Farmington Hills Investment Properties

Farmington Hills Investment Properties

Real Estate

With more people working from home, there's a heightened need for properties with dedicated office spaces or adaptable areas.

Extraterrestrial real estate

  1. personal property
  2. Corporate Real Estate
  3. Commercial property
  4. Land law
  5. Investment rating for real estate
  6. Real estate investing
  7. Extraterrestrial real estate
  8. Healthcare real estate
  9. Deed
  10. Public property
  11. Estate (land)
  12. Right to property
  13. Land banking
  14. Community property
  15. Estate agent
  16. Real estate agent
  17. Private property
These areas typically see an increase in property values as new businesses and renovations come in. Tom also taps into his extensive network of contacts in Farmington Hills and beyond, ensuring your property gets noticed by the right people.

Real estate investing

  1. Index of real estate articles
  2. Real estate derivative
  3. Real estate economics
  4. Land reform
  5. Extraterrestrial real estate
  6. Healthcare real estate
  7. Deed
  8. Public property
  9. Estate (land)
  10. Right to property
  11. Land banking
  12. Community property
  13. Estate agent
  14. Real estate agent
  15. Private property
  16. Real estate owned
  17. Defeasible estate
  18. Real estate contract
Recognizing these market trends, you're now better positioned to aim for the highest possible selling price for your Farmington Hills home.

Land value tax

  1. Property
  2. Internet real estate
  3. Community land trust
  4. Estate in land
  5. Leasehold estate
  6. Property law
  7. Real estate development
  8. Private equity real estate
  9. Property tax
  10. Index of real estate articles
  11. Real estate derivative
  12. Real estate economics
  13. Land reform
  14. Healthcare real estate
  15. Deed
  16. Public property
  17. Estate (land)
  18. Right to property
Learn more about Farmington Hills Investment Properties here
For sellers, Tom's marketing strategies are unmatched. With his deep knowledge of the Farmington Hills market, Tom crafts a tailored strategy to attract serious buyers. This dynamic can lead to increased competition for available properties, potentially driving up prices in hot markets like Farmington Hills.
Tom also recognizes the emotional aspects of buying or selling a home. Learn more about Tom Gilliam | RE/MAX Classic here. You'll need to assess your credit score, savings for a down payment, and your overall budget for monthly mortgage payments. Each option comes with its own set of pros and cons, tailored to different financial situations and long-term goals.
He'll provide you with tailored advice, highlighting areas with the best growth potential and advising on the right time to make your move. He goes beyond the call of duty to ensure you're informed and comfortable every step of the way. You've likely noticed a shift towards more sustainable and energy-efficient homes.

With expertise like Gilliam's guiding the sale of homes in Farmington Hills, you're likely to see a significant return on your investment, thanks to the boosted local home values. His dedication to your happiness, combined with his market savvy and innovative strategies, ensures that you're not just finding a house, but a place to call home.

Right to property

  • Defeasible estate
  • Real estate contract
  • Property
  • Internet real estate
  • Community land trust
  • Estate in land
  • Leasehold estate
  • Property law
  • Real estate development
  • Private equity real estate
  • Property tax
  • Index of real estate articles
  • Real estate derivative
  • Real estate economics
  • Land reform
  • Commercial property
  • Land law
It's not just about the transactions; it's the personalized service that makes the difference. They've raved about his ability to navigate even the most challenging transactions with ease, ensuring they felt supported every step of the way. In Gilliam's hands, digital promotion isn't just an add-on; it's a potent tool tailored to sell your home swiftly and at the best possible price.

Currently, fluctuations in these rates are influencing buyer demand and affordability, directly impacting how much home you can afford in this competitive landscape. You can envision the satisfaction of seeing your home presented in the best light, attracting serious buyers and closing deals swiftly. When you meet Tom, you'll immediately notice his passion for real estate and his dedication to his clients. Tom's expertise and market knowledge will help guide this conversation, ensuring your real estate journey is on the right path from the start.

