outline08 - Chapter 8 Understanding Real Estate Markets...

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Chapter 8 Understanding Real Estate Markets Lecture Outline Market—the mechanism or arrangements through which goods and services are traded between market participants Owner-Occupied Residential Real Estate Markets basic supply/demand equilibrium model supply—amount or quantity of the good or service that will be offered at various prices demand—amount or quantity of the good or service that will be desired at various prices equilibrium—the price/quantity combination at which quantity demanded equals quantity supplied graphics indicating how changes in supply and demand impact equilibrium prices Example from Fort Lauderdale, Florida Commercial Real Estate Space Markets—mechanism or arrangements for trading the rights to use land and buildings o people, firms, and other entities are willing to pay various prices for the use of space for consumption or production purposes (demand) o owners of space are willing to sell the rights to use such space to the users for various prices (supply) o Space markets are segmented by location and type of use Office space markets Class A Class B Class C Class D Retail space markets Freestanding retail
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outline08 - Chapter 8 Understanding Real Estate Markets...

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