Brownfield real estate refers to real estate property which has been reclaimed or rehabilitated from abandoned, dilapidated, or contaminated sites. Brownfield real estate includes real estate owned by government agencies, schools, health care facilities, businesses, and others. Brownfield real estate tends to have a higher turnover rate because of the high competition among developers to get property. The term ‘rehabilitation’ or ‘renovation’ is not used to describe real estate which is currently undergoing development, but rather to describe the real estate that is in the process of development.
Brownfield real estate is property which is used to develop either new residential homes or to accommodate the relocation of existing residences, typically after the building of a new freestanding house. The term brownfield is an Anglicization of the Latin phrase: res gestae, meaning to draw to life. The term was first applied in the United States in the late nineteenth century by an early practitioner of urban planning, Cyrus W. Leeper. The term has since then become widely accepted throughout the world.
There are a number of factors which contribute to the increasing trend of brownfield development. One factor is the shift in zoning policy in many municipalities across the country. Another factor is an increased demand for environmentally sound housing, particularly in cities like Boston, where stricter building regulations have resulted in a decline in new residential development. Some jurisdictions have passed laws requiring developers to incorporate more efficient energy-efficient technology and materials in new projects, including higher efficiency heating and cooling systems, recycled windows and roofs. These measures are being implemented to reduce the cost of living while ensuring that current residents have access to improved quality of life.
Developments in the field of environmental management systems and methods of the present invention are also contributing to the rise in brownfield real estate development. Currently, there are several types of environmental management systems and programs available. These include water management, water recycling, integrated pest management, energy efficient heating and cooling systems, sustainable land use and facilities, and the use of renewable resources. Brownfield real estate developers can capitalize on these systems and methods to ensure that they do not violate environmental laws and regulations. They can also improve their credibility in the market by offering environmentally responsible properties.
Another Brownfield real estate property redevelopment option gaining popularity is the provision of e-commerce facilities using internet applications. This has been especially effective in remote communities with limited access to standard telephone and electric service, such as the poor rural areas of the Pacific Northwest and the Great Lakes. Software solutions have been developed that enable customers to conduct business in real time over the Internet, using a general purpose computer terminal, without requiring the use of an email address. These online storefronts provide consumers with a choice of shopping options, such as provision of price comparison, product catalogs, customer feedback, secure online ordering, and secure credit card payment options, which have been found to be particularly appealing to remote communities.
The most important requirement in this type of real estate property redevelopment is to determine the most suitable property investment opportunities according to local regulations and market conditions. This involves thorough market research, such as understanding current real estate trends, land use and growth patterns, and future projected population growth. Second, property information systems, or land management systems, must be in place to manage the day-to-day operations of the property, including inventory, construction, improvement, and waste management. Also important in determining the most appropriate real estate investment opportunities is the need for real estate asset categorization. Asset categorization allows for the quick identification and allocation of appropriate real estate property for conversion into profitable real estate investments.
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Developing a property portfolio ensures the maximum return on investment and provides the basis for determining the amount of financing required, as well as the feasibility of financing methods. This includes selecting suitable lender sources, developing loan applications, evaluating loan offers, negotiating with lenders and vendors, and securing necessary permits. A comprehensive real estate investment assessment system also determines the feasibility of developing each Brownfield asset into a market-ready property. In the case of real estate property redevelopment, this involves identifying the first target brownfield asset, determining its potential value, and determining what improvements would be required to realize the property’s full potential for sale and rental income. The property evaluation process also identifies any existing building or community fixture that poses a significant negative impact on the overall appearance of the property.
The property evaluation process also includes determining the feasibility of locating the first target brownfield asset in the most appropriate and profitable location. For this purpose, properties are categorized into different zones. Zoning classification helps the real estate investor to determine the property’s suitability for a particular use and neighborhood. A Brownfield investment assessment system provides the means for optimizing the use of real estate assets for the greatest return on investment.