EVALUATION OF REAL ESTATE

APPRAISALS

I. What is an appraisal?
II. Purpose and functions of the appraisal

VALUE CREATION

I. Definition of value
II. Nature of value
III. Value, price and cost
IV. Forces influencing value
V. Design and construction quality

PRINCIPLES ON THE VALUE OF REAL ESTATE

I. Generalities
II. Principle of change
III. Scarcity principle
IV. Principle of optimal use
V. Balance principle
VI. Contribution principle
VII. Performance principle
VIII. Substitution principle
IX. Anticipation principle
X. Proportionality principle
XI. Competition law
XII. Investment stages

APPRAISAL PROCESS

Yo Define the problem

II Preliminary investigation
III. Appraisal plan
IV. cost method
V. Income method
VI. Market value method
VII. Correlation of the three methods
VIII. Appraisal Report

EVALUATION OF TRENDS AFFECTING VALUES

I. General and area

II. Zone

SITE EVALUATION

I. Reasons for separating the value of land

II. Site analysis
 III. Market value and cost
IV. Income value
V. Variation due to special characteristics.

EVALUATION OF MATERIALS AND EQUIPMENT

I. Construction quality.
II. Foundations, structures, walls, floors, roofs
III. Finishes
IV. Windows and doors
V. Hardware
VI. Electrical, hydraulic and sanitary installations
VII. Equipment and maintenance cost
VIII. Construction maintenance.

EVALUATION OF ARCHITECTURAL STYLE AND FUNCTIONAL UTILITY

I. What is a good style

II. Relationship of the project with the place
III. Market
IV. Functional utility
V. Mod cons
VI. Styles
VII. Construction analysis
VIII. Summary

COST METHOD

I. Definition
II. Three phases
III. Information classification
IV. This method requires expertise

ENTRY METHOD

I. Income theory of value

II. Mechanics of the Method
III. Gross income
IV. Capitalization rate
V. Summary

MARKET VALUE METHOD

I. Definition
II. Information sources
III. Sales offers
IV. Income
V. Economic information
CORRELATION AND VALUE ESTIMATION

I. Meaning
II. Correlations process
III. Application of the process
IV. Final correlation

PRINCIPLES ON THE VALUE OF REAL ESTATE

I. Generalities
These principles have been derived from the observation of human
behavior that tends to be the same in all places.

The principles are analyzed one by one, however, they work together.

Real estate property is a socially created wealth; its quality is the product of
human selection; hence, the problem of making better use of urban land
must be approached with a knowledge of the human element of the
community.

The value of an urban property depends on the use given to it; of the
relationship of the use of that site to the uses of others within the area; and
the intensity of the effective demand to own a particular site.

Failure to properly use a property is an economic expense.

II. Principle of change.

There is a constant change in the factors that determine the value of real
estate and therefore in the value itself.

Yesterday's conditions led to today's conditions of use and today's,

tomorrow's.

The set of changes constitutes a trend.

It is interesting to observe trends, their strength and direction in order to

determine opportunities.

III. Principle of scarcity.

The supply of land for a given purpose is limited in quantity, frequently

insufficient to meet demand. Furthermore, no two pieces of land have
exactly the same characteristics.

The scarcity related to effective demand determines the character of the

market.
 To have value, any property must be useful and at the same time scarce.
The greater its usefulness, the greater the need or desire to possess it. The
scarcer it is, the greater demand there will be and the greater its value.

Its value depends on the benefits it produces.

It is necessary to know what land there is within each area for each type of
use.

IV. Principle of optimal use

Use a property to produce maximum performance in a given period.

If all properties had their optimal use, there would be a perfect economic
balance. When this balance is missing, property values are affected.

This balance is never obtained by:

a. Constant changes in urban life,

b. Variation of objectives and economic capacity of the owners.

This is where the real estate professional finds his opportunity to serve.

The use of each property and the possible use that improves profitability
should always be constantly evaluated.

V. Balance principle.

The various classes and types of property that a community needs must be
in balance with each other, to achieve social, economic and civic efficiency
in the use of land.

Pharmacy Houses
Hairdressers Factories
Cinemas Offices
Laundries Cemetery Different types
Schools
Churches
Markets

VI. Contribution principle.

It is not wise to invest more capital in a property than the income that can be
earned from that property.
 The income from an investment must be sufficient to:

1. Absorb operating costs

2. Recover the capital invested during the useful life of the investment.
3. Pay a return on the total investment in accordance with the risk
assumed.

