Real Estate Development, Explained
Summary
TLDREl desarrollo inmobiliario es un proceso complejo que involucra desde la planificación hasta la construcción y gestión de un proyecto. Este resumen destaca la importancia de la visión de los desarrolladores inmobiliarios y cómo la planificación urbana es solo una parte de la historia. Los desarrolladores realizan un análisis del mercado para encontrar un terreno adecuado y luego se enfrentan a desafíos financieros, legales y de construcción. La narración hipotética de la construcción de un edificio de viviendas multifamiliares en San Luis Obispo, California, ilustra los pasos críticos, desde la evaluación de viabilidad hasta la búsqueda de financiamiento y la gestión de la propiedad. Además, se discuten estrategias que los planificadores urbanos pueden implementar para facilitar la construcción de más viviendas, como reducir los tiempos de aprobación de proyectos y ofrecer bonos de densidad. Este resumen ofrece una visión general atrayente y precisa de la complejidad del desarrollo inmobiliario y cómo los planificadores pueden influir en él.
Takeaways
- 🏙️ **Importancia de los desarrolladores inmobiliarios**: Los planificadores urbanos pueden asignar usos de suelo, pero los desarrolladores inmobiliarios son cruciales para que se lleve a cabo la construcción.
- 🧐 **Análisis del mercado**: Es esencial comprender qué tipo de desarrollo se ajusta a las necesidades del mercado antes de la adquisición de un terreno.
- 💰 **Necesidad de financiamiento**: Los desarrolladores a menudo no cuentan con todos los fondos necesarios y deben convencer a inversionistas de su visión.
- 🏗️ **Proceso de aprobación**: Los desarrolladores deben cumplir con leyes locales y códigos de zonificación, y obtener permisos antes de comenzar la construcción.
- 📈 **Análisis financiero**: Se utiliza una pro forma para evaluar si el proyecto es rentable y se detalla más a medida que se confirman más aspectos.
- 🏡 **Elección del tipo de propiedad**: Los desarrolladores suelen especializarse en un tipo de propiedad, como comercial, industrial o residencial, y a veces en subcategorías específicas.
- 📐 **Diseño y planificación**: Después del análisis de viabilidad, se toma una decisión sobre el estilo del edificio y las características de los apartamentos.
- 🔍 **Diligencia**: Es fundamental investigar y asegurarse de que las ideas del proyecto sean compatibles con las leyes locales y no presenten problemas ambientales.
- 📝 **Contratos y préstamos**: Se busca financiación para la adquisición de la propiedad y para la construcción, y se contratan a contratistas para ejecutar la construcción.
- 📢 **Mercadeo y alquiler**: Una vez construido el proyecto, se inicia el proceso de marketing para atraer a inquilinos o compradores.
- 🌐 **Tecnología y promoción**: El marketing moderno se enfoca en medios digitales y se utiliza para promover el proyecto y atraer a la clientela objetivo.
- 🔄 **Operación y estrategia de salida**: Una vez que el proyecto está en funcionamiento, se recaudan ingresos para pagar la deuda y la financiación de equity, y se considera una estrategia de salida, ya sea mantener o vender la propiedad.
Q & A
¿Por qué es importante considerar la perspectiva de los desarrolladores inmobiliarios para entender cómo se construyen las ciudades?
-Es importante porque, aunque los planificadores urbanos pueden asignar usos de suelo, los desarrolladores inmobiliarios son quienes tienen la visión y el conocimiento del mercado para llevar un proyecto a la realidad, enfrentando obstáculos y navegando por el proceso de desarrollo inmobiliario.
¿Cómo se describe el proceso de desarrollo inmobiliario en el video?
-Se describe como un juego de tablero en el que los desarrolladores buscan alcanzar su objetivo, que es la finalización de un proyecto. Incluye análisis de mercado, búsqueda de terreno, financiación, cumplimiento de leyes y códigos de zonificación, construcción, y comercialización, entre otros pasos.
¿Qué es un análisis de mercado y por qué es esencial en el desarrollo inmobiliario?
-Un análisis de mercado es una investigación que permite a los desarrolladores entender qué tipo de desarrollo sería adecuado para una ubicación específica. Ayuda a determinar si hay una necesidad no satisfecha en el mercado y si una parcela en particular podría llenar esa necesidad.
¿Por qué es necesario que los desarrolladores realicen una due diligence antes de comenzar la construcción?
-La due diligence es esencial para asegurarse de que las ideas del desarrollador sean compatibles con las leyes locales y los códigos de zonificación, y para recibir los derechos de uso de la tierra (entitlements) del gobierno local antes de comenzar la construcción.
