ABSTRACT
The analysis of the Real Estate Development Process begins with a working definition of real estate development. Real estate developments range from a simple cave to the complex technology of the Park Avenue skyscraper. Like a manufactured product, a real estate project is part of a larger physical system programmed to achieve long-term objectives, but each real estate project is also a small business enterprise of its own. Economists may define real estate developers as entrepreneurs because real estate developers combine land, labor, and capital hoping to make a profit by creating a finished product whose value is greater than the costs of the component inputs. Successful real estate developers sometimes are considered prominent citizens as they are building cities or enhancing communities' built-environments. Real estate developers also are active in community charities, events, and programs. Often, citizens are disillusioned and complain that developers just "flip" their projects and abandon the community after the projects are built.