Any investment that brings together these three aspects is healthy.

In an investment of improvements or additions to a property it must be

considered whether the addition of capital will contribute to an additional
value of the property that produces sufficient income to cover the points
listed above.

The addition of capital is sometimes convenient to maintain the value of the

property even if it does not increase it, with the condition that said capital
and its corresponding return are recovered during the useful life of the
property (maintenance).

VII. Performance principle.

Closely related to the previous principle.

This principle determines the investment point where the maximum return is
obtained and at which the returns are decreasing, e.g. when planning a
building and determining the height.

VIII. Substitution principle.

All things being equal, the cheapest property will have preference over
higher priced ones.

Knowing the area where you work helps to apply this principle and value the
fair price for any property.

IX. Anticipation principle.

This is another principle that affects the market value of urban property. In
the price paid for a property or to improve or develop it there is always an
element of anticipation that its value will increase.

This is because of the permanent nature of the land and its limitation.

Property development generally precedes demand.

X. Principle of proportionality.

The value of a property is created and maintained when there is a balance

in its elements.
 The imbalance destroys or slows down the increase in value of a house or
building (bedrooms, bathrooms, elevator, parking).

XI. Competition law.

A good profit margin in any type of business tends to encourage competition

which decreases profit.

This principle applies to all types of real estate. Unless construction of a

certain type is terminated when the economic demand for that type of
construction has been saturated, profits will disappear.

XII. Investment stages

The life of real estate is characterized by three stages, development, static

situation and decline.

It is very important that the appraiser recognizes the stage in which the real
estate being valued is located.

REAL ESTATE ACTIVITY

ECONOMIC AND SOCIAL MEANING

I. Definitions
II. Characteristics of the real estate
III. Economic importance
IV. Social importance

ECONOMY OF REAL ESTATE

I. Demand
II. Offer
III. Relationships between demand and supply
IV. Influences

MARKET

I. Characteristics
II. Features
III. Indices
IV. Influencing factors

TRENDS

I. Urbanization
II. Commerce and industry
III. Big cities
IV. Horizontal use
V. Government control
 VI. Recreation areas

THE REAL ESTATE MARKET.

The real estate market includes all the activities and processes that affect supply and
demand (buyers, sellers, the property itself, financing, etc.), competition is the key to
understanding a market; This includes tangible and intangible considerations.

I. Characteristics:

A. Local nature of the market.

1. Limiting itself to the area where the property is located,

2. The buyer has to go to the place where the property is located.

B. Private negotiation.

1. Each operation is closed on different bases as a result of an

individual industry
2. The negotiation is private,
3. The price of the operation is confidential.

C. It is not organized.

1. There is no place where supply and demand meet.

2. There is no price control

D. The market is complex

1. Various types of property,

2. Geographic area

E. Speculation.

1. Speculation occurs rather in large vacant land or in those that

allow for future commercial or urban development.

F. There is a relationship between real estate activity and population

growth stocks.

G. Few operations are cash.

1. Most operations are financed

2. Most of them are carried out with a reduced down payment
3. The unpaid balance is paid in the long term in the form of
amortizations that are equivalent to the payment of an income.

THE REAL ESTATE MARKET (2)

 H. There is a relationship between the real estate activity cycle and the
business cycle.

I. The turnover of real estate operations does not occur with the same
frequency as with other products.

J. Seasonal nature of some types of properties.

1. recreation area
2. Seasonal employment time
3. Unemployment
4. Dominant income fund in a city
5. Months in which demand increases.

K. Effect of inflation.

1. Influence of demand when prices vary

2. Influence of changes in interest rates.
3. Fear or desire to take on mortgage loans.

II. Functions of the real estate market.

A. Facilitate the exchange of real estate goods and services.

1. The market is active when the exchange is beneficial for both

parties.

B. Adaptation to variations in needs for additional space.

1. Houses with three bedrooms instead of two

2. Commercial or industrial expansion when there is prosperity.
More floor area, larger manufacturing areas, more office
space, etc. are needed.
3. Increase or decrease in space rents
4. Changes in customs, presents zoning problems.