¿Cuáles son algunos de los desafíos que enfrentan los desarrolladores inmobiliarios durante el proceso de construcción?
-Algunos desafíos incluyen la falta de financiación inicial, la necesidad de vender la visión del proyecto a inversionistas, encontrar terrenos adecuados sin problemas ambientales, lidiar con posibles brechas en la fuerza laboral, el aumento de los costos de los materiales y otros retrasos en la construcción.
¿Cómo afecta el proceso de aprobación del proyecto en el gobierno local al desarrollo inmobiliario?
-El proceso de aprobación puede ser tedioso y prolongado, lo que puede aumentar los costos y la incertidumbre del proyecto. Las auditorías públicas, los códigos de zonificación confusos y las tarifas de desarrollo pueden dificultar la construcción de un proyecto.
¿Qué son los 'density bonuses' y cómo pueden ayudar a los desarrolladores inmobiliarios?
-Los 'density bonuses' son incentivos que ofrecen允许开发商建造比原本允许的更多的单位。 A cambio, el gobierno local obtiene algo a su favor, como la garantía de que algunas unidades serán asequibles para familias de bajos ingresos o para la conservación del hábitat.
¿Por qué es recomendable para los desarrolladores inmobiliarios reducir al mínimo los requisitos de estacionamiento mínimos?
-Al no fijar requisitos de estacionamiento arbitrarios, se permite a los desarrolladores determinar cuánta parking es necesaria basándose en su investigación y conocimiento del proyecto, lo que puede resultar en una mayor eficiencia del espacio y una mayor área para la construcción de viviendas.
¿Cómo afecta el tamaño del lote en la cantidad de unidades que se pueden construir en un proyecto de vivienda multifamiliar?
-El tamaño del lote y la zonificación local determinan la densidad de construcción permitida. Por ejemplo, en la zona R4 de alta densidad residencial mencionada en el script, se permite hasta 24 unidades por acre, lo que en un lote de 1.4 acres permitiría construir un total de 33 unidades.
¿Cuál es el papel de los inversores en el desarrollo inmobiliario?
-Los inversores proporcionan el capital necesario para financiar proyectos de desarrollo inmobiliario. A menudo, los desarrolladores no tienen la totalidad del financiamiento necesario y deben convencer a los inversores de que su proyecto es un buen riesgo para la inversión.
¿Por qué es importante para los desarrolladores inmobiliarios tener una estrategia de salida clara?
-Una estrategia de salida clara, como la venta de la propiedad después de la construcción, permite a los desarrolladores liquidar su inversión, pagar a sus acreedores y a sus inversores, y utilizar los fondos para financiar otros proyectos o mantener su negocio en funcionamiento.
¿Cómo puede la planificación urbana local facilitar el desarrollo de más viviendas asequibles?
-Los planificadores urbanos pueden reducir los tiempos de aprobación de proyectos, aumentar la cantidad de tipos de proyectos que pueden ser aprobados a nivel de personal, eliminar requisitos de estacionamiento mínimos y ofrecer bonificaciones de densidad, todo esto con el fin de aliviar la carga administrativa y permitir la construcción de más unidades de vivienda.
Outlines
🏗️ Proceso de desarrollo inmobiliario y su importancia
Este párrafo introduce la complejidad del desarrollo inmobiliario, destacando que la planificación urbana es solo una parte del proceso. Se resalta que los desarrolladores inmobiliarios juegan un papel crucial al llevar una visión a la realidad, teniendo en cuenta el mercado y superando obstáculos como análisis de mercado, adquisición de terrenos, financiación, cumplimiento de leyes y códigos de zona, y la construcción física de la propiedad. Además, se menciona la importancia de las relaciones con inversionistas y la administración pública para asegurar los derechos de construcción y los préstamos necesarios. Finalmente, se discute la necesidad de equilibrar los costos de construcción con las ganancias de alquiler o ventas y cómo los desarrolladores deben lidiar con retos adicionales como la escasez de mano de obra y el aumento de los costos de materiales.
📈 Análisis de viabilidad y diseño para un proyecto inmobiliario
Este párrafo se enfoca en el análisis de viabilidad y el proceso de diseño para un proyecto hipotético de viviendas multifamiliares en San Luis Obispo, California. Se describe cómo se realiza un análisis del mercado para identificar las necesidades inmobiliarias y se elige un terreno adecuado que cumpla con los requisitos de la zona. Se abordan aspectos como la investigación de problemas ambientales, la capacidad de servicios públicos y las leyes de zonificación. Además, se detalla la importancia de la análisis financiero, que incluye el cálculo de los costos y los ingresos durante el período de desarrollo y la operación. Se discute la elección del tipo de construcción y la mezcla de unidades, así como las decisiones sobre las comodidades y los servicios que se ofrecen a los residentes. Finalmente, se aborda la búsqueda de financiamiento a través de préstamos bancarios y la participación de inversores para cubrir los costos del proyecto.