Tom Gilliam elevates your real estate experience by prioritizing exceptional client service above all else. Tom takes the time to understand your unique needs, whether you're upsizing, downsizing, or buying for the first time. He's adept at navigating through counteroffers, ensuring your interests are protected while moving towards a successful closing. With Tom, you're not just finding a house; you're stepping closer to your dream home, supported by a professional who values your satisfaction above all.

Successfully selling your home often hinges on employing proven strategies that showcase its best features. You've got to understand the buyer's mindset and anticipate their moves. The area's real estate landscape is dynamic, with fluctuations driven by several key factors including economic conditions, interest rates, and local development initiatives. So, if you're considering selling, you're in a great position.

Citations and other links

Award-Winning Real Estate Agent Farmington Hills

Moreover, Tom's personalized approach extends beyond the sale. Moreover, he's an expert negotiator who'll work tirelessly to secure offers that meet or exceed your expectations.

Healthcare real estate

  • Internet real estate
  • Community land trust
  • Estate in land
  • Leasehold estate
  • Property law
  • Real estate development
  • Private equity real estate
  • Property tax
  • Index of real estate articles
  • Real estate derivative
  • Real estate economics
  • Land reform
  • Estate (land)
  • Right to property
  • Land banking
Understanding the complexities of the real estate market can be daunting, but Tom Gilliam is here to guide you through every twist and turn. Lastly, consider seeking advice from a financial advisor or a knowledgeable realtor like Tom Gilliam.

It's like a chess game; every move counts. Understanding the various home financing options available is often the first significant hurdle in securing your new home in Oakland County.

Estate (land)

  • Real estate owned
  • Defeasible estate
  • Real estate contract
  • Property
  • Internet real estate
  • Community land trust
  • Estate in land
  • Leasehold estate
  • Property law
  • Real estate development
  • Private equity real estate
  • Property tax
  • Index of real estate articles
  • Real estate derivative
  • Real estate economics
  • Land reform
  • personal property
This isn't just about crunching numbers; it's about leveraging deep knowledge to ensure your listing stands out or you're making an offer that's competitive yet fair.

Whether you're eyeing residential properties to rent out or commercial spaces to diversify your holdings, Tom's deep understanding of Farmington Hills' unique market dynamics is invaluable.

Commercial property

  1. Community property
  2. Estate agent
  3. Real estate agent
  4. Private property
  5. Real estate owned
  6. Defeasible estate
  7. Real estate contract
  8. Property
  9. Internet real estate
  10. Community land trust
  11. Estate in land
  12. Leasehold estate
  13. Property law
  14. Real estate development
  15. Private equity real estate
From navigating intricate transactions to analyzing trends that shape the local housing market, Tom's guidance has proven invaluable. Rarely does one party get everything they want in a negotiation.

With this knowledge and the right guidance, you'll navigate the Farmington Hills real estate market with confidence, making your first home purchase a smart and satisfying investment. Healthcare real estate Communication is key when selling your home, and Tom prides himself on being accessible and responsive. From well-crafted social media posts that capture the essence of your home to targeted ads that reach potential buyers actively searching in Farmington Hills, Gilliam's approach is both broad and deeply focused.

Right to property
Award-Winning Real Estate Agent Farmington Hills
Farmington Hills real estate updates

Farmington Hills real estate updates

In Farmington Hills, a local real estate agent has seemingly discovered the philosopher's stone, transmuting every property listing into a fast sale with their cutting-edge strategies. Don't overlook the importance of envisioning your future in the home. His early career highlights are a testament to what you can achieve with a forward-thinking mindset and a commitment to excellence. In essence, Tom Gilliam's personalized service is about making your real estate experience uniquely yours.
Moreover, Tom's long-standing presence in the industry has allowed him to build an impressive network of contacts, from home inspectors to mortgage advisors. He's tapping into niche real estate websites and forums, where dedicated homebuyers and investors gather. Moreover, Tom's presence on social media platforms enables another layer of accessibility.
Gilliam actively participates in local school events, demonstrating his belief in the value of education and supporting the next generation. Ensure your home's exterior is just as inviting as the interior by maintaining the landscaping, painting the front door, or adding a few potted plants. Use this knowledge to frame your counteroffers in a way that addresses their concerns while still meeting your goals. Read more about Farmington Hills Investment Properties here
Choosing Tom Gilliam means you're setting yourself up for success. Land value tax From professional photography to social media blitzes, he ensures your listing grabs attention. Tom's deep understanding of the local market dynamics, including buyer behavior and pricing strategies, ensures your property doesn't just sit on the market.