III. Exchange rates in the market.

A. Construction initiation.

B. Increase in capital.

C. Economic activity index

D. Comparison of the prices of two similar plots of land.

E. Number of construction or subdivision licenses.

THE REAL ESTATE MARKET (3)

 F. Other trends.

1. Empty profitable space

2. Trends in income levels
3. Purchasing power of the currency
4. Number of bankruptcies and payment suspensions
5. Trend in interest rates
6. Population change in the area
7. Taxes

IV. Factors that influence the real estate market

A. Factors that increase demand

1. Higher earnings
2. Increase
3. Increase in marriages and births
4. Increase in new business
5. Mortgage loans available
6. Decrease in the increase of housing.

B. Factors that increase supply.

1. The opposite of what was mentioned above,

2. Increase in unoccupied profitable space
3. Excess supply of skilled labor
4. Attractive construction costs

a. Labor and materials

b. Cheap land prices
c. Financial changes.

1) Interest rates
2) Closing costs
3) Discounts

5. Vacant land suitable for development

6. Subdivision and construction licenses

FINANCIAL ASPECTS

SOURCES OF RESOURCES.

I. Own resources

II. Third Party Resources

a) Individuals
b) Mortgage banks
c) Insurance companies
 d) Pensions

CREDIT PROCESS.

I. Generalities

II. Methods of obtaining credit

a) Mortgages
b) Trusts
c) Subscription sales

III. Mortgages

a) Loan %
b) Deadline to pay
c) Interest rate

IV. Trusts

V. Subscription sales

REAL ESTATE INVESTMENT

I. Investment objectives

II. Investment composition

III. Factors related to real estate investment.

SURE

I. Types of insurance

II. Selecting the correct coverage

REAL ESTATE INVESTMENT

I. INVESTMENT OBJECTIVES

A. Security – Capital Conservation

B. Growth – Capital increase

C. Income – Cash flow and net income.

D. Tax protection.
 II. Investment composition

A. Money

B. Time and effort

III. Factors related to real estate investment.

A. Physical characteristics of the property.

1. probable life

a. Structure status
b. Economic life compared to structure life
c. Maintenance and resistance to weather and use.

2. Adaptability

a. Obsolescence
b. Changes in the neighborhood
c. Ability to change its use
d. Best use

3. Structure attractiveness

a. Materials used in the building

b. Exterior design
c. Interior design and floor layout

4. Adaptation of use to the area

a. Possible zoning of the area

b. Zoning of a place

B. Rights

1. Legal restrictions on the property title or mortgage that limit its use.

REAL ESTATE INVESTMENT (2)

IV. c. Location

1. Diversity of industries in the city

2. Character of the neighborhood
3. Area restrictions
4. Title restrictions
5. City growth model.
 a. heavy industries
b. Light industry
c. Commercial
d. Multifamily
e. Residential
f. Racial growth model

6. Possible influence of future increases in property taxes

C. Market Influence

1.(See real estate market)

D. Government or private regulations

1. Zoning
2. Regulatory plane
3. Construction regulations
4. Rent control
5. Increase in future cadastral appraisals
6. Increase in taxes
7. Expansion of government offices
8. Legal restrictions
9. Relocation of high circulation arteries
10. one way streets
11. Bus route
12. Services

a. Sewer system
b. Water
c. Phone
d. Gas

13. Security service

14. Firefighters

E. Operation and maintenance expenses

1. Administration expenses.
2. Services offered
3. Fees
4. Labor and materials cost
5. Security

REAL ESTATE INVESTMENT (3)

III. F. 5. to. Against fire

b. Against public contingencies
c. Income guarantees

g. Real estate activities such as speculation.

 1. Distinction between investment and speculation.
2. Speculation in adjacent areas and future business growth
3. Speculation of rural land and possible urban use
5. Current income compared to future income and capital gains

H. Relationship between taxes and real estate operations.

1. Operating profit

to. Long and short term

b. Depreciation
c. Interests

2. Sales taxes on credits

a. 50% limitation

3. The increase in property taxes as assessments increase may prevent an

owner from fully realizing the capital gain.

APPLICATIONS

ESTABLISHMENT OF A REAL ESTATE OFFICE

I. Sources of knowledge
II. Essential requirements
III. Legal organization
IV. Action field
V. office location
VI. Equipment
VII. Advantages of belonging to an association

BUSINESS PROMOTION

I. opening announcement
II. Signature Identification
III. Public relations

ANNUAL RULES AND PROCEDURES

I. Value of a standards manual

II. Preparation of the standards manual
III. Content
IV. Use

ESTABLISHMENT OF A REAL ESTATE OFFICE

I. Sources of knowledge

A. Before the activity

1. Formal education
2. Capitation courses

B. Training

1. Training in an office
2. Programs offered by institutes or associations

II. Essential requirements for a real estate broker

A. Necessary general information.

1. National and local economic trends in real estate activity

2. City and area where you work.

B. Specific information

1. Legal provisions
2. Money market – banking and financial institutions
3. Advice sources

a. assistance in financial problems

b. assistance in legal problems
c. assistance in technical design and construction problems.