💼 Estrategias de financiamiento y marketing para el desarrollo inmobiliario
Este párrafo cubre las estrategias de financiamiento y marketing en el desarrollo inmobiliario. Se destaca la dependencia de los desarrolladores en préstamos bancarios y la participación de inversores para financiar sus proyectos. Se describe el proceso de adquisición de una propiedad y la importancia de la diligencia previa para evitar retrasos y costos adicionales. Se menciona la búsqueda de préstamos de construcción y la necesidad de pagar a los inversores antes de obtener ganancias. Además, se discute el inicio de la construcción una vez que se asegura el financiamiento y se adquiere la propiedad. Se aborda el proceso de marketing y alquiler, incluyendo la inversión en medios digitales y la promoción en línea del proyecto. Finalmente, se habla sobre la fase operativa del proyecto, donde los ingresos de los alquileres se utilizan para pagar la deuda y los costos de administración de la propiedad. Se sugiere una estrategia de salida que podría incluir la venta de la propiedad para obtener una buena rentabilidad y financiar futuros proyectos.
🌐 Consideraciones finales y promoción de habilidades STEM
Este párrafo ofrece consideraciones finales sobre el proceso de desarrollo inmobiliario, destacando su complejidad y la cantidad de personas involucradas, desde prestamistas hasta trabajadores de mantenimiento. Se enfatiza que el tiempo es dinero y la importancia de una planificación eficiente para evitar retrasos y costos adicionales. Se sugiere que los planificadores urbanos pueden facilitar el desarrollo de viviendas asequibles reduciendo los tiempos de aprobación de proyectos y permitiendo a los desarrolladores tomar decisiones informadas sobre la cantidad de estacionamiento necesario. Finalmente, se promueve el uso de Brilliant.org para mejorar las habilidades en matemáticas y ciencias, que son fundamentales en el campo del desarrollo inmobiliario y muchas otras disciplinas.
Mindmap
Keywords
💡City Planning
💡Real Estate Developers
💡Market Analysis
💡Due Diligence
💡Entitlements
💡Construction Loans
💡Multi-Family Housing
💡Pro Forma Statement
💡Zoning Code
💡Exit Strategy
💡Affordable Housing
Highlights
Cities are not built solely by city planning; real estate developers play a crucial role in translating plans into reality.
Developers must navigate market analysis, land acquisition, and regulatory compliance to bring a project to life.
Due diligence is essential to ensure compatibility with local laws and zoning codes.
Construction loans and investor financing are often required to fund a development project.
Developers must manage construction challenges such as labor shortages and rising material costs.
Marketing the completed project to potential tenants and buyers is a critical step towards profitability.
Developers often specialize in specific types of real estate development, such as commercial, industrial, or residential.
A hypothetical multi-family housing development in San Luis Obispo, California, is used as a case study.
Financial analysis, including a pro forma statement, is crucial to determine the project's viability.
Design decisions, such as building style and unit mix, are influenced by market analysis and zoning regulations.
Amenities like in-unit laundry are chosen based on target market preferences and competition.
Securing funding through bank loans and investor equity is necessary before construction can begin.
Effective marketing and leasing strategies are essential for the project's success.
Operational phase involves managing the property and using rent to pay off debt and equity financing.
Exit strategies, such as selling the property, are considered to return investment and fund future projects.
City planners can facilitate housing development by reducing approval times and offering density bonuses.
Removing minimum parking requirements can allow developers to better meet the needs of their projects.
Real estate development is a complex process involving many stakeholders and requires a deep understanding of math and science.
Brilliant.org is recommended for learning STEM topics effectively, which are vital for fields like real estate development.
