Faculty
Professor John H. Vogel Jr
Objectives
Real Estate is a general management course designed to help students develop an analytic framework for making decisions related to real property. This framework integrates strategic, marketing and financial analysis. The course also focuses on deal structuring, risk management and negotiation.
Students will find that this course takes a practical, hands-on, problem solving approach. Cases are used for most of the classes. The quantitative analysis does not require advanced math skills, but does require an ability to quantify qualitative insights. The goal of the course is not to train people to work in the real estate industry (though it can serve that function), but to understand how to value real estate and how to analyze and manage real estate as an individual, investor and/or manager.
Requirements
Course Requirements and Grading Weights
1. Financial Analysis Workbook: Exercises 4-6 - 5%
2. Angus Cartwright III - 10%
3. The Negotiation Game - 10%
4. The Jeffersonville Warehouse - 10%
5. Class Participation - 25%
6. Final Exam - 40%
In addition to the written assignment there is an optional extra credit opportunity. On the last day of class, (Nov. 17) students who wish improve their grade can hand in reports from the ARGUS software program which is the industry standard for modeling cash flows. Directions for this assignment are included in the case itself. Dale Vanderlaan, a consultant from Chicago who does ARGUS training programs will be coming to Tuck on Friday, October 9 and will do a 3 hour training program in Borelli classroom. Please be sure to sign up on TuckStreams under ARGUS Training Program sign up list.
Also, before October 9 please go to the Real Estate course folder and download ARGUS onto your computer. There is a file in the folder with instructions. This session will be valuable for anyone interested in going into real estate, learning about the most sophisticated real estate software or planning to to the extra credit assignment.
Written Assignments:
The following three written assignments may be done in small groups. Angus Cartwright and the Jeffersonville Warehouse are quite lengthy and students should plan their time accordingly. If you would like help finding a group, please email Brenda Gray (brenda.gray@dartmouth.edu).
1. Financial Analysis Workbook. Tuesday, September 15, (To be handed in at the beginning of class). Fill out and hand in exercises 4-6. For this assignment you may work in groups of up to three people. Each group should hand in one copy of these exercises at the start of class with the names of all the members on the cover page. There is an Excel spreadsheet in the Real Estate folder which may help with the formatting and typing.
2. Angus Cartwright III. Monday, September 28, (To be handed in at the beginning of class) Fill out all exhibits in the case with backup analysis for Exhibits 5 and 8, using the same format as in the case, and hand in one copy per group at the start of class. A template for the case has been posted in the Real Estate Course Folder on the Tuck computer network, which may save you some time in typing and formatting. For this case, students may work in groups of up to four people. This is a long assignment.
3. The Jeffersonville Warehouse Monday, October 5, (To be handed in at the beginning of class) In groups of up to four people, please do all the exercises and turn in Exhibit 5 entitled: "Summary To Be Handed In At The Beginning Of Class". Also, as indicated on that exhibit, please attach printouts of your excel spreadsheets for Exercises E and H. Exhibit 5 is also available in electronic form in the Real Estate Course Folder.
Readings:
Readings are assigned on specific days. However, they may or may not be directly discussed in class. The Real Estate Chapter from the Handbook of Modern Finance has been included in your course packet to serve as background reading and provide additional depth. It is highly recommeded that you read it at some point during the course.
There are a number of the Internet sites listed in the Real Estate Course Folder which contain up to date information. I particularly recommend that you visit: www.irei.com, and under “Research” click on “Glossary.” It has an excellent 44-page glossary of real estate terms.
Materials
On Course Reserve in Feldberg Library
The following books are on reserve at the Feldberg Library and are an excellent reference source:
1. Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success, William J. Poorvu with Jeffrey L. Cruikshank, (Pearson Education Inc., Publishing as FT Press (Financial Times), c. 2008).
This book traces a number of individuals and families through the various stages of their careers. Of particular interest are the early chapters where Professor Poorvu describes different approaches these people took when they were starting out and doing their first deal.
2. The Real Estate Game: The Intelligent Guide to Decision-Making and Investment,
William J. Poorvu with Jeffrey L. Cruikshank, (The Free Press, c. 1999).
This book is a great supplement to the course because the author approaches real estate concepts from the same perspective as your instructor. The chapter on "Using the Numbers" is very helpful for those who are struggling with, or want deeper insights into, the "back of the envelope" approach used in the course. There is also a useful "back of the envelope glossary" at the end of the book. All of the chapters provide great insights into what motivates the different players in the real estate industry.
