By John McMahan
This is the one booklet out there that addresses all the basics of winning estate development-marketing, financing, making plans, designing, building, advertising, and estate administration. even if you are a developer, builder, planner, architect, investor, or different member of the improvement group, specialist estate improvement covers a variety of matters beneficial on your career, from the historical past of genuine property improvement to the newest demographic information.
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Additional info for Professional Property Development
Sample text
Condominiums The Housing Act of 1961 provided the solution. Section 234 extended FHA mortgage insurance guarantees to a new form of housing ownership called condominiums. The condominium concept called for individual ownership of the airspace within each unit and collective ownership of common areas, such as walkways, swimming pools, and open areas. A mortgage would be issued to each individual owner, with the costs of common area maintenance paid monthly on a pro rata basis. Initially, condominiums were slow in gaining acceptance.
In many cases, cities were reluctant to approve condominiums, which seemed to many a ruse for higher-density developments. The concept finally caught on, however, and by 1973 the annual production of condominium units was a major component of new housing starts in many urban areas, and it remains so today. FIGURE 1-11 Various approaches to planning street and residence patterns for subdivisions: (a) traditional grid; (b) curvilinear, or contour; and (c) cluster. 28 Professional Property Development The development of the condominium was critical to the implementation of new planning techniques because it freed the building from a single parcel of land, allowing for more efficient clustering of units.
The original concept of the motel, that is, simple, cheap lodging, seemed to get lost in the shuffle. It was only a matter of time, until the wheel turned full circle and the “budget” motel was introduced. One of the pioneers of this concept was Motel 6 in California, which offered basic rooms for $6 per night, regardless of season or location. Its rates were kept low by construction and design innovations, labor-saving operating techniques, and a continuing refusal to get into the restaurant or convention business.