C. Integrity

D. Personality.

1. Ability to inspire confidence

2. Ability to analyze people
3. Negotiation skills

III. Legal organization

A. Own office

1. Physical person
2. Professional association
3. Moral person

IV. Activities

A. Specialization

1. By property type
ESTABLISHMENT OF A REAL ESTATE OFFICE (2)

IV. TO. 1. to. residential

b. commercial
c. industrial
d. country
3. others

2. By function

a. brokerage
b. administration
c. financing
d. appraisals
e. buy and sell
f. subdivisions

3. By zones or colonies

B. General – without specialization

1. Typical of small towns

2. Own to start
3. Facilitates the performance of various functions;
4. Offers greater stability

C. Departmentalization – large offices

V. office location

A. Center or outside

B. Ground floor or upper floor

C. Purchase or rent

D. Access, parking and attractions

VI. Office team

A. Furniture and equipment

B. Reference material

1. Blueprints
2. Directories
3. Books and magazines
 C. Records and forms

VII. Advantages of belonging to a real estate association

1. Education boards
2. Publications
3. Relationships with other runners
4. Group Consciousness

BUSINESS PROMOTION

I. opening announcement

A. Submission of participation

B. Announcement of your activity in local newspapers

C. Clearly specify your field of action

II. Business identification

A. Uniform Ad Type

B. Attractive emblem

C. Uniformity in stationery

III. Public relations

A. Participation in community activities

1. Registration in associations and clubs

2. Talks about real estate activity

B. Attitude

1. Puntuality
2. Know people's needs and problems
3. Interest to serve
4. Sincerity
5. Knowledge of the area and properties
6. Diligence

C. Professional ethics

D. Participation in the real estate association

E. Publication of your business achievements.

 1. A new real estate activity
2. Promotions from your business members
3. The sale or lease of a large property

MANUAL OF RULES AND PROCEDURES

I. Value of a standards manual

A. Difference between standards and procedures

B. Saving time in clarifications

C. Basis for personnel training

D. Avoid conflicts and build trust among staff

E. Explains the philosophy and purposes of the business

II. Preparation of the manual

A. Written compilation of the regulations in force.

B. Clarification and modification of those that require it.

C. The writing should be clear, specific and easy to understand.

III. Content

1. Purposes and objectives of the business

2. Office hours and on-call times
3. Vacations and days of rest
4. Rules
a. obtaining options
b. sales
c. commission collection
d. distribution of commissions
e. publicity and promotion
f. property presentation

5. Procedures

a. obtaining options
b. obtaining leads
c. lead qualification
d. negotiation
e. property inspection

6. internal regulations
 IV. Use.

A. All staff must know the rules

B. Written commitment to observe them

C. Periodic review of the manual to modify it when necessary, clearly and

timely informing interested personnel of said modifications.

GOVERNMENT

SPECIAL ATTITUDES AND INTERESTS

Private property.
Regulations and limitations
Idle land or large properties
Rustic and urban properties
Public ownership
Expropriations and purchases
National assets
Streets, parks, schools, monuments, etc.
Competition with private initiative
Popular housing – infonavit – indeco
Public infrastructure works
Conservation and renewal
Maintenance of green areas
Emphasis on new properties
Regeneration programs for marginalized areas
Quality of life
Social security, schools, cleaning, traffic
Environmental protection
Floods
Reforestation and soil conservation
Environmental pollution in industrial centers

TAXES

Direct and indirect

Cadastral appraisals
Factors to consider
Posting density
Quantity and quality of services
Public debt

INTERVENTION

Financing
Regenerations
Zoning and planning
Subdivision and construction regulations
ECONOMIC ENVIRONMENT

ECONOMIC ACTIVITY

Local, regional and national conditions

Material and human resources that promote growth.
Services and improvements – schools, hospitals, roads, water, energy