3. Real Estate Development: Principles and Process, Fourth Edition, Mike E. Miles, Gayle Berens, Mark A. Weiss (Urban Land Institute, c.2007).
The first edition of this book was the top seller produced by the Urban Land Institute. It was updated and revised in 2007. The book supplements the case studies by giving an in-depth look at market studies, discounted cash flow analysis and the steps in the development process. The book contains an excellent real estate glossary.
4. Commercial Real Estate Analysis and Investment, David M. Gettner, Norman C. Miller, (South-Western Publishing, 2001).
5. Professional Real Estate Development, Richard B. Peiser and Anne Frej, (Urban Land Institute, 2003).
6. ARGUS - User Reference Guide.
This manual will be helpful in doing the extra credit assignment involving Argus Financial Software. The latest manual can also be downloaded at www.argussoftware.com/university/. Be sure to click on the ‘download’ in the “Program Overview,” not the pdf.
The following real estate periodicals are also available at Feldberg Library.
They are a good source for timely and interesting articles:
a. Real Estate Finance. New York: Aspen Publishers. (Quarterly, electronic).
b. Real Estate Review. Boston: Warren, Gorham & Lamont. (Quarterly).
c. National Real Estate Investor. New York: ARGUS Business (Monthly).
d. The Wall Street Journal, especially the Property section published each Wednesday and the real estate section of the Sunday New York Times.
In the Real Estate folder, you will find the URL and a brief description of some of the most useful real estate sites on the internet. They contain interesting and up-to-date information, as well as useful tools like mortgage calculators. We have also developed a folder called "How to Buy a House" which can be accessed on the public drive in the Tuck Network. From the public folder click on “Information” and then “How to Buy a House”. In that folder you will find useful tools we have developed as well as a proprietary data base called “eNeighborhoods” for which Tuck pays a monthly subscription fee. "eNeighborhoods" provides recent sales, school ratings and crime statistics for virtually every zip code in the United States.
Grading
Financial Analysis Workbook - Exercises 4-6 5%
Due Tuesday, September 15 . (To be handed in at the beginning of class) Fill out and hand in exercises 4-6. For this assignment you may work in groups of up to three people. Each group should hand in one copy of these exercises at the start of class with the names of all the members on the cover page. There is an Excel spreadsheet is in the Real Estate folder which may help with the formatting and typing.
Angus Cartwright III 10%
Due Monday, September 28. (To be handed in at the beginning of class) Fill out all exhibits in the case with backup analysis for Exhibits 5 and 8, using the same format as in the case, and hand in one copy per group. A template for the case has been posted in the Real Estate Course Folder on the Tuck computer network, which may save you some time in typing and formatting. For this case, students may work in groups of up to four people. This is a long assignment.
The Negotiation Game 10%
The Jeffersonville Warehouse 10%
Due Monday, October 5. (To be handed in at the beginning of class) In groups of up to 4 people, please do all the exercises and turn in Exhibit 5 entitled: "Summary To Be Handed In At The Beginning Of Class". Also, as indicated on that exhibit, please attach printouts of your excel spreadsheets for Exercises E and H. Exhibit 5 is also available in electronic form in the Real Estate Course Folder.
Class Participation 25%
Final Exam 40%
Extra Credit Opportunity
In addition to the written assignment, there is an optional extra credit opportunity. On the last day of class, (Nov. 17) students who wish to improve their grade can hand in reports from the ARGUS software program which is the industry standard for modeling cash flows. Directions for this assignment are included in the case itself.
Schedule
09/14/2009
Day 1: Revere Street
Case Summary:
Although inexperienced in real estate, Edward Alexander hopes in June 2006 that youthful enthusiasm and an $80,000 inheritance will help him enter the real estate business. This case chronicles his experiences in finding, evaluating and acquiring a four-unit brownstone in need of renovation in the Beacon Hill section of Boston. The case also identifies the various players in the process.
Study Questions:
1. How did Alexander go about searching for and evaluating this property?
2. What people helped Alexander in the process and what functions did they perform?
3. What are the problems relating to the rehabilitation work proposed?
4. Should Alexander make this investment?
Read:
Revere Street case and Financial Analysis Workbook. Do Exercises 1-3. Answers are at the back.
