Real Estate Moguls

Paper Summary:

Real estate moguls have contributed significantly to the landscape of America. The paper explains that there are those real estate moguls who have succeeded brilliantly and built hotels like The Trump Plaza and that there are those who have failed miserably and had to bankrupt their businesses or are incarcerated because of fraud and deceit. Regardless of the level of their success, the contributions of real estate moguls are undeniable. This paper examines the achievements of Donald Trump, Larry Silverstein and Leona Helmsley.

From the Paper:

"There are many real estate developers who lose fortunes in their endeavors and their investors lose, also. What makes for a successful real estate developer? Not everyone can be a Donald Trump, who seems to have a golden touch. There seems to be a variety of factors that need to be considered when real estate developers undertake a new project. One consideration is location. The developer needs to determine if the location is appropriate for the type of project being considered. For example, a shopping plaza in a downtown area might not be as good of an idea as a shopping plaza in a suburban area. In accord with this, the neighborhood must be taken into account. When you are considering building your project, you must consider your neighbors and what they would prefer to have in their neighborhood. A small bookstore might fit nicely into a neighborhood, whereas a nightclub would not. A developer would also have to consider what the market is and what people desire in certain areas. A developer would not want to put in 100 office spaces in an area that has 150 empty office spaces already. This developer might want to consider small businesses to attract more commerce interests. Additionally, the developer would have to try to forecast whether the needs and wants of people will be approximately the same by the time the project is finished. This is sometimes very difficult to accomplish because of the time difference between inception of the idea and the reality of the completion of the project. An example of this is found in Los Angeles where "many of the high-rise towers that were developed downtown in the early '90s - just around the time that campus-style buildings were coming into vogue, the economy was heading into recession, and L.A. was losing many of its large corporate headquarters" (Hayes, 1999, p. 2)."

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