ECONOMIC ENVIRONMENT

ECONOMIC ACTIVITY

Markets
Special problems
Volume of economic activity
Production of goods and services (gross domestic product)
Job Level
Personal income level
Growth in the class and quality of population
Potential growth in economic activity
Specialization and exchange
Investment opportunities in relation to other places
Favorable environment for new investments
Negative factors
Short and long term trend
Purchasing power of the currency – price indices
Job stabilization
Location of economic activity
Topography and improvements
Economic priorities – income and jobs
Communications
Resources – material and human
Markets
Climate
City type
Industrial
Commercial
Policy
Recreational
Mixed
Repair of basic activities over service activities
Sources of income, importance and number of jobs
Industry
Guys
Raw Materials
Quantity and type of labor
Investments in real estate and equipment
Markets and market share
Growth
Integration
 Diversification
Trade.
Expansion of the commercial area
Purchasing power
Potential growth

ECONOMIC ENVIRONMENT

ECONOMIC ACTIVITY

Banking
Resources catchment
Resource investment
Public employees
Ratio with other jobs
Purchasing power
Others

SPENDING LEVELS

Trend in spending volume

Government
Annual budget
Works and services
Applications
Talks
Wages and salaries
Fee
Dividends
New investments
Consumer
Income level
Spending distribution
% allocated to real estate
savings and financing

ECONOMIC FLUCTUATIONS

Seasonal – associated with the year.

Cyclical – time and magnitude
Trends.
Population, standard of living, consumer habits, technology, etc.

REAL-ESTATE MARKET

MARKET OPERATION

Market type
Effective market demand and absorption rate.
Competence
Pace of supply – pace of construction.
 Price and income level
Properties for sale or rent
Influences
Economic activity
Seasonal

REAL-ESTATE MARKET

MARKET OPERATION

Financing – money saved and credit

Government policy
Buyers or sellers market
Conditioning factors
Singularity
Legal status
Location
Improvements and structures
Land
Sector
Services and taxes
Elements of monopoly
Infrastructure
Increase in city area
Tastes and preferences

CITY

URBAN GROWTH

City type
Growth stage
growth type
Growth form
Direction and speed
Influence of topography
Land use model
Plans from different periods
Industrial zones
Malls
Growth and expansion
Internal transportation system
Expansion of municipal services
Government efficiency – taxes and services
Planning, zoning and restrictions

AREA AND COLONY

GENERAL

Zone limits – area

 Colony age
Population density

AREA AND COLONY

SOCIAL ASPECTS

Social level of residents

Resident changes.
Pleasant environment to live.
Distance to churches, shopping centers, schools.
Quality and sufficiency of services
Cleaning, surveillance, lighting, etc.
Social activities and amenities.

GOVERNMENTAL ASPECTS.

Taxes and contributions

Administrative efficiency

PHYSICAL ASPECTS

Attractive accesses
Means of transportation and communication
Avenues and streets
Circulation
Slope width and visibility
Pavement of sidewalks and gazebos
Hydraulics
Storm drainage – unevenness
Black water drainage
Water collection and distribution network
home intake
Electricity
Lighting
Electric power
Gas and telephone
Services – cleaning, surveillance, lighting, street and garden maintenance,
firefighters.
Balance of uses
Residences, buildings, businesses
Physical state
Vacant land, quality and conservation of structures
Pleasant factors
Green spaces, panoramas, pleasant views, climate
Unpleasant factors
Noises, wind, dust, odors
Topographical considerations
Height, slopes, landslides, floods

LAND.
 Use

AREA AND COLONY

LAND.

Liens
Public and private restrictions
Access to the terrain and orientation
Form dimensions, area (type lot).
Topography and subsoil
Surrounding land

STRUCTURE

Construction quality
Foundations, columns, beams, floors, walls, ceilings.
Finishes
Doors, windows and hardware
Electrical, hydraulic and sanitary installations
Garden and amenities
Maintenance cost

PROJECT AND STYLE

Fashionable architectural style

Finishes and harmony of materials
Relationship of the structure to the terrain – area and location
Functional utility – needs and desires – obsolescence of amenities

FINANCIAL CONSIDERATIONS

capital market
Return on investment
Taxes
Adequate financing

COMMERCIALIZATION

MARKET AND PROPERTY ANALYSIS

I. Real-estate market
II. Market behavior
III. Type of properties available
IV. Analysis of a property for sale
V. Analysis of the area
VI. Acquisition cost
VII. Speculative considerations
VIII. Importance of this analysis
SALES OPTIONS