09/15/2009
Day 2: Doral Costa
Case Summary:
Samantha Spar needs to advise her client about a real estate investment opportunity in Miami, Florida. The case enables us to discuss the key factors that go into a real estate investment: the site/location, the product, the market, the financing and the people.
Study Questions:
1. Does the Doral Costa project make sense? What are the strengths of the investment? What are the key risks?
2. Based on the assumptions in the case will the project be profitable? What does the set-up tell you? Using exhibit 9 and making an assumption about an appropriate captialization rates, what kind of IRR will the project generate?
3. With all the new projects coming on line, do you think there is sufficient demand for a project this size?
4. Would you recommend the QRS make this investment?
5. If you did make this investment, how would you modify the arrangement with Trammell Crow to mitigate the risks?
Written Assignment:
Exercises 4-6 in the Financial Analysis Workbook. Hand in at the beginning of class.
Read:
Doral Costa case and Note to Accompany Doral Costa (handed out after class) and Note on Real Estate Market Analysis (handed out after class).
09/21/2009
Day 3: The Holt Companies
Case Summary:
The biggest real estate question that most companies face is whether to buy, lease or build. When Stanton needs to make this decision he turns to Holt Lunsford of Holt Commercial for advice.
Study Questions:
1. What should Lunsford advise Stanton to do?
2. What do you think of Marquez's quantitative analysis (Exhibit 10)?
3. When purchasing industrial properties, what attributes are most important for investors to consider?
Read:
Holt Companies case
09/22/2009
Day 4: Shady Trail
Case Summary:
Holt Lunsford is back. The other side of his business involves making investments. Lonestar Bank is offering to sell the Shady Trail Distribution Center in Dallas, Texas. Shady Trail is a five-year-old 120,000 square foot distribution warehouse facility located on the west side of Dallas. Lonestar is asking $4.0 million for the property. It is September 2003 and the Dallas real estate market is leveling off. Lunsford has convinced 11 friends to put up $100,000 each in addition to his own $100,000 to acquire one or two troubled properties. Lunsford decided to focus on warehouse properties due to their relatively small size, their strong historical performance and his relevant experience. He wondered whether Shady Trail would make a good investment. The focus of this class will be on financial analysis and tax calculations.
Study Questions:
1. Look at the assumptions Lunsford has made in creating his setup. What changes has he made and why?
2. Prepare a new setup for the property based on the information in the case and calculate the return.
3. What price should Lunsford offer for Shady Trail?
4. Does this property fit Lunsford's criteria for investment?
Read:
Shady Trail case and "Real Estate Finance: A Technical Note Based on Shady Trail" (handed out after class).
09/28/2009
Day 5: Angus Cartwright III
Case Summary:
In September 2003, Judy and John DeRight, looking to diversify their investment portfolios, have retained Angus Cartwright III to identify prospective real estate acquisitions. Mr. Cartwright has identified four potential properties, which merit an in-depth analysis. The case provides an opportunity to examine the various components of the real estate return — cash flow, tax benefits, and futures — and measure the profitability of a proposed investment through the calculation of net present value, internal rate of return, and capitalization rate. The class session permits discussion not only about techniques of financial analysis, and their usefulness, but adaptation of those methods to the needs of a particular investor.
Study Questions:
1. Using the method for financial analysis employed by Cartwright for Alison Green, and assuming the figures given in the case, what are the financial returns for the other three properties?
2. Consider under what circumstances it would be valuable for you to make the calculations in the various exhibits?
3. Which potential investment, if any, would you suggest for each of the investors?
WRITTEN ASSIGNMENT:
This is a very long and important assignment. Fill out all the exhibits in the case with backup analysis for Exhibits 5 and 8, using the same format as in the case and hand in one copy per group of all exhibits at the start of class. Students may work in groups of up to 4 people. Use assumptions in the case. Do not include in the assignment to be handed in your response to study questions 2 and 3. There is a template in the Real Estate Folder that may save you some time in setting up and formatting the exhibits.
Read:
Angus Cartwright III case and "Recent Changes in Tax Law that Impact Real Estate"
09/29/2009
Day 6: Torrance Crossroads
Case Summary:
Brian Smith, Managing Director of Regency Centers, needs to prepare a second bid for the Torrance Crossroads Shopping Center. His first bid of $103 million was the largest amount Regency had ever bid for a single property. In addition to issues related to the property itself, Smith and his boss, Hap Stein, need to consider the implication of this acquisition on Regency’s stock price.
