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page i
Real Estate Principles
A Value Approach
Sixth Edition
page ii
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Real Estate Principles
A Value Approach
Sixth Edition
David C. Ling
University of Florida
Wayne R. Archer
University of Florida
page iv
REAL ESTATE PRINCIPLES
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ISBN 978-1-260-57049-6
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Dedications
To my wife, Lucy, for her continued patience and understanding during this latest revision of the book and to our (now grown) children, Alex, Sarah, and Rebecca, who continue to try to understand what Dad actually does for a living.
DCL
To my wife, Penny, who has always matched our efforts in this book with an equal measure of her devotion, support, and assistance; to our children Stephen, John, and Jennifer, who generously supported me with enthusiasm for the task; and to my mother and Pennys mother, who always kept the faith that I would do something useful with my typewriter.
WRA
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About the Authors
DAVID C. LING
David C. Ling is the McGurn Professor of Real Estate at the University of Florida. Professor Ling received an MBA (1977) in finance and a Ph.D. (1984) in real estate and economics from The Ohio State University. His academic and professional publications have included articles on housing policy and economics, mortgage markets and pricing, private commercial real estate investments, publicly traded real estate companies, and performance evaluation. Professor Lings research has been published in general interest finance journals (Journal of Financial Economics), leading field journals in finance and economics (e.g., Journal of Urban Economics, Journal of Money, Credit and Banking, Journal of Banking and Finance, National Tax Journal), as well as the leading real estate focused journals (Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research).
During 2000, Professor Ling served as President of the American Real Estate and Urban Economics Association (AREUEA). From 2000 to 2005, he also served as editor of Real Estate Economics. Professor Ling serves on numerous journal editorial boards including Real Estate Economics, the Journal of Real Estate Finance and Economics, the Journal of European Real Estate Research, and