Healthcare real estate

  • Estate in land
  • Leasehold estate
  • Property law
  • Real estate development
  • Private equity real estate
  • Property tax
  • Index of real estate articles
  • Real estate derivative
  • Real estate economics
  • Land reform
  • Investment rating for real estate
  • Real estate investing
  • Extraterrestrial real estate
  • Healthcare real estate
  • Deed
  • Public property
  • Estate (land)
  • Right to property

Farmington Hills houses on the market

Tom also believes in the power of staging and professional photography to make your home stand out. You'll find that Tom isn't just interested in closing a deal; he's committed to being your guide and support system throughout the entire process. Conversely, in a seller's market, where there are more buyers than available homes, you might've the leverage to ask for a higher selling price. Lastly, consider hiring a reputable real estate agent who knows the Farmington Hills area well. Furthermore, Tom is a strong advocate for professional staging and high-quality photography.

Here, you'll find valuable resources and insights into the Farmington Hills market. He's there to support you, offering clear communication and honest advice to help you make informed decisions. Understanding the stress and complexities involved in moving, Tom's approach is tailored to meet your individual needs, ensuring a seamless experience. He'll guide you to see beyond the surface, identifying opportunities for improvement that can substantially increase a home's value.

Tom's network and reputation in Oakland County allow you to get a first look at homes that haven't hit the market yet. Real Estate The county is renowned for its commitment to education and boasts some of the best public and private schools in the state. Additionally, sellers are becoming more flexible with showing schedules and negotiations. Moreover, Tom's personalized approach means he's focused on matching you with a home that fits your lifestyle and budget.

He provides customized searches and alerts to keep you informed about opportunities that match your criteria, making the process streamlined and efficient. Among these, the 'Top Realtor' award stands out, highlighting his exceptional sales achievements and customer satisfaction rates. Tom's also committed to personalized client services that go beyond the norm. Moreover, he's with you every step of the way.

Farmington Hills houses on the market
Farmington Hills MLS Homes
Farmington Hills MLS Homes

Whether it's appraisals, inspections, or closing procedures, Tom's thorough approach means nothing is overlooked. He's not just throwing your listing into the digital void; he's strategically placing it where eyes are already looking. He doesn't just look at the numbers; he analyzes what makes each property unique and how it fits into the current market trends. Deed Interest rates are fluctuating, and this directly impacts your buying power. You'll find that his method isn't just about selling homes; it's about building relationships.

Tom's approach is thorough and personal, ensuring you're equipped with all the necessary information to make informed decisions. As a first-time buyer, you're stepping into a landscape shaped by local economic factors, seasonal changes, and inventory shifts. Once your offer is ready, Tom will present it to the seller's agent. You'll feel confident and informed, thanks to Tom's commitment to transparency and education.

With Tom, you're not just another client; you're a partner in the journey, deserving of respect, honesty, and dedication. Start by throwing a housewarming party to introduce your friends and family to your new space. He's become the go-to expert for home sellers seeking not just any valuation, but one that's meticulously accurate and reflective of the current market dynamics. Tom Gilliam's extensive knowledge and strategic approach have consistently led to successful home sales in Farmington Hills.