Study Questions:
1. Assuming Regency makes a second bid, how much should it bid for this property? How would you justify this number? PLEASE FILL OUT EXHIBIT 9 AND TURN IT IN AT THE BEGINNING OF CLASS. Bids can be done in teams of up to four (4) people.
2. From the standpoint of the investor, what criteria would you use in evaluating a REIT stock? How does Regency measure up?
3. As Smith, what are your greatest concerns with making another bid?
4. If you were Hap Stein what would you tell investors and analysts as to why you are purchasing this property?
Group Assignment:
Prepare Bid to be handed in at the beginning of class (1 per team.)
Read:
Torrance Crossroads case and "Forces That Are Changing REITs Forever"
10/05/2009
Day 7: Jeffersonville Warehouse
Case Summary:
Although real estate appraisers are not always held in high esteem, their methodology is used by most investors in determining the price they will pay for a property. This case takes you through an appraisal and gives you the opportunity explore the basic valuation methodology through a series of exercises. In this situation, the value derived from the appraisal is very important because that is what the owner of the property, Jim Karp, will be paid by the state of Indiana.
Study Questions:
1. Why is it so difficult to value real estate? Why did the State Appraisal and the Mills information lead to such different values?
2. Using the information in Exhibit 2, what is the value of the property using the sales comparable approach and the two different income approaches? How does your overall value estimate for the property using the assumptions in the first part of the case compare with the State’s estimate of $890,000?
3. Using the Charlie Mills’ data, please do another estimate of value using the sales comparison approach. What is the value of the property based on the Mills’ comparables?
4. What should Jim Karp do?
5. Eminent Domain has become controversial. If you were a state legislator, what guidelines would you establish for when it is appropriate and not appropriate to use these powers to take private property?
Written Assignment:
In groups of up to four people, please go through the case and do exercise A-H. Then please fill out Exibit 5 at the back of the case and hand it in at the beginning of class along with your spreadsheets for Exercises E and H. An electronic version of Exhibit 5 is available in the Real Estate Course Folder.
Read:
Jeffersonville Warehouse case
10/06/2009
Day 8: John Hancock Tower and Garage
Case Summary:
This is a brand new case. Between 2003 and 2009, this Boston landmark sold three times. In many ways, these transactions not only mirrored the ups and downs of the Boston real estate market, but the broad trends that characterized the commercial real estate market in the United States in the first decade of the twenty-first century. After selling twice at record prices, in March 2009, Jeff Gronning from Normandy Real Estate Advisors bought this property at a foreclosure auction. Did Normandy make a great purchase or overpay?
Study Questions:
1. In 2003, what did Beacon Capital like about the Hancock Tower and Garage? What were the biggest risks?
2. For Beacon Capital, the purchase and sale was a homerun. What part of this success was the result of their skill and what part was luck?
3. When Broadway bought the property in 2006, what were they betting on? What mistakes did they make?
4. What skills enabled Normandy to get control of this property?
5. At $730.5 million, did Normandy get a good deal? What should they do first to hold onto their existing tenants and restore the building's reputation?
6. What lessons can be learned? What does this case say about the commercial real estate markets?
Read:
The John Hancock Building case
10/12/2009
Day 9: Corporate Avenue
Case Summary:
In September 2003, Renee Ting, a General Manager for Sales and Marketing for the Shui On Group in Shanghai, has to negotitate the details of a lease after signing a letter of intent from a multinational company called Advanced Furniture Systems (AFS) for a large block of space at Corporate Avenue in downtown Shanghai. The issues raised about the draft lease by AFS's attorney, Elizabeth Deacon, are disconcerting and Renee has to decide how to proceed.
Study Questions:
1. What issues did the letter of intent resolve?
2. If you were the landlord, which two or three issues would you want to try to resolve first when you meet with the tenant? As the tenant, which issues would you bring up first in your negotiation with the landlord and what position would you take on those issues?
3. What strategy would you employ as the Landlord or Tenant? Who should negotiate? Who should play what role in the negotiations?
4. Using the form in the case labeled Exhibit 1, prioritize the issues raised by Tenant's attorney and consider your responses. Look at the issues as common sense operating problems, not as technical legal points requiring a law degree.