Transcripts
if you want to know how cities get built
but only look at City Planning you're
really missing out on half the story
city planners can assign land uses to
Parcels all they want but it doesn't
mean anything is going to get built
there you need real estate developers
attuned to the market to have a vision
for the property and see it become a
reality if you look at it from a
developer's point of view you can think
of it as a game maybe a board game
developers are doing their best to
navigate obstacles to reach their goal a
completed project they have to do a
market analysis to understand what
development would be a good fit and then
find a promising piece of land in a
great location ideally that property
doesn't need environmental remediation
or pose other challenges most developers
do not have all the funding they need
and must sell that Vision to investors
now that's only the beginning developers
need to do due diligence to ensure their
ideas compatible with local laws and
Zoning codes they need to receive their
entitlements from local government
before beginning construction they'll
also need construction loans which are
separate from investor financing and a
standard commercial mortgage developers
want to enlist contractors to build the
structures and must avoid the pitfalls
of Labor shortages Rising materials
costs and other construction delays
they'll have to Market their project to
potential tenants and buyers once the
project is complete they hope that the
costs associated with building the
project are less than the profits from
the project either rents or sales the
bank will want their share of the
investment first followed by the equity
Partners In some cases the real estate
developer doesn't even get paid until
their investors get their promise
percentage return on investment it's a
challenging game which is why City
players need to consider the hurdles
they put in front of real estate
developers before a project gets built
like the approval processes development
fees public hearings confusing zoning
codes could all mean the difference
between a project getting built and a
vacant lot I've done like 150 videos on
City Planning so let's do one on real
estate development and uncover its
Secrets after the bike Bell
foreign
the first thing to know about real
estate development is that there are
different product types like commercial
industrial and residential many
developers specialize in one of those
and even within those categories exist
specializations some developers develop
the land by purchasing a property
subdividing Lots installing utilities
then selling those lots to home builders
While others do all of that and build
the homes themselves furthermore real
estate developers tend to focus on one
geographic area this helps the developer
understand the local market and develop
connections with Brokers lenders and
investors I think it's best to explain
the real estate development process by
taking you through an example project
we're going to keep it hypothetical
because it's hard to find developers
willing to take you through an actual
project and open up the spreadsheets and
go into their Trade Secrets I understand
it's a competitive business so we'll
keep it hypothetical but plausible for
this video in this video we're going to
be multi-family housing developers all
developers regardless of specialty need
to start at project feasibility step one
is to conduct a market analysis before
purchasing a property they need to
understand what is missing in the market
and if that parcel can help fill that
need our home territory is San Luis
Obispo California my current Hometown
and a city with quite a few jobs but not
enough housing our market analysis will
go quite a bit deeper to understand the
socio-economic characteristics of the
local population typical rent and other
competing developments based on our
hypothetical market and Analysis we know
that a small multi-family building could
be built in San Luis Obispo and rented
out fairly quickly with fairly High
rents the next step is to find a
suitable site most developers Begin by
looking for locations that their target
market would prefer if they're marketing
to families property and preferred
school districts might be the best
option for example we are going to get
too detailed here we're targeting middle
and upper income couples and small
families and a lot just about anywhere
would work fine and as we look here's
one vacant and for sale we still need to
do our due diligence on this property
and check out environmental issues that
need remediation access to utilities and
utility capacity for new development and
explore planning issues the zoning code
will tell us lots of important things
like how tall the building can be and
how much of the lot can it cover our
hypothetical parcel is in an R4 high
density residential Zone which allows 24
dwelling units per acre our parcel is
1.4 acres so that means we can build 33
units the building can take up 60 of the
lot maximum and be no higher than 35
feet tall Okay so we've determined that
there's a market for multi-family
housing here in San Luis Obispo and we
found a parcel that could be a perfect
fit now we need to figure out if we can
make any money by building this project
it's time for the financial analysis it
typically starts with a simple pro forma
statement to see if this project would
pencil out and gets more detailed as the
process continues and more details get
nailed down we're doing Apartments so we
need to figure out the costs and
revenues during the development period
from this part now where we're doing the
feasibility analysis until the project
is built in 90 to 95 percent leased out
then we need to know if it will be
profitable during the operating period
whereas just an apartment building
generating rent as a financial analysis
can support d detailed we can start
moving into the design step before we
hand the project off to Architects we
need to make some decisions what kind of
building will we build Podium style
construction with more than seven or
eight stories is quite expensive per
unit due to the fire code requirements
we also can't build that because it
would exceeds zoning height limits we
could look into a three over one style
Podium mid-rise structure it might be
too tight to construct with our height
limits but three over one four over one
and five over one buildings are
extremely common types of multi-family
housing they're called that because
they're made up of three four or five
wood framed combustible construction
over a one-floor concrete Podium any
sort of common Urban apartment in your
city is probably this type of building
the most affordable option and the best
