1. Property Development Approach Flashcards
1
Q
What is property development?
A
The business of buying land and buildings and improving them so their selling price exceeds the price paid for them
2
Q
What activities do developers do?
A
Property development - complete and sell project for a profit
Land development - complete infrastructure then sell in individual lots
3
Q
What are 3 attributes of developers?
A
- Wide market knowledge
- Control one of land, capital, knowledge, tenants
- Entrepreneurs and understand risk
4
Q
What are 2 ways to initiate development?
A
- Use looking for a site - driven by demand
- Site looking for a use - consider highest and best use of the land
5
Q
How are developers perceived by the public?
A
Generally bad but developments reflect market needs