Read:
Corporate Avenue case and "Behold Your Future, Know Your Lease Provisions, or Else".
10/13/2009
Day 10: The Birmingham Fed: A Green Building
Case Summary:
Case Summary: Melaver Inc. is one of the leading developers of LEED Certified “green” buildings. They are currently planning a $113 million, mixed use, environmentally sensitive building in Birmingham, Alabama which will include retail, office and a hotel. The case begins with a meeting between the developer and a law firm which is interested in leasing 100,000 square feet of space.
Study Questions:
1. In making the case to the law firm as to why they should move to the Birmingham Federal project, what issues would you emphasize? What should Melaver say?
2. Why is it so important to sign this lead tenant?
3. What are the pros and cons of building a hotel as part of the Birmingham Federal Reserve office project? What are the greatest risks associated with mixed-use development as opposed to a single-use development?
4. Take the tenant’s perspective. From a hotel guest’s perspective what are the benefits of staying in a ‘green’ hotel? Do you think hotel guests will pay a premium? Would you?
5. How do the financials look? What kind of return can an institutional investor expect? Which parts of the project are the most profitable? If Melaver, Inc. cannot secure a large anchor tenant, should it go forward with this project?
Read:
The Birmingham Fed case and "Luxe Hotels in a Battle for Control"
10/26/2009
Day 11: Value Retail
Case Summary:
In June 2002, Scott Malkin, the Chairman of Value Retail, is considering the development of an Outlet Center in Fidenza, Italy. Having successfully created outlet centers in England and France, Scott believes in this retailing concept. The case discusses the unique challenges and risks of trying to adapt this concept to Italy.
Study Questions:
1. From a retailer’s standpoint is the Fidenza Outlet Center attractive? Do the projected sales justify the proposed rents?
2. Do the returns from this project justify the risks? What kind of returns does Scott Malkin expect? What are the biggest risks?
3. How should the deal be structured? What percentage should go to the investors? What special incentives should go to the developer?
Read:
Value Retail case
10/27/2009
Day 12: Starwood Capital
Case Summary:
D. Arne Arnesen, Managing Director at Starwood Capital needs to make a decision about the Motorola property. Although it is attractively priced, he wonders if the rewards are sufficient to warrant this kind of risk, and if the property will generate sufficient returns to meet the expectations of Starwood’s investors.
Study Questions:
1. What kind of pre-tax IRR can Starwood expect to generate from this property (before taking into consideration the allocations between Starwood, Berkeley and Starwood’s investors)? Would you recommend that Starwood Capital make this investment? Why or why not?
2. Is Fort Worth, Texas an attractive real estate market to invest in at this time? What are the key market factors that Starwood needs to consider in making this investment? What are they betting on?
3. Motorola both owns and leases real property. If you were in charge of Motorola’s real estate department, what would be the key factors going forward in deciding whether to lease or buy new space?
4. This case illustrates the interaction between the real estate markets and the stock and bond market. In what ways is the real estate market impacted by what is happening in the stock market?
Read:
Starwood Capital case
11/02/2009
Day 13: Highlands at Faxon Woods
Case Summary:
The Highlands at Faxon Woods apartments have run into trouble. Originally conceived as elderly housing, the partners need to figure out a new strategy.
Study Questions:
1. Should Cornerstone convert the project to conventional multi-family or stay with the existing senior housing? Based on your recommendations, what should they do to make the project successful?
2. If they convert to conventional multi-family, who should pay the $1 million? Would you change the joint venture agreement in any way?
3. What do you think of the layout of the apartments?
4. How do the numbers look? If the developers convert to conventional apartments (with 20 apartments set aside as affordable units) will Cornerstone be able to recover its investment? What are your key assumptions? (You can assume that the rental market has not changed significantly and that they can achieve the trended 2001 market rents on the market rate units as shown in table F).
Read:
Highlands at Faxon Woods case
11/03/2009
Day 14: Hines Goes to Rio
Case Summary:
Steve Dolman has been working in Brazil for five years. Torre Almirante is his third project. It is a $60 million, 36 story Class A office building. With only 314 days remaining, he confronts a variety of operational, investor and financing issues.
Study Questions:
1. What are the best opportunities for Hines to pursue in Brazil? What are the greatest barriers?
2. As an investor, what are your biggest concerncs? Did Hines do a good job for aligning the interests of the different players in the development of this project?