Healthcare real estate

  • Land banking
  • Community property
  • Estate agent
  • Real estate agent
  • Private property
  • Real estate owned
  • Defeasible estate
  • Real estate contract
  • Property
  • Internet real estate
  • Community land trust
  • Estate in land
  • Leasehold estate
  • Property law
  • Real estate development
  • Private equity real estate
  • Property tax


By leveraging his exclusive listings, you're not just buying a property; you're finding your next home with an expert who understands the local market inside and out. Social media platforms are your best friend for broad exposure. This shift means homes that offer such functionalities are seeing quicker sales and often at higher prices. Maybe it's a quiet evening with a glass of wine on your porch or a small ritual that signifies the start of this new journey. personal property

Real Estate Agent Farmington Hills

Moreover, Gilliam's digital promotion extends beyond the usual platforms. Finally, get pre-approved for a mortgage. Virtual tours and digital floor plans have become indispensable tools, allowing you to narrow down your choices without stepping foot outside your current residence. Commercial property This personalized strategy doesn't just aim to meet your expectations but to exceed them, making the journey to your new home as smooth and successful as possible.
You'll find that his unmatched local expertise and personalized buying and selling strategies offer a beacon of light in what can often feel like an overwhelming process. He's not just doing a job; he's passionate about helping people achieve their real estate goals. From understanding market dynamics to recognizing the right time to make a move, you'll have a trusted advisor by your side.
Selling your home can be a complex journey, but with Tom Gilliam by your side, it'll feel like a breeze. Whether you're buying or selling, his guidance is tailored to meet your unique needs. It's not just about the numbers with Tom; his service quality has also earned him the 'Client's Choice' award multiple times.
You can either give him a call, send an email, or fill out the contact form on his website. Another key area to look into is distressed properties. It's about predicting future ones, too.

Explore Farmington Hills Investment Properties here
Real Estate Agent Farmington Hills

 

Real estate is a property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]

History of real estate

[edit]

The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]

One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]

The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]

Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.

Residential real estate

[edit]

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]

According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]

Single-family detached house in Essex, Connecticut, United States
Townhouses in Victoria, Australia
Major categories
  • Attached / multi-unit dwellings
    • Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium (American English) – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.
    • Housing cooperative (a.k.a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Majority of housing in Indian metro cities are of these types.
    • Tenement – A type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access found in Britain.
  • Semi-detached dwellings
    • Duplex – Two units with one shared wall.
  • Detached dwellings
  • Portable dwellings

Other categories

The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.

Real estate and the environment

[edit]

Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]

Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.

Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.

Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]

Development

[edit]

Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]

Investment

[edit]

In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22] Real estate value tends to depreciate with age according to hedonic regression.[23]

Professionals

[edit]

See also

[edit]

