaches student the basics of US land use law, how these laws impact real estate use and development and how developers achieve necessary property rights and entitlements to allow implementation of a development proposals. This course covers general plan adoption and amendments, zoning/rezoning, subdivisions, special use permits, exactions, permits and fees. Students learn how to manage the process of identifying land use entitlements, working with jurisdictions, their staff and elected officials to secure needed rights.
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RED 506
Real Estate Law for Developers
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This course teaches students that aspect of US law covering federal and state statutes and local ordinances dealing with real estate, real property, property rights and interests, buying and selling real property, landlords and rental property, renters’ and tenants’ rights. It will focus on personal interests in property, such as rights of ownership, establishing property title, requirements in sales and transfers of property, real estate lending, and foreclosures and settlement of claims against property. Students will learn about purchase and sale agreements, property title, deeds, liens, escrow, purchase and sale and closings, leases, loans as well as handle disputes involving foreclosures, receiverships as well as boundary and title disputes.
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RED 507
Synthesis Project #1 Residential Development
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This course employs the students learning through application to a specific problem given by faculty. Students work in teams to analyze and seek solutions. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis.
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RED 508
Real Estate Engineering and Construction
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This course explores the basic principles of engineering and construction of real estate development projects. Students learn the basics of civil engineering, property survey, legal descriptions, topography, hydrology and soils. In addition they learn about community infrastructure system planning and design of water, sewer, electric, telephone and other dry utilities. Students learn about regulatory issues and agencies, how to work with agencies for approval. In addition, students learn the construction process and related issues.
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RED 509
Advanced Financial Analysis For Commercial Real Estate
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This course teaches students more complex financial analysis of income producing property including various decision making tools such as Monte Carlo, option pricing, assessing alternatives and how to build these into financial models. The course also teaches financial analysis of business structures to determine potential outcomes such as debt and equity structures, waterfalls, claw backs and other business and ownership concepts. A greater emphasis is placed on strategic alternatives, assessing risk and conversion events.
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RED 510
Real Estate Development Business and Project Management
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This course teaches students about the management of real estate development companies and process. The course emphasis various ownership structures, services and roles developers play, strategic positioning, company structure, investor relations, ethics and community focused responsible real estate development. Students learn the various aspects of project management, financial management and project accounting, lending relations and managing loans and pay applications as well as dispute resolution and strategic partnerships.
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RED 511
Design of the Built Environment
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This course teaches students about the built environment and how that applies to creation of places, market positioning, capturing value and the importance of good design to the business of real estate. Emphasis is placed on how developers should work with design teams to seek salient problems and solutions. Students learn to work with design professions through group work with students from the Design school.
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RED 512
Real Estate Law for Developers - Special Topics
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This course is a supplement to Real Estate Law for Developers. This course teaches students about issues faced by developers such as various types of financing structures including special districts, TIF and bond financing. It also deals with issues and process of raising capital and various forms of securing equity. Private Placement Memorandums, Limited Liability Companies, Partnerships and Public Private Partnerships are discussed. Students will also learn about environmental law, income tax issues, negotiation and alternative dispute resolution.
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RED 513
Advanced Real Estate Engineering, Construction Management and Sustainable Development
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This course expands upon what was learned in Real Estate Engineering and Construction. This course deals with various construction delivery methods, construction project management and scheduling, construction contracts, mechanics and materialmans liens, and pay applications. Students also learn about sustainability and the built environment.
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RED 514
Synthesis Project #2 Income Property Development
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This course employs the students learning through application to a specific problem given by faculty. Students work in team to analyze and seek solutions to development of land for an income producing property. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis. /p>
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RED 515
Synthesis Project #3 Capstone Project Mixed Use Property Development
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This is the students’ capstone project. This course employs all that the students have learned through application to a specific problem given by faculty. Students work in team to analyze and seek solutions to development of land for a complex, mixed use project. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis.
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RED 584 - Fall semester elective course offered in afternoons
Real Estate Development Business and Project Management Internship
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The MRED Internship course is designed for MRED students interested in integrating the knowledge and skills cultivated in the MRED program (real estate business management, creative problem-solving, team building, critical analysis and thinking). This course helps students’ secure relevant functional and industry experience by providing hands-on work experience across a variety of internship sites demonstrating the varied and changing demands and possibilities of work within the real estate industry. Students will be encouraged to use their internship experiences to analyze the shifting landscape of work and to assess potential employment environments and career paths.
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RED 684 - Spring semester elective course offered in afternoons
Real Estate Development Business and Project Management Internship
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The MRED Internship course is designed for MRED students interested in integrating the knowledge and skills cultivated in the MRED program (real estate business management, creative problem-solving, team building, critical analysis and thinking). This course helps students’ secure relevant functional and industry experience by providing hands-on work experience across a variety of internship sites demonstrating the varied and changing demands and possibilities of work within the real estate industry. Students will be encouraged to use their internship experiences to analyze the shifting landscape of work and to assess potential employment environments and career paths.
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Fall Semester: 18 credits
Spring Semester: 18 credits
Total for program: 36 credits
Fall Semester Elective: 3 Credits
Spring Semester Elective: 3 Credits
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