fit based on the zoning code is a garden
apartment these are typically three
stories as that height doesn't require
expensive elevators they're also
completely wood frame too further
reducing costs we also need to figure
out unit mix will this be designed for
college students with three and four
bedroom floor plans designed to be split
amongst roommates or it'll be micro
units and Studios or senior housing
I think for this project let's stick
with a typical mix of one two and three
bedroom apartments we also need to
decide on amenities which comes from our
market analysis do we need granite
countertops and in-unit laundry or will
our target market not be able to afford
them and do we need a clubhouse and pool
of shared amenities as we're aiming for
a mid-range market and have a smaller
lot uh let's not have a pool but let's
add in-unit laundries families really
prefer that amenity and that's what the
competition is offering at this price
point okay so now we have a market
analysis a site a financial analysis and
a design we need to find some money to
make this project happen most of the
time developers rely on bank loans and
investor Equity to pay for these
projects we're first going to go to a
bank and get a loan that will finance
about 60 percent of the project
including the acquisition of the
property that's right up until now we
didn't actually even own the property
and we were doing all of that due
diligence we will also seek a
construction loan to pay for the cost of
actually building the apartments
construction loans are usually short
often just a year and dispersed monthly
instead of in one lump sum we're also
going to get some individual investors
to take us to 100 of the cost of the
project we'll need to pay off our loans
before we pay our investors if we don't
have enough money we may need to get
more from our investors that's obviously
not ideal as they're looking for a
certain return on investment one of the
most important things to understand is
that delays in unforeseen circumstances
cost money that's why so much time is
spent up front doing the due diligence
to make sure that there are fewer bumps
in the road with our funding secured and
our property acquired we can start
construction this is actually one of the
most straightforward parts of the
process assuming everything else has
gone well so far we'll find a general
contractor and work with them to ensure
that the project is done on time and
within our budget like I said delays
cost money and we don't want that at the
same time we need to begin the marketing
and leasing process we need to let
people know that they can rent an
apartment here these days 95 of our
marketing budget will be spent on
digital media we'll buy ads set up a
website and use social media to promote
our project we will also do some on-site
marketing
we'll set aside a couple of model units
for people to check out our marketing
budget will be about one thousand
dollars per unit and that number will be
higher if we were doing luxury or
high-rise Apartments if we think we're
in a competitive market we could offer
concessions to the renters like free
cable or first month rent free it's a
tight rental market though so let's try
without those with our marketing
successful and our project constructed
we're ready to move on to the operation
phase of the project we're going to use
the rents that we collect every month to
pay off our debt in equity financing as
well as pay for property management now
some real estate developers manage
properties themselves while some hire
out to a property management firm since
our project is so small it makes more
sense to hire out a company that manages
multiple properties projects typically
need 150 to 200 units to support a
full-time dedicated on-site management
staff and we just don't have that now
with our project developed we need to
consider our exit strategy we could hold
on to this property or sell it to a firm
that specializes in operating apartment
buildings
in this case we'll sell and use the
funds to pay off our debt give our
investors a nice return and give us the
money we need to keep our business
running and hunt for another good
development project this was obviously
an incredibly simplified version of the
real estate development process but even
in this simplified example you can see
how incredibly complicated it is there's
so many people involved from lenders to
marketers to developers to property
managers to maintenance workers and on
and on and one thing that's important to
understand is that time is money and the
longer the process drains on the more
expensive it gets this is a real concern
especially when we're developing
affordable housing if a project seems
like it would have to go through an
overly complicated Local Government
Review process that project just may not
happen at all or they may decide that
the only kind of housing that pencils
out is luxury apartments so what can
city planners do to make it easier for
developers to build more housing local
governments can reduce the amount of
time required for project approval time
is money and uncertainty can kill a
project planning departments can
increase the number of project types
that can be approved at the staff level
without getting planning Commissioners
and City Council Members involved you
don't want a Jeremy Jam weighing in if
at all possible another thing cities can
do is remove minimum parking
requirements this is all about letting
the developers decide what the best
amount of parking is they've done the
research and know how much parking their
project needs but the local government
has this number that's sometimes
arbitrary and often too high for the
project if we would just let developers
build what they want to build they could
right size the parking and have more lot
area for housing local governments can
offer density bonuses this means that
the developer can build more units than
the zoning code allows but the local
government gets something back from the
developer oftentimes this is a guarantee
that some of the units in the
development will be affordable to
low-income families but density bonuses
are also used for Habitat conservation
or to provide plazas or other public
spaces city planners need to balance the
need for more housing and other types of
development with the impact those
developments will have on their
Community now real estate development as
we saw is extremely complex but planners
don't need to make it excessively
complex real estate developers will tell
you that they spend a fair amount of
time staring at spreadsheets and doing
math they're just one of the many fields
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