Lecture, three hours. Exploration of fundamentals of residential and commercial real estate finance, investment, and development. Study of qualitative concepts and quantitative tools necessary to develop real estate decision-making skills. Analysis of variety of case studies of finance, investment, and development projects from U.S., Europe, China, and Japan that highlight opportunities, risks, challenges, and solutions that were unique to each situation. Use of specially prepared Excel models to understand and evaluate financial aspects of transactions, consideration of macroeconomic context, and discussion of its potential impact on real estate finance and investment decisions. P/NP or letter grading.