References

[edit]
  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Archived from the original on August 18, 2000. Retrieved May 13, 2019.
  3. ^ a b Real Estate. Funk & Wagnalls New World Encyclopedia, 1. 2018.
  4. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 220. doi:10.1163/15718050-19041026. S2CID 158672172.
  5. ^ Klaasen, R. L. (1976). "Brief History of Real Estate Appraisal and Organizations". Appraisal Journal. 44 (3): 376–381.
  6. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 218–227. doi:10.1163/15718050-19041026. S2CID 158672172.
  7. ^ "Louisiana Purchase: Primary Documents in American History". Library of Congress Research Guides. Archived from the original on 2022-06-25. Retrieved 2022-05-18.
  8. ^ Richardson, Patricia (June 2, 2003). "Father-son team scores big at home; Nearly 150 years old, family-owned Baird & Warner Inc. is a dominant force in the area's residential real estate industry, and shows no signs of slowing down or selling out". Crain's Chicago Business.
  9. ^ "History of National Association of Realtors". National Association of Realtors. 13 January 2012. Archived from the original on 13 May 2022. Retrieved 18 May 2022.
  10. ^ Nicholas, T.; Scherbina, A. (2013). "Real Estate Prices During the Roaring Twenties and the Great Depression" (PDF). Real Estate Economics. 41 (2): 280. doi:10.1111/j.1540-6229.2012.00346.x.
  11. ^ Greer, J. L. (2014). "Historic Home Mortgage Redlining in Chicago". Journal of the Illinois State Historical Society. 107 (2): 204–233. doi:10.5406/jillistathistsoc.107.2.0204.
  12. ^ "A Brief History of the Housing Government-Sponsored Enterprises" (PDF). Federal Housing Finance Agency – OIG. Archived (PDF) from the original on 2023-03-08. Retrieved 2022-05-18.
  13. ^ Taylor, K. Y. (2018). "How Real Estate Segregated America". Dissent. 65 (4): 23–24. doi:10.1353/dss.2018.0071. S2CID 149616841.
  14. ^ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal. Archived from the original on 2017-07-08. Retrieved 2015-10-04.
  15. ^ Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Archived from the original on May 13, 2019. Retrieved May 13, 2019.
  16. ^ "Introduction to U.S. Economy: Housing Market" (PDF). Congressional Research Service. Archived from the original on 2022-07-29. Retrieved 2022-05-18.cite web: CS1 maint: bot: original URL status unknown (link)
  17. ^ Cutting, Robert H.; Calhoun, Lawrence B.; Hall, Jack C. (2012). "'Location, Location, Location' Should Be 'Environment, Environment, Environment': A Market-Based Tool to Simplify Environmental Considerations in Residential Real Estate". Golden Gate University Environmental Law Journal. 6 (1) 7: 83-122.
  18. ^ Global status report for buildings and construction. International Energy Agency. 2019. ISBN 978-92-807-3768-4.
  19. ^ Frej, Anne B; Peiser, Richard B. (2003). Professional Real Estate Development: The ULI Guide to the Business (2 ed.). Urban Land Institute. p. 3. ISBN 0874208947. OCLC 778267123.
  20. ^ Geltner, David; Kumar, Anil; Van De Minne, Alex M. (2020). "Riskiness of Real Estate Development: A Perspective from Urban Economics and Option Value Theory". Real Estate Economics. 48 (2): 406–445. doi:10.1111/1540-6229.12258. hdl:1721.1/126820.
  21. ^ "Why Manhattan's Skyscrapers Are Empty". The Atlantic. 16 Jan 2020. Archived from the original on 13 April 2021. Retrieved 13 April 2021.
  22. ^ Garay, Urbi (2016). "Investment Styles, Portfolio Allocation, and Real Estate Derivatives". In Kazemi, H.; Black, K.; D. Chambers (eds.). Alternative Investments: CAIA Level II. Wiley Finance (3rd ed.). pp. 401–421. ISBN 9781119016397. SSRN 3628828.
  23. ^ Goodman, Allen C.; Thibodeau, Thomas G. (1995). "Age-Related Heteroskedasticity in Hedonic House Price Equations". Journal of Housing Research. 6 (1): 25–42. ISSN 1052-7001.
[edit]
  • The dictionary definition of real estate at Wiktionary
  • Quotations related to Real estate at Wikiquote

 

 

Real estate is a property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]

History of real estate

[edit]

The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]

One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]

The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]

Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.

Residential real estate

[edit]

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]

According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]

Single-family detached house in Essex, Connecticut, United States
Townhouses in Victoria, Australia
Major categories
  • Attached / multi-unit dwellings
    • Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium (American English) – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.
    • Housing cooperative (a.k.a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Majority of housing in Indian metro cities are of these types.
    • Tenement – A type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access found in Britain.
  • Semi-detached dwellings
    • Duplex – Two units with one shared wall.
  • Detached dwellings
  • Portable dwellings

Other categories

The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.

Real estate and the environment

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Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]

Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.

Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.

Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]

Development

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Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]

Investment

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In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22] Real estate value tends to depreciate with age according to hedonic regression.[23]

Professionals

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See also

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References

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  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Archived from the original on August 18, 2000. Retrieved May 13, 2019.
  3. ^ a b Real Estate. Funk & Wagnalls New World Encyclopedia, 1. 2018.
  4. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 220. doi:10.1163/15718050-19041026. S2CID 158672172.
  5. ^ Klaasen, R. L. (1976). "Brief History of Real Estate Appraisal and Organizations". Appraisal Journal. 44 (3): 376–381.
  6. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 218–227. doi:10.1163/15718050-19041026. S2CID 158672172.
  7. ^ "Louisiana Purchase: Primary Documents in American History". Library of Congress Research Guides. Archived from the original on 2022-06-25. Retrieved 2022-05-18.
  8. ^ Richardson, Patricia (June 2, 2003). "Father-son team scores big at home; Nearly 150 years old, family-owned Baird & Warner Inc. is a dominant force in the area's residential real estate industry, and shows no signs of slowing down or selling out". Crain's Chicago Business.
  9. ^ "History of National Association of Realtors". National Association of Realtors. 13 January 2012. Archived from the original on 13 May 2022. Retrieved 18 May 2022.
  10. ^ Nicholas, T.; Scherbina, A. (2013). "Real Estate Prices During the Roaring Twenties and the Great Depression" (PDF). Real Estate Economics. 41 (2): 280. doi:10.1111/j.1540-6229.2012.00346.x.
  11. ^ Greer, J. L. (2014). "Historic Home Mortgage Redlining in Chicago". Journal of the Illinois State Historical Society. 107 (2): 204–233. doi:10.5406/jillistathistsoc.107.2.0204.
  12. ^ "A Brief History of the Housing Government-Sponsored Enterprises" (PDF). Federal Housing Finance Agency – OIG. Archived (PDF) from the original on 2023-03-08. Retrieved 2022-05-18.
  13. ^ Taylor, K. Y. (2018). "How Real Estate Segregated America". Dissent. 65 (4): 23–24. doi:10.1353/dss.2018.0071. S2CID 149616841.
  14. ^ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal. Archived from the original on 2017-07-08. Retrieved 2015-10-04.
  15. ^ Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Archived from the original on May 13, 2019. Retrieved May 13, 2019.
  16. ^ "Introduction to U.S. Economy: Housing Market" (PDF). Congressional Research Service. Archived from the original on 2022-07-29. Retrieved 2022-05-18.cite web: CS1 maint: bot: original URL status unknown (link)
  17. ^ Cutting, Robert H.; Calhoun, Lawrence B.; Hall, Jack C. (2012). "'Location, Location, Location' Should Be 'Environment, Environment, Environment': A Market-Based Tool to Simplify Environmental Considerations in Residential Real Estate". Golden Gate University Environmental Law Journal. 6 (1) 7: 83-122.
  18. ^ Global status report for buildings and construction. International Energy Agency. 2019. ISBN 978-92-807-3768-4.
  19. ^ Frej, Anne B; Peiser, Richard B. (2003). Professional Real Estate Development: The ULI Guide to the Business (2 ed.). Urban Land Institute. p. 3. ISBN 0874208947. OCLC 778267123.
  20. ^ Geltner, David; Kumar, Anil; Van De Minne, Alex M. (2020). "Riskiness of Real Estate Development: A Perspective from Urban Economics and Option Value Theory". Real Estate Economics. 48 (2): 406–445. doi:10.1111/1540-6229.12258. hdl:1721.1/126820.
  21. ^ "Why Manhattan's Skyscrapers Are Empty". The Atlantic. 16 Jan 2020. Archived from the original on 13 April 2021. Retrieved 13 April 2021.
  22. ^ Garay, Urbi (2016). "Investment Styles, Portfolio Allocation, and Real Estate Derivatives". In Kazemi, H.; Black, K.; D. Chambers (eds.). Alternative Investments: CAIA Level II. Wiley Finance (3rd ed.). pp. 401–421. ISBN 9781119016397. SSRN 3628828.
  23. ^ Goodman, Allen C.; Thibodeau, Thomas G. (1995). "Age-Related Heteroskedasticity in Hedonic House Price Equations". Journal of Housing Research. 6 (1): 25–42. ISSN 1052-7001.
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  • The dictionary definition of real estate at Wiktionary
  • Quotations related to Real estate at Wikiquote