I. Importance
II. Methods and ideas
III. Reasons for granting an exclusive option
IV. fair price

QUALIFYING THE PROSPECT

I. Definition of prospect
II. Distinction
III. Study
IV. Classification
V. Qualification
VI. Action

PRESENTATION OF THE PROPERTY

I. Sales principles
II. Meaning of presenting property
III. Area
IV. Comparisons
V. Objections
VI. Hierarchy of points of sale
VII. Listen to the prospect's opinions
VIII. Dont discuss

NEGOTIATION

I. Requires several sales

II. Set a range
III. Negotiation initiation
IV. Three steps of negotiation
V. Difficulties

MARKETING (2)

CLOSING

I. Closing difficulties
II. Analyze failures
III. Closing difficulties
IV. Develop the desire to purchase
V. Help the prospect decide

SALES ASSISTANCE

I. Principles of the sales talk

II. Maps, plans and photographs
III. Cards
IV. Option and prospectus records
 V. Advertising
VI. Briefcase

QUALIFYING THE PROSPECT

I. Definition of the prospectus.

A. It is the person who is ready, willing and able to buy.

II. Distinction.

A. The experience in knowing people is the last answer. Often a person's

outward appearance does not show their purchasing ability or hides
their true personality.

B. Need to know not only what type of property you want but also why you
want it.

1. Every prospect has a reason to buy.

a. For speculation or investment

b. For necessity
c. To satisfy your pride
d. For protection of your family
e. For pleasure.

2. Analyzing the reason for purchase helps to properly classify

the prospect.

a. Determine exactly the prospect's needs and wants.

b. Never show a property until the wants and needs have
been determined.

C. Keep communication.

III. Study.

A. Ask questions. Determine if there is any special interest.

1. Retain useful information you voluntarily provide

2. Lead the prospect into having the conversation
3. Ask general questions at the beginning
4. Determine whether you can decide or not.

B. Learn about your prospect's recent investment experience.

C. Court other sources of information about the prospect.

QUALIFYING THE PROSPECT (2)

III. c. 1. credit report
2. Discreet investigations.

IV. Classification

A. Speculators

B. Investors

C. Users

V. Qualification.

A. Purchasing capacity

1. How much can you pay as a down payment?

2. How much monthly
3. What other properties does it have?
4. What is the amount of investment you want to make?
5. How you dress, the car you use, the jewelry you wear, can be
indications of your purchasing power.

B. Ability to decide

1. You have a clear idea of what you need and want

2. The people who will decide are present
3. Opportunity of the moment to decide
4. Appropriate environment to make the decision

VI. Action

1. Select the property, among its sales options, that best satisfies
the needs, desires and purchasing capacity of the prospect
2. Know your property and know your prospect
3. The more you know, the better you can serve.
 REAL-ESTATE MARKET

HOUSES LANDS BUILDINGS

ECONOMIC RESIDENTIAL DEPARTMENTS

from 200 to 500 m2

of $80,000.00 from $500.00 of $500,000.00
at $200,000.00 at $2,000.00 m2 at $10,000,000.00

Domestic demand Scarce Normal Demand

Constant Demand

MEDIUM TYPE DEPARTMENTAL OFFICES

from 500 to 200 m2

of $300,000.00 of $1,000.00 of $2,000,000.00
at $500,000.00 at $3,000.00 m2 at $10,000,000.00
Constant Demand Normal Demand Normal Demand

SEMI-LUXURY INDUSTRIAL INDUSTRIAL

from 1000 to 10,000 m2

of $300,000.00 from $100.00 of $500,000.00
at $500,000.00 at $500.00 m2 at $5,000,000.00

Normal Demand Limited Demand Limited demand

DELUXE TOURISTS TOURISTS

of $600,000.00 Prices and Prices and

at $800,000.00 special cases special cases

Limited Demand Limited Demand Limited Demand

HOUSES IN LANDS IN
FRACTIONATIONS FRACTIONATIONS CONDOMINIUMS

Intense Demand Constant Demand Demand Growth

CONSTANT BUYERS EVENTUAL BUYERS

BUILDERS = LAND INDIVIDUALS =HOUSE AND
RENTISTS = BUILDINGS LANDS
INVESTORS = LAND AND BUILDINGS EVENTUALLY INDIVIDUALLY
CONSTANTS TOGETHER