3. Which of the various leasing strategies should Dolman pursue?
4. Who should pay for the elevator shaft? What would you recommend Hines do about the lobby ceiling?
5. Should they proceed with the REIT financing?
Read:
Hines Goes to Rio case
Note:
Team assignments for the Negotiation Game will be handed out at the beginning of class and posted in the Real Estate Course folder.
11/05/2009
Negotiation Game Questions Due
Negotiation Game questions need to be turned in by 5 pm on Thursday, November 5. Answers will be returned to the mailbox of one of the team members on Friday, November 6.
11/09/2009
Days 15 and 16: Negotiation Game (Also plan on team meetings on Nov. 4 and 6
Case Summary:
The class is divided into several teams of buyers, sellers, and lenders who compete for the purchase, sale, and financing of apartment complexes in Raleigh, North Carolina and Las Vegas, Nevada. Groups will receive their team assignments and cases on Tuesday, November 3. After class, teams should meet to create questions and develop a negotiation strategy. The questions need to be turned in by 5 pm on Wednesday, November 4. Answers will be returned to the mailbox of one of the team members on Thursday, November 5. During the class on November 9, teams will begin to negotiate deals utilizing various financial and deal structuring techniques discussed in prior cases. The second class serves as a wrap-up session and permits a comparison of results, strategies, and experiences. An "Introduction to the Negotiation Game" is in your course packet and provides a detailed description of the game. From 8:30-9:30 pm on November 9, we will provide a classroom for teams to continue and complete their negotiations. PLEASE DO NOT SCHEDULE ANYTHING ELSE FROM 8:30-9:30 THAT EVENING, as it will put an excess burden on your teammates. The deadline for completing transactions is 9:30 pm on November 9. The course instructor will assign teams.
Study Questions:
1. What was your strategy going into the negotitation? Did it work?
2. What were the "lessons learned" from this simulation?
11/16/2009
Day 17: Suffolk Construction and the Mandarin Oriental Project
Case Summary:
This is a brand new case. The Mandarin Oriental Project is currently under construction. It is one of the most challenging construction projects ever undertaken by Suffolk Construction. The case looks at this project from the point of view of the General Contractor. The case begins with the developer telling John Fish, CEO and owner of Suffolk Construction, "John, this project is going to be hard to justify if we don't reign in the construction budget . . . and upon hearing it, Fish understood seven years of work was headed down the drain."
Study Questions:
1. What should John Fish do? Which cost savings from the alternative design list should he present and which ones should he leave off? Why?
2. The two most common construction contracts are a construction management contract and a guaranteed maximum price contract. What are the advantages and disadvantages of each type of contract? If you were CWB which type of contract would you choose in this case, assuming that the project goes forward?
3. Scott Menard has identified five key clauses that are likely to be heavily negotiated. As the contractor what position would you take on each of these issues? For example, what is the appropriate penalty if the project is late, and how should any cost savings be split? What would your position be on these issues if you were the developer? Which issue is most important to you?
4. What are the qualities that a developer should consider when seeking a general contractor? What are the advantages of bidding the project versus working with a single contractor? What criteria would you use in determining which type of projects should get bid?
5. What do you think of the design of the project? Does the placement of the different uses make sense? Why is the project designed as two distinct towers?
Read:
Suffolk Construction Company and the Mandarin Oriental Project case
11/17/2009
Day 18: Argus 3rd Avenue and How to Buy a House
Case Summary:
One goal in this final class is to acquaint you with the ARGUS Financial Software program. This program retails for about $4,000 per copy and is usually considered the industry standard for commercial real estate. Everyone is expected to read this short case and then try out this software by following the directions in Exhibit 2. In the Real Estate Course Folder you will find “RUN ARGUS” which allows you to access this program. (Because the program gets updated every year there may be some slight variation between exhibit 2 instructions and the program).
As an extra credit assignment, in groups of up to four people, you have the option to spend more time on this program and do the analysis for scenarios 1 and 2. To get extra credit, your team must hand in a copy of your ARGUS runs at the beginning of class. Copies of the Argus Reference manual are on reserve in Feldberg Library. Alternatively you can download the manual by going to www.argussoftware.com/university. Be sure to click on the ‘download’ in the “Program Overview,” not the pdf.
After a brief ARGUS demonstration, the balance of the class will be devoted to a lecture discussion about "How to Buy a House".
Read:
Argus 3rd Avenue case
